TON Strategy Company (TONX) has repurchased over 250,000 shares of its common stock at $8.32 per share, well below its stated treasury asset value (TAV) of $12.18, the company said.
The move is part of its recently launched $250 million buyback program and follows its pivot to position toncoin (TON) as the company’s primary treasury asset.
The company also announced that it has begun staking its TON holdings to earn rewards by helping secure the blockchain networks, effectively using idle treasury assets to generate yield.
Data from StakingRewards shows that yield could be as high as 4.8%. The company on its website says it owns 217.5 million TON tokens, with each currently trading at $3.24. That would lead to an annual yield near $34 million if the entire treasury were to be staked.
TON Strategy shares are down more than 43% in the last 30 days, and saw a 9.2% drop in Friday’s trading session.
TONX shares have in after-hours trading moved up 3.7%.
from CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data https://ift.tt/1SN03Yz
via Coindesk andPrepared by Hanslacida.com
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