According to ChainCatcher, TheBlock reported that after Pantera Capital disclosed its investment in TON tokens, Manuel Stotz, founder and CEO of Kingsway Capital, also revealed that TON is the institution’s largest token holding to date, and that the venture capital firm started buying TON tokens two years ago (earlier than Pantera Capital).

Ryze Labs (formerly Sino Global Capital) has also invested heavily in TON tokens, and its founding and managing partner Matthew Graham said that Ryze Labs has been a "big buyer" of TON. In addition, Yat Siu of Animoca Brands said that he had previously purchased the token when the price of TON was less than $1, and then continued to buy it at $1, $1.5 and $2.