Core Viewpoint - TON Strategy Company (NASDAQ: TONX) has announced that Coinbase Markets will begin spot trading for Toncoin ($TON) on November 18, 2025, across various platforms, which is expected to enhance the liquidity and accessibility of $TON in the market [1] Group 1 - TON Strategy Company is a digital asset treasury company focused on holding Toncoin ($TON) [1] - Coinbase Markets will facilitate the spot trading of $TON, including on retail, advanced, institutional, and international platforms [1] - The $TON-USD trading pair will be available starting at or after 9:00 a.m. PT on the launch date, contingent on liquidity conditions [1]

Core Insights - TON Strategy Company reported significant growth in revenue and net income for Q3 2025, marking a successful operational launch of its TON Treasury Strategy [5][6][7] Financial Performance - Revenue for Q3 2025 reached $3.6 million, a substantial increase from $0.1 million in Q3 2024, with $707,000 generated from staking activities [5] - Gross profit was $2.7 million, representing 75.4% of revenue, compared to $74,000 (57.8% of revenue) in Q3 2024 [5] - Total costs and expenses surged to $25.3 million from $2.4 million in Q3 2024, primarily due to non-cash stock-based compensation and treasury implementation costs [5] - The net gain on crypto assets was $120.4 million, with net income reported at $84.7 million, a significant turnaround from a net loss of $2.0 million in Q3 2024 [6] Treasury Operations - The company acquired 217.5 million units of $TON and staked 177.1 million units as of September 30, 2025, earning 336,000 units in staking rewards [8] - Digital assets held had a fair value of $588.2 million, with cash and restricted cash totaling $53.9 million [6][8] - The company initiated its TON Treasury Strategy in August 2025, utilizing proceeds from a $558 million private placement to acquire $TON and commence staking [3][10] Strategic Initiatives - The company aims to build a differentiated public company aligned with the expansion of The Open Network by holding and staking $TON over a long-term horizon [7] - A stock buyback program of up to $250 million was approved, with 1,984,072 shares repurchased at prices below book value [8] - The company rebranded as TON Strategy Company and began trading on Nasdaq under the ticker TONX on September 2, 2025 [8]

Core Insights - The company, formerly known as Verb Technology Company, has rebranded to TON Strategy Company and began trading as TONX on the Nasdaq Capital Market on September 2, 2025 [2] - TONX's strategy focuses on accumulating Toncoin ($TON) and providing public market equity investors access to this unique asset class, leveraging its integration with Telegram, a platform with one billion users [3][4] Company Strategy - The company aims to steadily expand its $TON treasury through various means, including capital raising transactions, staking rewards, and open market purchases [4] - TONX positions itself as a significant infrastructure provider within the TON blockchain ecosystem, capitalizing on its unique integration with Telegram for digital wallets, payments, and applications [3] Legacy Operations - In addition to its digital asset strategy, the company continues to operate legacy business units such as MARKET.live, a multi-vendor livestream shopping platform, and LyveCom, which focuses on AI-powered social commerce [5]

Core Viewpoint - Verb Technology Company, Inc. is positioning itself to become the first publicly traded treasury reserve of Toncoin ($TON) through an upsized and oversubscribed private placement (PIPE transaction) [1][2][7] Group 1: PIPE Transaction Details - The company has entered into a PIPE transaction for approximately 58.7 million shares at a price of $9.51 per share, aiming for gross proceeds of about $558 million [2][7] - The majority of the net proceeds will be used to acquire $TON, establishing it as the primary treasury reserve asset [2][9] - The transaction is expected to close around August 7, 2025, subject to customary conditions [2][9] Group 2: Strategic Partnerships and Ecosystem - The TON blockchain will exclusively power Telegram's ecosystem, facilitating transactions for millions of creators and developers [3][4] - Telegram has over one billion monthly active users, making it a significant platform for $TON [3][7] - The company will benefit from a strategic partnership with Kingsway Capital and Blockchain.com, enhancing its institutional and crypto expertise [5][6][7] Group 3: Leadership and Expertise - The incoming leadership team includes Manuel Stotz as Executive Chairman, who has significant experience in the crypto industry [6][7] - Peter Smith, CEO of Blockchain.com, will serve as a special advisor, bringing additional expertise to the company [5][13] Group 4: Market Position and Future Plans - The company aims to be one of the largest holders of $TON globally, generating sustainable staking rewards [2][4] - The updated treasury strategy will be effective immediately after the transaction closes, emphasizing transparency and compliance [9][14] - The company plans to provide updates on the acquisition of $TON and governance measures in the coming weeks [9]