Ton Foundation Said Seeking to Join Crypto Treasury Entity Trend

TON Foundation and Kingsway Capital Partners are seeking to raise at least $400 million for a so-called crypto treasury company that would hold Toncoin, a token often associated with the Telegram messaging app, according to people familiar with the matter.

The unnamed treasury company would pursue a structure known as a private investment in public equity, according to one of the people, who asked not to be named discussing plans that haven’t been made public.

Under that structure, in which an existing publicly-traded company sells its shares to a group of investors, Kingsway would be one of the company’s investors, ...