The US-based verb technology company has announced a major move into the Ton ecosystem. The company has acquired $713 million worth of Toncoin (TON), bringing its total assets to $780 million.
Following this step, the company plans to change its name to “Ton Strategy Company.”
According to an official press release, the company’s $780 million total assets consist of 713 million tonnes of coins and 67 million cash reserves. The company’s strategy is to become one of the network’s largest institutional supporters by purchasing 5% of the ton’s distribution supply.
The development follows a $558 million private placement completed on August 8th. The company has used the majority of these funds to acquire TON. Chairman Manuel Stotts commented:
“To reach $780 million in just a few days shows our strong belief in Ton. This means not only expanding our balance sheet, but also contributing to the security of Ton blockchain.”
The company also said it will continue its strategic plan to increase Tonholding through interest compensation, cash flow investments and capital market activities.
Despite this huge purchase news, there was no noticeable movement on the TON price chart, and even a decline occurred.
A chart showing today’s movements of tonne prices.
*This is not investment advice.
