TON Strategy Co
TONXBuild a strategy around TONX
TON Strategy Co AI Insights
Informational only. Not investment advice.Snapshot
- Net income of 76.2M TTM driven by 139.4M investment gains - operating loss of -31M masks true cash burn from 24.1M G&A[Gain/Loss on Investment Securities]
- 373.6M equity issuance TTM funded 295.2M investment purchases - company is a crypto treasury vehicle, not operating business[Issuance of Capital Stock]
- Total debt of 247K vs 661.9M assets - near-zero leverage but 92% of assets are likely digital holdings, not operating assets[Total Debt]
Watch Triggers
- Gain/Loss on Investment Securities: Turns negative or <50M — Without investment gains, company is deeply unprofitable - net income swings to -31M+
- Issuance of Capital Stock: Additional raises >100M — Further dilution signals inability to self-fund and continued shareholder extraction
- Total Revenue: Fails to grow >50% YoY — At 7.8M TTM, operating business is immaterial - needs 5x growth to cover G&A alone
Bull Case
Leveraged TON exposure with minimal debt (247K) - if TON appreciates, equity compounds without dilution risk from debt service
Cash of 53M covers 2+ years of operating burn (-31M/yr) - runway to survive crypto winter without forced selling
Bear Case
Core business generates 7.8M revenue vs 36.8M opex TTM - structurally unprofitable without investment gains
373.6M dilutive equity raise in TTM period - shareholders fund crypto purchases, management takes G&A of 24.1M
Bull vs Bear Balance
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Forward Thesis
Earnings volatility will track TON/crypto prices, not operating fundamentals
- 139.4M investment gains = 18x operating revenue
- Operating loss of -31M requires continued asset appreciation
- G&A of 24.1M annually consumes all gross profit
Valuation Context
Caveats
Public Strategies Rankings
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TONX Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
Beta 5Y (Monthly) | unknown | — |
TONX Dividend History
TONX Stock Splits
TONX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/31/26 | 12/31/25 | Unknown | |
11/12/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/13/25 | 03/31/25 | 10-Q | |
03/25/25 | 12/31/24 | 10-K | |
11/05/24 | 09/30/24 | 10-Q | |
08/14/24 | 06/30/24 | 10-Q | |
05/10/24 | 03/31/24 | 10-Q | |
04/01/24 | 12/31/23 | 10-K | |
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05/22/23 | 03/31/23 | 10-Q | |
04/17/23 | 12/31/22 | 10-K | |
11/14/22 | 09/30/22 | 10-Q | |
08/15/22 | 06/30/22 | 10-Q | |
05/16/22 | 03/31/22 | 10-Q | |
03/31/22 | 12/31/21 | 10-K | |
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08/16/21 | 06/30/21 | 10-Q | |
05/13/21 | 03/31/21 | 10-Q | |
03/31/21 | 12/31/20 | 10-K | |
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05/14/20 | 12/31/19 | 10-K | |
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02/07/19 | 12/31/18 | 10-K | |
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04/02/18 | 12/31/17 | 10-K | |
11/14/17 | 09/30/17 | 10-Q | |
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05/10/17 | 03/31/17 | 10-Q | |
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10/02/14 | 08/31/14 | 10-Q | |
07/07/14 | 05/31/14 | 10-Q | |
04/14/14 | 02/28/14 | 10-Q | |
02/28/14 | 11/30/13 | 10-K | |
10/15/13 | 08/31/13 | 10-Q | |
07/19/13 | 05/31/13 | 10-Q | |
04/14/14 | 02/28/13 | 10-Q |