By Elias Schisgall
Shares of TON Strategy rose after the digital asset treasury company said it plans to buy back stock over the next two months.
The stock climbed 16%, to $2.97, midday Wednesday and is up 49% this year.
The company said it had entered a Rule 10b5-1 trading plan to facilitate stock buybacks over the next two months under its existing $250 million stock-repurchase authorization.
"We have strong conviction in Gram and in the opportunity presented by the TON ecosystem," Chief Executive Officer Kevin Wilson said. "The share repurchase plan allows us to act on a disconnect in our own equity without constraining our ability to continue advancing our Gram treasury strategy."
Write to Elias Schisgall at elias.schisgall@wsj.com