Regulatory Oversight Triggers Toncoin Drop and Heightens Uncertainty in Crypto Markets

On November 3, 2025, Toncoin's value dropped by more than 5% to $2.165 after Nasdaq issued a warning to

, a significant token holder, for breaching regulations during a $272.7 million Toncoin purchase, as reported by . The decline intensified as trading activity soared—24-hour volume hit 5.76 million tokens, about 50% above the usual average—indicating strong downward pressure. The price slipped through important support, reaching a technical low at $2.162 before briefly rebounding to face resistance at $2.19.

The disruption was triggered by a letter from Nasdaq criticizing TON Strategy for not obtaining shareholder consent before issuing new shares to finance the

acquisition, according to . The transaction, part of a $558 million private investment in public equity (PIPE) deal announced in August 2024, directed nearly 49% of the funds toward buying Toncoin. Nasdaq pointed out that the share issuance surpassed 20% of the company’s outstanding stock, which required shareholder approval. Although the exchange did not suggest delisting and described the infraction as unintentional, the warning cast doubt on TON Strategy’s attempts to legitimize its public treasury focused on Toncoin, as highlighted by .

This episode highlights the increasing regulatory attention on how corporations manage crypto assets. TON Strategy, previously known as Verb Technology Company, reorganized in August 2024 to become a publicly traded TON Treasury Strategy Company, appointing former TON Foundation president Manuel Stotz as executive chairman, according to Coinotag. While Nasdaq’s response was measured, the incident raises concerns about oversight in volatile asset sectors. Regulatory experts cited in compliance reviews emphasized, “Such thresholds are designed to safeguard investors from excessive equity dilution.”

The impact goes beyond Toncoin. Swedish electric vehicle manufacturer Polestar (PSNY) is facing its own Nasdaq compliance challenge, having received a minimum bid price deficiency notice on October 31, 2025, as detailed in a

. Its stock traded at just $0.26, well below the $1 minimum, giving the company 180 days to resolve the issue. Polestar’s difficulties—worsened by earlier accounting mistakes and late filings—underscore the broader risks international companies face on U.S. exchanges. Likewise, Global Engine Group Holding (GLE) was notified by Nasdaq for trading under $1 and is considering a reverse stock split to regain compliance, according to . These examples illustrate a tightening regulatory climate, with Nasdaq proposing tougher rules, such as faster delisting for companies with market caps below $5 million.

Experts caution that TON Strategy’s rule breach may discourage institutions from adopting crypto treasury strategies. CEO Veronika Kapustina recently observed “early indications of a bubble” in digital asset treasuries, a warning that has gained urgency following the Nasdaq notice. Meanwhile, Toncoin’s price swings reflect broader instability in the crypto sector, with the CoinDesk 20 index falling 3.7% in a single day.

TON Strategy now faces the challenge of meeting regulatory standards while retaining investor trust. Although Nasdaq’s warning was not punitive, it requires the company to adhere to stricter rules for future share issuances, as noted by Cointelegraph. Successfully managing aggressive Toncoin accumulation alongside transparent governance will be essential for the company’s future.

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