Recently Bloomberg reported on it basing on the news given by the Ton Foundation and Kingsway Capital Partners planning to raise at least 400 million dollars to establish a crypto treasury company that would store Toncoin. It would be organized on a model of private investment in public equity (PIPE). Through which a public company sells any percentage of equity to the private individuals to provide capital.
Influential Individuals and Investigation by Institution
Manuel Stotz the CEO of Kingsway is also the president of the Ton Foundation that targets to grow the presence of the TON blockchain in the U.S. Although neither of the parties made a public statement regarding the initiative. The foundation is said to be cooperating with Cohen & Co. Which already solves the problem of Ethereum treasury projects, and Cantor Fitzgerald, another recurring investor in crypto treasuries.
Market Context of TON and disputes
Although altcoins performed well today, TON lost a quarter of its price since April and is currently trading at 3.17 USD with the market value of about 8 billion dollars. This July, it has gained 9 percent, under the light of a dubious UAE golden visa program. UAE had denied such participation. Furthermore, the Foundation has termed the program as a pilot project spearheaded by a partner.
The model of strategy is resembled by Treasury Strategy
The dodgy fundraising campaign is akin to the roadmap used by Bitcoin savvy Strategy (previously MicroStrategy). Whose BTC-centered strategy provided more than 3,400 percentage gains in stock price over the past five years. As people show increasing interest in public companies focused on tokens. It seems to be only a matter of time before the Ton Foundation introduces institutional order into Toncoin hoarding.
