Key Takeaways:
- Toncoin drops 5.72% to $1.88 amid Nasdaq reprimand news.
- TON Strategy violated shareholder approval rules but avoided delisting.
- Traders eye $1.80 support as sentiment weakens and exchange inflows rise.
Toncoin Price Drops Amid Governance Fallout
Toncoin (TON) slid 5.72% in 24 hours to $1.88 on November 5, 2025, following news that TON Strategy Company received a reprimand from Nasdaq for governance rule violations. The drop reflects waning investor confidence and growing scrutiny over corporate oversight linked to the firm’s $272 million Toncoin acquisition.
Also Read: Toncoin (TON) Price Prediction June 2025: Will Bulls Break Past $3.30 Resistance?
Toncoin’s market cap now stands at $4.68 billion, with trading volume down 15.46% to $237 million. The decline in activity signals fading momentum as traders move defensively. With a circulating supply of 2.48 billion TON and no defined maximum limit, market sentiment has tilted cautious.
Nasdaq Reprimand Sparks Governance Concerns
Nasdaq’s Listing Qualifications Department reprimanded TON Strategy on October 28 for breaching Listing Rules 5635(a) and 5635(b), which govern shareholder approval in major transactions. The violations stem from an August 2025 private investment in public equity (PIPE) deal and a $272.7 million Toncoin purchase conducted through a subsidiary.
Also Read: Toncoin Purchase Sparks Nasdaq Reprimand for TON Strategy Over $272M Transaction
Although Nasdaq deemed the breach unintentional and avoided delisting, the episode raised questions about governance controls. The PIPE deal, which saw Kingsway Capital acquire nearly 20% of TON Strategy’s shares, triggered change-of-control clauses that should have required prior shareholder consent.
Investor Sentiment Turns Defensive
Market data shows traders turning risk-averse following the disclosure. Spot Taker CVD flipped negative, indicating seller dominance, while Spot Netflow turned positive at $2.47 million—suggesting more Toncoin moving to exchanges, a potential sign of upcoming sell pressure.
CEO Veronika Kapustina emphasized that the firm relied on professional advice and accepted Nasdaq’s reprimand, adding that no further action would follow. Still, the incident underscores how lapses in governance transparency can affect investor trust, even in compliant outcomes.
Eyes on $1.80 Support
Toncoin’s short-term outlook hinges on whether buyers defend the $1.80 support zone. A rebound above $2 could restore confidence and potentially lift the token toward $2.30. However, sustained recovery will likely depend on renewed trust in TON Strategy’s governance practices and broader institutional sentiment.
