Toncoin (TON) recently experienced a notable price decline, primarily driven by a regulatory alert from Nasdaq concerning one of its significant institutional holders, TON Strategy Co. This development quickly escalated into market panic, triggering substantial selling pressure and a rapid dip in the token's valuation.
Regulatory Scrutiny on TON Strategy Co.
The catalyst for Toncoin's downturn was Nasdaq's issuance of a warning letter to TON Strategy Co. The firm faced scrutiny for failing to obtain the necessary shareholder approval for its substantial investments in Toncoin. Specifically, TON Strategy Co. had raised $558 million through a private investment in public equity (PIPE) sale in August 2025, which it subsequently used to purchase Toncoin. However, the firm did not secure shareholder consent for either the PIPE transaction or the acquisition of $273 million worth of Ton tokens. Despite concluding that the company did not deliberately intend to avoid compliance, Nasdaq opted for a warning rather than a delisting, nevertheless signaling a significant regulatory concern.
Market Reaction and Intensified Selling Pressure
The Nasdaq warning immediately prompted a defensive reaction from traders and investors, leading to widespread selling across the Toncoin market. On-chain metrics quickly reflected this shift, with the Spot Taker CVD turning negative, indicating a dominant presence of sellers. Concurrently, a positive Spot Netflow emerged, signaling a movement of tokens onto exchanges—a common precursor to increased selling activity. This combination of regulatory news and bearish on-chain indicators solidified investor panic, pushing Toncoin's price lower and confirming a strong bearish sentiment controlling the market in the immediate aftermath.
