Altcoin treasury race: VERB TON acquisition company announces $780M in assets
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Public companies continue to diversify into altcoins, but with mixed effects on share prices and mixed reception from investors.
VERB Technology Company, a Toncoin (TON) acquisition company, said it has accumulated about $713 million in TON and $67 million in cash, totaling over $780 million in assets.
The company completed a $558 million private placement in August, sending its share price soaring by more than 200%. A majority of these funds were used to purchase TON, according to Thursday’s announcement.
VERB has set a target to capture 5% of the altcoin’s circulating supply, about 128 million tokens, through issuing corporate debt and equity and staking to earn more rewards.
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