Interview with Manuel Stotz: Raising $558 Million in 30 Days, Leading 110 Institutions into the "Telegram Digital New Frontier"
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Interview with Manuel Stotz: Raising $558 Million in 30 Days, Leading 110 Institutions into the "Telegram Digital New Frontier"
Explore Manuel Stotz's career, Bitcoin and the vision of "Satorica," as well as TON Strategy's strategic layout and growth potential.
Navigating Web3 tides with focused insights
A wave of上市 for strategic crypto reserve companies is sweeping global capital markets. From Michael Saylor's MicroStrategy pioneering the model to Tom Lee-led Bitmine surging, capital is eagerly seeking the next explosive point for "crypto stocks."
TON Strategy (NASDAQ: VERB) has emerged under intense spotlight—securing $558 million in PIPE financing within just 30 days and attracting bets from over 110 international institutions.
Leading this fundraising frenzy is Manuel Stotz, a veteran financier from London. From Goldman Sachs Investment Partner to founder of Kingsway Capital, and now Executive Chairman of TON Strategy, he’s being hailed by the industry as the "Michael Saylor of the TON world"—bringing top-tier Wall Street institutions into the fold and positioning TON as the core financial engine behind Telegram’s global digital new continent.
This article is an abridged summary of the institutional interview series TON of Alpha, offering deep insights into Manuel Stotz’s career journey, his vision for Bitcoin and "Satorica," as well as TON Strategy’s strategic positioning and growth potential.
TON of Alpha (@TONofAlpha) is an open-format interview program targeting institutions and builders, committed to connecting the 1-billion-user ecosystem, co-produced by TONX and KTON—both early TON miners and core contributors since 2021.
Host: Mr. Z (@69420MrZ)
Guest: Manuel Stotz (@ManuelStotz)
Wall Street Elite Meets Entrepreneurial Spirit: From Frontier Markets to Crypto
Manuel Stotz began his career at Goldman Sachs Investment Partners (GSIP), THS Partners LLP as portfolio manager and partner, gaining extensive experience across top financial institutions including Blackstone, Fortress, and Rothschild during and after the financial crisis.
In the early 2010s, he founded Kingsway Capital, managing over $1.5 billion in assets with a focus on frontier and emerging markets such as the Middle East, Africa, and Bangladesh.
"The turning point in my career was witnessing firsthand the currency instability in emerging markets," Stotz shared in the interview. "I still remember holding a 100 trillion Zimbabwean dollar note that was nearly worthless. That moment made me understand the significance of Bitcoin’s creation—and the real-world problem-solving potential of cryptocurrencies. The future already exists; it's just not evenly distributed yet."
It is precisely this entrepreneurial spirit—"making the world better through technology"—that led Kingsway to long-term investments in frontier and emerging markets, backing more than 50 blockchain companies including Animoca Brands, Blockchain.com, and CoinDCX.
Now, he brings the same ethos to the TON and Telegram ecosystem—channeling liquidity from the largest U.S. capital market into TON and elevating the narrative of crypto mass adoption to unprecedented heights.
Discovering the "Digital New Continent": Telegram Is America, TON Is the Economic Layer
Contrasting with the concept of a "network state," Stotz views blockchains as "network continents," having coined the term "Satorica" (Satoshi + America) back in 2020.
"Bitcoin’s emergence is like humanity discovering the American continent over 500 years ago—we’ve found new land on the internet to establish new life, liberty, and property rights.
It’s much like the Mayflower voyage—those pioneers weren’t aristocrats but ordinary people driven by belief and Proof of Work, building a better system in a new world. Today, the crypto world is doing exactly that."
In Stotz’s envisioned future of blockchain, "TON’s role relative to Telegram is like the U.S. dollar to America. In the Satorica vision, Telegram resembles the 'American continent,' TON is its blockchain, and Bitcoin serves as the gold-like unit of account."
Telegram Poised to Become the Super App, TON Is the 'N-of-1 Asset'
Since the founding of the TON Foundation, Manuel Stotz has served as a long-term board member and chaired the foundation from January 2025 until the end of his term, playing a key strategic role in advancing TON into U.S. and global capital markets.
"TON is an N-of-1 asset—truly unique worldwide," Stotz emphasized. While Ethereum and Solana lead in stablecoins and infrastructure respectively, TON’s unparalleled distribution advantage via Telegram cannot be replicated by any other public chain.
With over 1 billion monthly active users, Telegram is currently the second-largest messaging platform in the West after WhatsApp. Yet, no true super app (Super App) akin to WeChat has emerged in the Western world to date.
"Among global social platforms, only WhatsApp, Facebook, Instagram, WeChat, and TikTok rank above Telegram—but none of them can currently engage with blockchain. Telegram is the only super app large enough and technically capable of integrating cryptocurrency," Stotz stated.
The 30-Day Fundraising Miracle: Why Did 110 Institutions Rush to Back TON Strategy (VERB)?
On August 4, 2025, Verb Technology announced its rebranding to TON Strategy Co., completing an unprecedented $558 million PIPE financing round involving heavyweight investors including Kingsway Capital, Blockchain.com, and Vy Capital (Elon Musk’s largest backer).
The driving force behind this lightning-fast raise was none other than Manuel Stotz. As the newly appointed Executive Chairman of TON Strategy, he’s been dubbed the "Michael Saylor of the TON world."
Yet, this success wasn’t accidental. Stotz explained: "We’re not like other blockchains constantly saying, 'Our tech is superior—even though we don’t have users yet, please believe us.' TON already has 1 billion native users from Telegram, offering a highly distinctive narrative and a simple yet powerful investment thesis."
