Can TON COIN Do a 10x From Here? Here’s Why $100B Market Cap Is Possible

TON is positioning itself as the blockchain backbone of Telegram, with Toncoin at the center of Telegram’s monetization strategy. The launch of Verb, a $1B NASDAQ-listed treasury company, provides institutions their first large-scale access to TON, aiming to replicate and surpass MicroStrategy’s Bitcoin strategy. With deep VC backing, exclusive integration into Telegram, and potential to expand into stablecoins and staking revenue, TON is seen as one of the biggest mismatches between fundamentals and current market price.

🔹 TON & Toncoin: Key Highlights

TON Treasury Company (Verb)

• New Treasury Company launched around TON, called Verb (rebranding underway).

• Achieved $1 billion ATM program approval within days of launch – fastest path to a billion-dollar NASDAQ-listed balance sheet company.

• Strategy inspired by MicroStrategy (Saylor) and BitMine (BMR) but aims to be more aggressive.

• Currently 100% equity-financed (no leverage), avoiding risks of overleveraging.

Investment & Backers

• Toncoin is backed by top-tier VCs: Sequoia, Benchmark, Ribbit Capital, Vy Capital, Pantera, Coinbase Ventures.

• Founder’s firm, Kingsway Capital, became the largest Toncoin investor (100M+ coins accumulated over 4 years).

• Verb itself already owns more Toncoin than Saylor owns Bitcoin (as % of supply).

Why Buy TON Treasury Company vs. Toncoin Directly

• Access & Liquidity:

  • Many US institutions cannot directly buy Toncoin (not yet listed on Coinbase, Robinhood, or Upbit Korea).

  • Treasury company stock is easier to buy, hence trades at a premium to NAV.

• Permanent Capital Advantage:

  • Unlike ETFs, treasury stock retains coins even if investors sell shares.

  • Can buy back stock, issue new equity, stake, or generate cash flows.

• Staking Yield & Revenues:

  • Treasury can stake Toncoin, build validator infrastructure, and capture yields (potentially 8–9 figures in revenue).

  • Could expand into delegated staking for large holders like Sequoia & Benchmark.

TON’s Relationship with Telegram

• Native Integration: TON is the exclusive blockchain partner for Telegram’s 1B monthly active users and 450M daily users.

• Mini-apps, ads, and bots in Telegram are built on TON.

• Users can send Toncoin, stablecoins, NFTs directly in-app.

• Telegram monetization strategy avoids data-mining (like Meta); instead, it relies heavily on Toncoin.

• Pavel Durov’s Role:

  • Telegram owns 10–15% of Ton supply, capped to respect decentralization.

  • He described Ton as “the national currency of Telegram”.

  • Telegram gets paid in Ton for exclusivity and in-app monetization (premium, usernames, anonymous numbers, gifts, stars).

Legal/Market Clouds

• Pavel Durov faced legal issues in France; detained briefly but released.

• Currently under investigation with travel restrictions (can travel to Dubai, partially eased).

• Case seen as weak, politically motivated. Considered a drag on Toncoin’s price.

Market Opportunity & Mismatch

• Toncoin is massively undervalued relative to fundamentals:

  • Not listed on major US or Korean exchanges.

  • Despite partnerships and adoption, price lags other altcoins in this cycle.

• Potential catalysts:

  • US exchange listings.

  • Treasury company accumulation.

  • Institutional flows (like ETH after treasury adoption).

Ambition & Future Roadmap

• Targeting $100B+ market cap company tied to Ton ecosystem.

• Exploring stablecoin issuance inside Telegram wallets:

  • Even if each Telegram user holds $1,000 average balance, that’s $1 trillion AUM potential.

  • Could rival or surpass Tether within 5 years.

• Verb’s focus:

  • Accumulating and staking Toncoin.

  • Building on-chain and TradFi foundations.

  • Becoming the gateway for institutional exposure to TON.

Telegram stands out as the only major global app to fully embrace blockchain integration. It currently ranks as the 6th most used app worldwide, following WhatsApp, Facebook, Instagram, and then two dominant Chinese platforms, Tencent’s WeChat and TikTok.

What makes this significant is that Telegram is not yet fully tapped into the U.S. market. Once Telegram gains deeper traction in the United States, it will inevitably attract a wave of new investors. That fresh capital and user adoption could become the key driver to push TON beyond the $100B market cap milestone.