- TON Foundation has reportedly partnered with Kingsway Capital to launch a $400 million TON treasury.
- The collaboration involves a PIPE financing structure headed by Kingsway Capital and other investors.
- TON held steady at $3.18 following the announcement.
The TON Foundation (TON) plans to launch a treasury reserve in partnership with Kingsway Capital through an undisclosed company, which will acquire up to $400 million worth of TON, according to a Bloomberg report on Thursday.
TON Foundation partners with Kingsway Capital to launch TON treasury
The TON Foundation is reportedly looking to establish a crypto treasury company in partnership with Kingsway Capital Partners, according to a Bloomberg report on Thursday.
Although the details of the treasury company are not yet known, it is expected to hold at least $400 million worth of TON, which will be purchased with funds from a PIPE structure led by Kingsway Capital, alongside other investors.
UNLOCK EXCLUSIVE CONTENT
In this informer hub you will get only that which can help you grow financially and increase your knowledge. Subscribe by entering your email address. After that you will get the link to our WhatsApp channel, join it.
The report stated that the treasury is part of TON’s expansion into the US under the leadership of Manuel Stotz, who also heads Kingsway Capital. The move would mark the first time a company would launch a TON treasury reserve.
Cohen & Co. is also reportedly providing the financial services for the treasury company’s formation, Bloomberg added. The TON Foundation has yet to confirm the news.
The move would add TON to the growing list of cryptocurrencies that are being leveraged as a treasury reserve asset. While earlier crypto treasuries focused on acquiring Bitcoin, companies are gradually shifting toward altcoin reserves, including Ethereum (ETH), Solana (SOL), XRP, BNB and Sui (SUI).
The development comes days after TON launched its Ton Wallet in the US, enabling users to buy and trade cryptocurrencies directly within the Telegram app.
The TON Foundation also partnered with crypto exchange Crypto.com early in July, becoming a client of its custody platform, Crypto.com Custody.
TON held steady near $3.18 in the past 24 hours following the announcement.
We are available on the following Websites.
- US Dollar Weekly Forecast: Trade hopes and economic resilienceFXStreet Forex & Commodities Analysis - 23 hours agoThe strong rally that saw the US Dollar (USD) climb to multi-week highs in the past few days faced renewed downside pressure this week. Against…
- GBP/USD Weekly Outlook: Pound Sterling turns south following rejection near 1.3600FXStreet Forex & Commodities Analysis - 1 day agoThe Pound Sterling (GBP) staged a solid comeback from two-month lows against the US Dollar (USD) before GBP/USD buyers ran into the 1.3600 hurdle.
- Gold Weekly Forecast: Bullish breakout fails as risk mood improvesFXStreet Forex & Commodities Analysis - 1 day agoFollowing a bullish start to the week, Gold (XAU/USD) reversed its direction and retreated below $3,400.
- Forecasting the upcoming week: A key week will feature the Fed meeting, Trump’s trade deadline, and Nonfarm PayrollsFXStreet Forex & Commodities Analysis - 23 hours agoDespite the recovery in the second half of the week, the US Dollar (USD) ended this week on a downward trajectory, reversing two consecutive advances.…
- EUR/USD Weekly Forecast: Powell to defy Trump as trade deals deadline loomsFXStreet Forex & Commodities Analysis - 1 day agoThe EUR/USD pair resumed its bullish trend and settled at around 1.1730, extending its recovery from the monthly low set at 1.1555 on July 17.…
