TON Strategy Company, which used to be called Verb Technology, is launching a $250 million stock buyback after updating its name and Nasdaq ticker to TONX.
According to the press release, the company will buy back shares through the open market or other allowed methods. The program does not require a specific number of shares, and decisions will depend on price, market conditions, and liquidity
Executive Chairman Manuel Stotz said the plan gives the company more flexibility. “If the stock trades at a premium to NAV, the company may consider issuing stock to buy TON. Conversely, the company may consider repurchasing its own stock if it trades at a discount to NAV,” he explained.
Notably, the company has already built one of the largest Toncoin positions among listed firms. Its holdings are worth $780 million, including $713 million in Toncoin and $67 million in cash.
Earlier in August, the company’s stock jumped almost 100% to nearly $15 after news of Toncoin purchases. Since then, the price has eased to around $12, according to Yahoo Finance.
Meanwhile, Toncoin itself has shown steady movement, rising over 1% in the past day to $3.18,according to CoinMarketCap. The token’s stability has made it more appealing for companies like TON Strategy to continue holding.
The rebrand marks a full shift away from the firm’s earlier identity as Verb Technology. Now, its goal is to give public investors a way to take part in Toncoin’s growth. Toncoin is closely tied to Telegram, which has more than one billion users, and is used for payments, wallets, and apps on the platform.
Other listed firms are also adding Toncoin. AlphaTON Capital recently launched a $100 million Toncoin treasury, raising funds through a private placement and securing a loan from BitGo Prime.
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