In the TON of Alpha interview, Stotz further outlined the core logic that led 110 top-tier institutions to confidently back TON Strategy:
Premium Flywheel Effect: VERB currently trades at around 1.5x its net asset value, meaning every $1 increase in the TON token price leads to an even greater rise in VERB’s share price. As per-share net assets grow, both asset scale and book value expand, pushing this premium multiple ever higher.
Capital Perpetual Motion Machine: MicroStrategy’s stock outperformed NVIDIA during the AI boom, proving such firms can operate as "permanent capital" vehicles. Unlike ETFs, they aren’t forced to sell tokens upon redemptions, instead using issuance, buybacks, or staking to continuously grow their asset pool.
Exclusive Market Access: Most institutional investors, pension funds, and university endowments are restricted by regulations to invest only in equities—not directly in cryptocurrencies. VERB offers them the sole compliant gateway to gain exposure to TON. In fact, Sequoia, Benchmark, Ribbit, and several Ivy League university endowments have already participated via Kingsway.
Indirect Investment in Telegram: Telegram remains a privately held company fully owned by Pavel Durov. VERB effectively acts as a "proxy stock" for Telegram, packaging its blockchain TON into a publicly listed vehicle, enabling global equity investors to indirectly capture the growth dividends of Telegram and TON’s 1-billion-user economy.
Staking-Generated Stable Cash Flow: Unlike MicroStrategy, which merely holds Bitcoin, VERB generates a 4–5% annual yield through TON staking. With its current holdings alone, it can generate $30 million in annual cash flow. This gives VERB two growth engines: "asset appreciation + stable cash flow."
Narrow Time Window: TON has not yet launched on major U.S. platforms like Coinbase or Robinhood. Once available, it will trigger massive capital inflows. VERB isn’t offering a marginal opportunity—it’s providing access to a growth story not yet fully priced by capital markets.
"From day one, we’ve held a higher percentage of total supply than MicroStrategy ever did," Stotz said. "Saylor took five years to reach 3.5% of Bitcoin supply—VERB is starting faster and more aggressively on TON."
Unlocking TON’s Hidden Potential: U.S. Market Entry and the Stablecoin Revolution
The TON token itself holds significant room for revaluation. "Today, ETH’s market cap is already 50 times larger than TON’s, and SOL is 10–12 times bigger. But I believe TON has the potential to surpass them—because we have Telegram as our distribution engine," Stotz affirmed.
He pointed out that TON is the only major L1 that hasn’t truly entered the U.S. market. "It’s not yet listed on Coinbase, Robinhood, or even Korea’s Upbit. This represents enormous future capital inflow potential."
Moreover, Stotz highlighted TON’s strategic advantages in stablecoins. "USDT issuance on TON is among the fastest—one of the few chains to surpass $1 billion in just six to seven months. We’ve also introduced Ethena and FDUSD, and as we enter the U.S. market, you can guess what comes next: USDC. It’s only a matter of time."
He forecasts that once mainstream stablecoins launch on TON—and potentially a Telegram-native stablecoin—"if each of 1 billion users deposits an average of $1,000, that’s a $1 trillion asset pool. At a 3% net interest margin, it could generate $30 billion in annual cash flow."
Telegram’s Full Commitment to TON: Becoming the 'National Currency' for 1 Billion Users
There has long been skepticism about whether Pavel Durov and Telegram genuinely prioritize TON. But in the interview, Stotz gave a clear answer: "Telegram’s Plan A is TON, Plan B is TON, Plan C is TON."
Unlike most tech giants, Pavel Durov didn’t create Telegram purely for profit. "Just as Elon Musk isn’t going to Mars solely to make money," Stotz noted, "Pavel is driven by ideals of free speech, financial freedom, privacy, and inclusive finance."
This mission-driven approach shapes Telegram’s business model. In stark contrast to other tech giants monetizing user data, Pavel’s monetization strategy includes: Telegram Premium subscriptions, non-intrusive ad platform, bond financing, and most crucially—TON ecosystem revenues.
This strategy positions TON as the value layer of the Telegram ecosystem. Users can purchase and permanently own usernames or numbers within Telegram—rights that cannot be revoked by the platform, as they are decentralized property rights anchored on blockchain. "It’s like the U.S. acquiring Alaska, Louisiana, or Manhattan—even if it’s just a small piece, in the long run it’s an exceptional investment."
TON Strategy Aims for $10 Billion Scale, Reshaping Global Financial Order
"Long-term, I believe VERB will become at least a $10 billion company. Phase one: from $1 billion to $10 billion. Phase two: from $10 billion to $100 billion," Stotz predicted. As more regional DATs join, a powerful capital flywheel effect will take shape.
"This is a narrow window of opportunity," Stotz concluded. "There will be more TON strategic reserve companies, more stablecoins, and increasing regional capital flows—gradually, then suddenly, reshaping the global financial order."
In this era of accelerating convergence between crypto and traditional finance, Manuel Stotz, the new king of the TON world, is writing a "American Dream" for the blockchain age—building humanity’s largest "digital new continent" atop Telegram’s 1-billion-user base.
As Stotz put it: "This is just the beginning." Are you ready to witness and participate in this historic transformation?
About TON Strategy (NASDAQ: VERB)
TON Strategy is the world’s first publicly listed digital asset treasury company focused exclusively on TON (The Open Network). Through innovative capital allocation strategies, it provides traditional investors with direct access to the growth of the TON ecosystem. Led by Kingsway Capital founder Manuel Stotz, the company is dedicated to bridging traditional finance and decentralized economies.
About TON of Alpha
TON of Alpha is an open-format interview program targeting institutions and builders, committed to connecting the 1-billion-user ecosystem, co-produced by TONX and KTON—both early TON miners and core contributors since 2021.
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