VERB Technology Company, a Toncoin (TON) acquisition company, said it has accumulated about $713 million in TON and $67 million in cash, totaling over $780 million in assets.

The company completed a $558 million private placement in August, sending its share price soaring by more than 200%. A majority of these funds were used to purchase TON, according to Thursday’s announcement.

VERB has set a target to capture 5% of the altcoin’s circulating supply, about 128 million tokens, through issuing corporate debt and equity and staking to earn more rewards.

Altcoin treasury companies continue to proliferate, giving Wall Street exposure to cryptocurrencies, and leaving investors divided, with some seeing an opportunity to beat returns from directly holding crypto and other investors warning of overleveraging.

High debt levels among corporations holding crypto could create a cascade of liquidations in the event of a market downturn that would negatively impact digital asset and equity prices, potentially leading to an extended crypto bear market. 

Related: SharpLink shares drop 12% on Q2 crypto impairment loss

Companies diversify into altcoins, with mixed effects

Several companies announced altcoin treasury strategies or expanded their reserves during August, and investors had mixed reactions to the adoption of altcoin treasury policies.

Bit Mining, a Bitcoin (BTC) mining company, announced its first acquisition of Solana (SOL) on Aug. 5, alongside several other firms that increased their SOL exposure.

VivoPower, a publicly traded energy company, expanded its XRP (XRP) treasury in August, triggering a 32% rise in its share price.