TON Foundation Announces Sale of Over $400 Million in Toncoin
TON Foundation announced today that it has sold over $400 million in Toncoin to several institutional investors. These investors include Sequoia Capital, Ribbit, Benchmark, Kingsway, Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere, SkyBridge, and Karatage.
However, the foundation did not disclose specific details regarding the price and lock-up conditions of this token sale. Sequoia Capital partner Shaun Maguire stated: “The TON team is globally top-notch in combining consumer product thinking with crypto infrastructure. Combined with Telegram’s global distribution capabilities, we are very optimistic about its future.”
In addition to the institutions mentioned above, well-known firm Pantera has also previously invested heavily in acquiring a large amount of TON tokens. According to previous reports from Zombit, cryptocurrency venture capital firm Pantera announced in May 2024 its investment in The Open Network’s native token TON, with founder Dan Morehead stating at the time that this was the largest investment the company had made to date.
Bloomberg cited sources familiar with the matter reporting that Pantera purchased TON at a price 40% lower than the market price at the time, investing over $100 million. Based on the average price of $6.32 at the time of the announcement, Pantera’s purchase price is comparable to the current market price. Furthermore, sources indicated that Pantera’s lock-up period is one year, after which they can sell TON in batches over the next few years.