Nasdaq Reprimands TON Strategy Over $272M Toncoin Deal
- TON Strategy reprimanded for violating Nasdaq’s shareholder approval rules.
- $272.7 million altcoin purchase tied to $558M PIPE financing.
- Nearly 49% of PIPE funds were used for the acquisition.
- Nasdaq ruled violations were unintentional, avoiding delisting.
Nasdaq has censured TON Strategy following the firm’s failure to secure shareholder approval for its $272 million Toncoin purchase, part of a larger PIPE financing deal. The exchange believed the infraction was unintentional, but said tougher compliance will be applied to future crypto-linked transactions.
Source: TON Strategy Co.
Nasdaq rules require shareholder approval for the issuance of any additional stock above 20% of existing shares. The altcoin Strategy spent 48.78% of the PIPE deal proceeds on purchasing the altcoin, thus breaking that edge without approval. The exchange declared the violation non-deliberate and would not delist the firm due to the lapse.
Also Read: Chainlink Integration Paves the Way for TON’s Cross-Chain DeFi Expansion
Leadership and Market Setting
Under the settlement, Manuel Stotz, former president of the TON Foundation, assumes the role of executive chairman. The censure comes as TON Strategy seeks to become a digital asset treasury, holding significant reserves of the altcoin to facilitate blockchain adoption through the altcoin ecosystem of Telegram.
Filings from last month show the company’s exposure to the altcoin has exceeded $270 million, making it one of the largest corporate holders of a blockchain-native asset.
New Developments
According to sources, while the expanded compliance review by Nasdaq is on TON Strategy, it reflects the growing analysis of crypto-linked public companies. PIPE financing structures are being closely monitored by regulators as a means to buy digital assets. Further, according to reports, the altcoins Strategy is considering offering tokenized equity through the altcoins blockchain in its attempt to merge corporate finance with on-chain infrastructure, which insiders say will roll out in early 2026.
CEO Veronika Kapustina recently warned that “digital treasury companies are showing early signs of a speculative bubble,” highlighting worries of overheated valuations in token-backed corporate structures.
The penalty may set an example for other hybrid finance deals in which companies blend equity financing with token accumulation. Though the altcoins strategy avoided delisting, analysts say Nasdaq’s move is one signal of increased scrutiny over crypto-treasury models and digital asset buys via PIPEs.
Also Read: Toncoin ETP Delivers 2% Staking Yield Amid Ongoing Market Decline
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