Delving into Manuel Stotz's career, the vision of Bitcoin and "Satorica," and the strategic layout and growth potential of TON Strategy.
The wave of listings for crypto strategic reserve companies is sweeping the global capital markets. From Michael Saylor's MicroStrategy pioneering the way to Tom Lee's Bitmine skyrocketing, capital is eagerly searching for the next "coin stock" breakout point.
TON Strategy (NASDAQ: VERB) was born under the spotlight—completing a $558 million PIPE financing in just 30 days, attracting over 110 international institutions to place their bets.
Leading this fundraising frenzy is financial veteran Manuel Stotz from London. From being a partner at Goldman Sachs to founding Kingsway Capital, and now serving as the executive chairman of TON Strategy, he is referred to as "the Michael Saylor of the TON world"—bringing top Wall Street institutions into the fold and positioning TON as the core financial engine of Telegram's global digital new frontier.
This article is a summary of the highlights from the institutional interview program "TON of Alpha," exploring Manuel Stotz's career, the vision of Bitcoin and "Satorica," and the strategic layout and growth potential of TON Strategy.
TON of Alpha (@TONofAlpha) is an open interview program aimed at institutions and builders, dedicated to connecting a billion-user ecosystem, co-produced by TONX and KTON—both early TON miners and core builders since 2021.
Host: Mr. Z (@69420MrZ)
Guest: Manuel Stotz (@ManuelStotz)
The Entrepreneurial Spirit of Wall Street Elites: From Frontier Markets to the Crypto Industry
Manuel Stotz's career began as a partner at Goldman Sachs Investment Partners (GSIP), portfolio manager and partner at THS Partners LLP, and he accumulated rich experience at top financial institutions like Blackstone, Fortress, and Rothschild.
In the early 2010s, he founded Kingsway Capital, managing over $1.5 billion in assets, focusing on investments in frontier and emerging markets such as the Middle East, Africa, and Bangladesh.
"My career turning point was witnessing currency instability in emerging markets," Stotz shared in the interview. "I still remember that 100 trillion Zimbabwean dollar bill in my pocket, which was almost worthless. This made me understand the significance of Bitcoin's birth and the potential of cryptocurrencies to solve real problems—the future already exists, just not evenly distributed."
It is this entrepreneurial spirit of "making the world a better place through technology" that has led Kingsway to focus on investing in emerging and frontier markets, investing in over 50 blockchain companies including Animoca Brands, Blockchain.com, and CoinDCX.
Now, he brings the same spirit to the TON and Telegram ecosystem—bringing the liquidity of the largest U.S. capital market into TON and pushing the narrative of cryptocurrency mass adoption to unprecedented heights.
Discovering the "Digital New Frontier": Telegram as America, TON as the Economic Layer
In contrast to the concept of a Network State, Stotz views blockchain as a "Network Continent" and proposed the concept of "Satorica" (Satoshi + America) as early as 2020.
"The emergence of Bitcoin is like humanity discovering the Americas over 500 years ago—finding a new land on the internet to establish new life, freedom, and property rights.
It's akin to the 'Mayflower'; these pioneers were not nobles but ordinary people who, through faith and Proof of Work, rebuilt a better system in the new land. Today, the crypto world is doing the same."
In the future world of blockchain described by Stotz, "TON's role to Telegram is like the dollar to the United States. In the vision of Satorica, Telegram is more like the 'American continent,' TON is its blockchain, and Bitcoin serves as a valuation standard like gold."
Telegram is Poised to Become a Super App, TON is the "N-of-1 Asset"
Since the establishment of the TON Foundation, Manuel Stotz has long served as a board member and will serve as chairman until the end of his term in January 2025, during which he has played a key strategic role in advancing TON into the U.S. and global capital markets.
"TON is an N-of-1 asset, unique in the world," Stotz pointed out. While Ethereum and Solana have their leads in stablecoins and infrastructure, TON's backing by Telegram's distribution capability is an advantage that no public chain can replicate.
Telegram currently has over 1 billion monthly active users, making it the second-largest messaging platform in the West after WhatsApp. However, to date, the Western world has yet to see a true super app like WeChat.
"Among global social platforms, only WhatsApp, Facebook, Instagram, WeChat, and TikTok are above Telegram, but these platforms currently cannot touch blockchain. Telegram is the only one large enough to be a super app that can also do cryptocurrency," Stotz stated.
The 30-Day Fundraising Miracle: Why 110 Institutions are Frenziedly Snapping Up TON Strategy (VERB)?
On August 4, 2025, Verb Technology announced its name change to TON Strategy Co., completing an unprecedented $558 million PIPE financing, including heavyweight capital from Kingsway Capital, Blockchain.com, and Vy Capital (Elon Musk's biggest supporter).
The driving force behind this lightning-fast fundraising is Manuel Stotz. He officially took on the role of executive chairman of TON Strategy, being referred to as "the Michael Saylor of the TON world."
However, the success of this fundraising was not coincidental. Stotz explained, "We are not like other blockchains that always say, 'Our technology is stronger, even though we don't have users yet, please believe us first.' TON already has Telegram's 1 billion users as a native distribution base, which is a very unique narrative and a simple yet compelling investment logic."
In the "TON of Alpha" interview, Stotz further pointed out the core logic behind the 110 top institutions' unwavering bets on TON Strategy:
Premium Flywheel Effect: VERB's current stock price is about 1.5 times its net asset value, meaning that for every $1 increase in the TON token, the VERB stock price will rise even more. As the net asset value per share increases, the asset scale and book value continue to grow, and this premium multiple will only get higher.
