TON Foundation Partner Kingsway to Raise $400M for Toncoin Treasury Company

The TON Foundation and Kingsway Capital, a London‑based investment management firm, are planning to raise at least $400 million for a new crypto treasury company. According to a Bloomberg report, the firm would hold Toncoin as its main asset.

To facilitate the raise, the company is expected to adopt a private investment in public equity (PIPE) structure. Under this structure, an existing publicly traded company issues shares to selected private investors.

Key Investors and Advisors

Kingsway Capital, one of the expected investors in the new venture, is led by Manuel Stotz, who also serves as president of the TON Foundation. The foundation focuses on promoting the adoption of its blockchain network, with growing efforts in the United States.

So far, the project remains confidential, and neither Kingsway, the TON Foundation, nor Stotz has responded to requests for comment. At the same time, banking services for the company’s formation are being provided by Cohen & Company. The company previously advised on a $1.5 billion crypto treasury deal involving the ether-focused firm Dynamix.

Cohen & Company has not commented on its role in the TON-linked initiative. Meanwhile, Cantor Fitzgerald, another major financial firm, has reportedly expressed interest in supporting Toncoin-related public companies, having recently backed several crypto treasury ventures.

Toncoin Fuels New Finance Link

Toncoin (TON) is the native token of the Telegram Open Network, originally developed by the creators of the Telegram app. Although the project now operates independently, Toncoin’s price continues to fluctuate in response to developments related to Telegram and its CEO, Pavel Durov.

Bloomberg data shows Toncoin ranks among the top 25 crypto assets, with a market capitalization of around $8 billion. Despite this, the token has fallen nearly 40% since the beginning of the year, while bitcoin has gained approximately 25%.

The planned treasury firm represents a strategic effort to integrate Toncoin into traditional financial frameworks, highlighting a broader trend of linking public equity vehicles with digital asset holdings.