The TON Foundation plans to launch a Toncoin reserve company, aiming to raise $400 million.

The TON Foundation is nearing a partnership with Kingsway Capital Partners to launch a publicly listed company that will purchase and hold Toncoin. This partnership aims to raise up to $400 million to advance the operations of Toncoin reserves. Although specific details have not been disclosed, it is expected that the company may utilize a special purpose acquisition company (SPAC) to go public.

TON Foundation collaborates with Kingsway Capital to advance Toncoin reserve company According to Bloomberg, the TON Foundation and Kingsway Capital Partners are gradually approaching the launch of a publicly listed company to acquire Toncoin on a large scale. The two companies aim to raise up to $400 million to support the operations of the company's Toncoin reserves.

Although the specific details of the Toncoin reserve company have not been made public, there is speculation that both parties may rely on a special purpose acquisition company (SPAC) for listing. According to sources from Bloomberg, the unnamed company will raise funds through a private investment in public equity (PIPE).

Under the leadership of Kingsway Capital, several investors will privately purchase shares of the new company at a discount, and the company will use the raised funds to buy Toncoin.

Market Reaction: TON Price Rises, Trading Volume Declines Following the announcement, the price of TON increased by nearly 2%, reaching $3.16, with a market capitalization of $7.68 billion. However, despite the slight price increase, the daily trading volume of TON declined by 18% over the past day, primarily influenced by a widespread market correction led by Ethereum.

Crypto Reserve Companies: Toncoin Keeps Up with the Trend Since the beginning of this year, crypto reserve companies have rapidly grown, with Bitcoin reserve companies leading the trend. Ethereum reserve companies represented by SharpLink Gaming and BitMine are also closely following, keeping pace with Bitcoin's corporate holders.

Other altcoins like Solana have also seen a surge of reserve companies entering the market, with firms like Sol Strategies and DeFi Development Corp. leading this trend. At the same time, Nature’s Miracle has launched an XRP reserve program, investing $20 million to accumulate coins.

TON Foundation Turmoil Linked to UAE Golden Visa Incident The TON Foundation is looking to move on from the previous UAE Golden Visa incident, which was seen as a premature announcement due to a lack of government support. At that time, TON Foundation announced that investors would be granted a 10-year UAE Golden Visa if they locked up $100,000 worth of TON coins for three years, but it was later officially clarified that it did not match the facts, dealing a blow to the token price.

Conclusion The collaboration between the TON Foundation and Kingsway Capital marks an important step for the Toncoin reserve operations. If successfully launched, the Toncoin reserve company may further consolidate Toncoin's position in the cryptocurrency market. However, market uncertainties still exist, especially under broad market pullback pressures, and investors need to closely monitor the future developments and potential of the Toncoin reserve company.