TON Foundation is cooperating with Kingsway Capital to form a publicly listed Toncoin treasury business. This will raise $400 million to purchase and hold Toncoin (TON). With Kingsway Capital will be the major investor in the treasury company.
As Bloomberg reports, the TON Foundation and Kingsway Capital are considering options to take the company public through a SPAC (Special Purpose Acquisition Company) or a PIPE (Private Investment in Public Equity). The latter would enable handpicked investors to purchase discounted company shares prior to an initial public offering, with funds raised used directly to buy TON tokens.
As Kingsway Capital will be the major investor in the treasury company, set up to reflect the growing trend of corporate crypto reserves. Bitcoin and Ethereum treasuries have already been universally adopted by businesses looking to capture long-term exposure to digital currencies.
Toncoin is now tapping into that space, following Solana, XRP, and BNB. Which have all had treasury-oriented projects flocking to them over the last several months.
Toncoin reacted well to the news, with its value rising almost 2% to $3.16. Even as the broader market slowed down, at least in part due to the volatility of Ethereum. TON’s market capitalization is now almost $7.68 billion.
This move also represents a possible turning point for the TON Foundation after controversy surrounding its previous, unsubstantiated UAE Golden Visa announcement. With Kingsway Capital entry into the treasury space. TON is looking to establish credibility and momentum among corporate and institutional players.
With increasing listing digital assets on their balance sheet, Toncoin’s treasury business could be leading the way for a new dawn of expansion.
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