Ton Foundation, in collaboration with Kingsway Capital, plans to raise at least $400 million to establish a company that will accumulate Toncoin reserves and provide a legitimate means of token ownership through stock infrastructure.
This is reported by Finway
Formation of Cryptocurrency Reserve through PIPE
Ton Foundation, along with investment firm Kingsway Capital Partners, is working on creating a treasury company that will specialize in holding Toncoin. To this end, initial investments of $400 million are planned. The new structure is being established under the model of private investments in public equity (PIPE), which involves placing shares among a limited number of investors.
Among the key investors in the project is Kingsway Capital, led by Manuel Schtotz, the current president of Ton Foundation. Meanwhile, representatives of the company and the entrepreneur himself are currently refraining from public comments regarding the initiative.
Financial support is being provided by Cohen & Co, a company experienced in the establishment of cryptocurrency holdings, which previously facilitated a similar structure for Ethereum worth $1.5 billion. Additional interest in the new project has been shown by Cantor Fitzgerald, one of the leading firms specializing in the formation of public crypto holdings.
Institutional Recognition of Toncoin and Market Impact
The increased interest in such structures is explained by the success of Strategy (formerly MicroStrategy), founded by Michael Saylor. The company made significant investments in Bitcoin, resulting in a more than 3400% increase in its stock value over the past five years. Following this, over 100 companies began developing similar mechanisms for legal cryptocurrency ownership through the stock market.
The new project by Ton Foundation aims to replicate this model, focusing its assets in Toncoin. Although TON is not formally associated with Telegram, the token’s price dynamics remain sensitive to news related to the messenger and its founder Pavel Durov. As of July 2025, Toncoin ranks among the top twenty cryptocurrencies by market capitalization, standing at $7.7 billion. However, since the beginning of the year, the token has depreciated by nearly 40% amid the rise of Bitcoin and the continued expansion of Telegram.
“Experts believe that the project could strengthen institutional recognition of Toncoin and create a new channel for investment in the token through the public market. This is especially relevant for the U.S., where the fund continues to increase its presence.”
Additionally, it is worth noting that recently, Telegram users in the U.S. gained access to TON Wallet, which also affects the attraction of new investors to Toncoin.