Verb Technology Company’s stock surged over 200% intraday after announcing a $558 million PIPE deal and a move towards crypto. The company plans to rebrand as TON Strategy Co., becoming the first publicly traded treasury reserve vehicle for Toncoin. Proceeds will be used to acquire and stake TON.

Major investors in the $558 million deal have ties to Toncoin and Telegram, indicating a coordinated effort to bring TON into public markets. Kingsway Capital led the round, with CEO Manuel Stotz set to become executive chairman of TON Strategy Co. Other investors include Blockchain.com and Vy Capital, among others.

Public companies are increasingly holding altcoins as treasury assets, with 16 companies announcing plans to deploy over $7.8 billion into crypto. Recent moves include BTCS Inc. filing to sell $2 billion in shares and Tron Inc. raising $1 billion to buy TRX. This trend reflects growing corporate interest in crypto beyond Bitcoin.

Read more at Cointelegraph: Verb Stock Soars 200% After TON Treasury Plan