TON Strategy Company Authorizes $250M Stock Repurchase Following Nasdaq Ticker Change
In Brief
TON Strategy Company, newly trading as TONX, has approved a $250 million stock repurchase while pursuing a digital asset treasury strategy centered on Toncoin.
Enterprise specializing in digital asset treasury management, with a focus on holding Toncoin (TON), TON Strategy Company announced that its Board of Directors has given unanimous approval for a share buyback initiative valued at up to $250 million. The program permits the repurchase of common stock through open market transactions or alternative methods, subject to relevant securities regulations.
The quantity, timing, and pricing of the repurchases will be influenced by market dynamics, liquidity, stock performance, and other relevant considerations. The authorization does not require the company to repurchase a predetermined number of shares.
Manuel Stotz, Executive Chairman of the Company, said that they were committed to a disciplined capital allocation strategy and intended to use the balance sheet to enhance shareholder value by increasing NAV per share. He explained that, subject to market conditions and other factors, the company might consider issuing stock to buy TON if the stock traded at a premium to NAV, while it might consider repurchasing its own stock if it traded at a discount to NAV. He added that the repurchase program provided the company with a tool to achieve this.
Previously operating under the name Verb Technology Company, TON Strategy Company commenced trading under the ticker symbol TONX on the Nasdaq Capital Market on September 2nd, following its corporate renaming. This change represented another step in the organization’s transition toward a digital asset treasury model centered on TON. The company’s strategy involves accumulating TON while offering public market investors exposure to the development and security of the TON ecosystem.
TON functions as the only blockchain integrated at scale within a global social platform, supporting wallets, payments, and applications on Telegram. It also operates as a developer framework, with an expanding community creating applications, services, and games that leverage Telegram’s reach of more than one billion monthly active users. This integration is regarded as positioning TON as a notable project at the intersection of blockchain technology and social media, while the company aligns itself as an infrastructure participant within this network.
TON Strategy Company Reports $780M Treasury, Surpasses 8.5% Toncoin Supply Ownership Following $558M Capital Raise
TON Strategy Company is dedicated to the long-term accumulation of TON, acquiring the asset through capital raised in financing activities, staking rewards, or purchases in the open market. Its objective is to grow its TON holdings, participate in staking, and contribute to the advancement of a tokenized economy within Telegram’s platform of over one billion users.
Alongside this digital asset treasury strategy, the company continues to operate established business divisions, including MARKET.live, a multi-vendor livestream shopping platform, and LyveCom, a social commerce technology provider that uses AI to enable brands and retailers to deliver livestream shopping experiences across multiple digital channels.
The firm has recently disclosed that it had raised $558 million through a private placement in early August.
Reports indicate that its treasury assets amount to $780 million, consisting of $713 million in TON and $67 million in cash. With its Toncoin holdings, the company currently controls approximately 8.5% of the circulating supply, surpassing its original goal of acquiring more than 5%.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
