TON Foundation, in collaboration with Kingsway Capital, is working to establish a public treasury business for Toncoin, which could significantly influence the cryptocurrency market.
Overview of the Project
TON Foundation and Kingsway Capital aim to create a publicly listed treasury business for Toncoin, raising $400 million to purchase and hold Toncoin.
Strategy and Plans
According to Bloomberg, TON Foundation and Kingsway Capital are considering options for a public listing via SPAC or PIPE. This would allow selected investors to purchase discounted shares before the IPO, with the raised funds being directed to acquire TON tokens.
Market Reaction and Toncoin Performance
Toncoin responded positively to the news, rising nearly 2% to $3.16, even as the broader market slowed down amid Ethereum's volatility. The market capitalization of TON is now nearly $7.68 billion.
The establishment of a treasury for Toncoin could represent a significant advancement for TON Foundation, helping to build trust among corporate and institutional investors.