Capital Perpetual Motion Machine: MicroStrategy's stock price has outperformed NVIDIA during the AI boom, proving that such companies can operate with "Permanent Capital." Unlike ETFs, it does not passively sell coins with redemptions but can continuously expand its asset pool through issuance, buybacks, or staking.
Exclusive Market Access: The vast majority of institutional investors, pension funds, and university endowments are legally restricted to only buying stocks and cannot directly hold cryptocurrencies. VERB is their only compliant channel to gain exposure to TON. In fact, institutions like Sequoia, Benchmark, Ribbit, and some Ivy League university endowments have already participated through Kingsway.
Exclusive Indirect Investment in Telegram: Telegram is currently a private company wholly owned by Pavel Durov, and VERB acts as a "Proxy Stock" for Telegram, packaging its blockchain TON for listing, allowing global equity investors to indirectly participate in the growth dividends of Telegram and TON's billion-user economy.
Stable Cash Flow from Staking: Unlike MicroStrategy, which can only hoard Bitcoin, VERB can earn a 4-5% annual yield through TON staking, with its current holdings generating $30 million in cash flow annually. This means VERB has two major growth engines: "asset appreciation + stable cash flow."
Brief Time Window: TON has yet to land on mainstream U.S. platforms like Coinbase and Robinhood. Once opened, it will trigger a massive influx of funds. What VERB offers is not a marginal investment opportunity but a growth story that has yet to be fully priced by the capital markets.
"We have held a higher proportion of total supply than MicroStrategy from day one," Stotz said. "Saylor took five years to achieve 3.5% of Bitcoin supply, while VERB's start on TON is faster and more aggressive."
The Untapped Potential of the TON Ecosystem: The U.S. Market and the Stablecoin Revolution
The TON token also has significant room for value reassessment. "Today, ETH's market cap is already 50 times larger than TON's, and SOL is 10-12 times larger, but I believe TON has the opportunity to surpass them because we have Telegram as a distribution engine," Stotz firmly stated.
He pointed out that TON is the only large L1 that has not truly entered the U.S. market, "It hasn't even landed on Coinbase, Robinhood, or even South Korea's Upbit. This represents a huge potential for future capital inflow."
In addition, Stotz particularly emphasized the strategic advantages of stablecoins in the TON ecosystem. "The issuance speed of USDT on TON is one of the fastest, breaking through $1 billion in just 6-7 months. At the same time, we also launched Ethena and FDUSD, and with our entry into the U.S. market, it’s easy to guess that the next step is USDC. It’s just a matter of time."
He predicts that with mainstream stablecoins landing on TON, and even the launch of Telegram's own stablecoin, "assuming 1 billion users each deposit an average of $1,000, that would create a $1 trillion asset pool, generating $30 billion in cash flow annually at a 3% net interest margin."
Telegram Places High Importance on TON: Becoming the "National Currency" for 1 Billion Users
There has been long-standing skepticism about whether Pavel Durov and Telegram truly value TON, but Stotz provided a clear answer in the interview: "Telegram's Plan A is TON, Plan B is TON, and Plan C is also TON."
Unlike most tech giants, Pavel Durov's motivation for creating Telegram is not purely profit-driven. "Just as Elon Musk is not going to Mars just to make money," what drives Pavel is the ideals of freedom of speech, freedom of transaction, privacy, and inclusive finance.
This mission-driven approach is reflected in Telegram's choice of business model. Unlike other tech giants that monetize through user data, Pavel's monetization route includes: Telegram Premium subscriptions, a non-intrusive advertising platform, bond financing, and most critically—revenue from the TON ecosystem.
This strategy positions TON as the value medium within the Telegram ecosystem. Users can purchase and permanently own their usernames or numbers on Telegram, which the platform cannot take away, as these are based on blockchain's decentralized property rights. "It's like the U.S. buying Alaska, Louisiana, or Manhattan—even if it's just a small piece, it's still a great long-term investment."
TON Strategy Aims for a $10 Billion Scale, Reshaping the Global Financial Order
"In the long run, I believe VERB will be at least a $10 billion company. The first phase is from $1 billion to $10 billion, and the second phase is from $10 billion to $100 billion." Stotz predicts that as more regional DATs join, a powerful capital flywheel effect will form.
"This is a brief time window," Stotz summarized. "In the future, there will be more TON strategic reserve companies, more stablecoins, and more regional capital inflows, gradually, and then suddenly, reshaping the global financial order."
In this era of accelerated integration between cryptocurrency and traditional finance, the new king of the TON world, Manuel Stotz, is writing the "American Dream" of the blockchain era—building the largest "digital new frontier" in human history on the foundation of Telegram's 1 billion users.
As Stotz said, "This is just the beginning." Are you ready to be a witness and participant in this historic transformation?
About TON Strategy (NASDAQ: VERB)
TON Strategy is the world's first publicly listed digital asset treasury company focused on TON (The Open Network), providing traditional investors with a direct channel to participate in the growth of the TON ecosystem through innovative capital allocation strategies. The company is led by Kingsway Capital founder Manuel Stotz, dedicated to building a bridge connecting traditional finance with the decentralized economy.
About TON of Alpha
TON of Alpha is an open interview program aimed at institutions and builders, dedicated to connecting a billion-user ecosystem, co-produced by TONX and KTON—both early TON miners and core builders since 2021.
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