olivLaw · US equity research
TON Strategy Company TONX
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
TON Strategy Company (TONX) is a digital asset treasury that holds reserves of Gram, the native asset of The Open Network blockchain, and earns income from staking rewards. As the TON network changed, the company moved away from its inherited operations toward its treasury strategy, which makes its trajectory worth following. The company holds about 4.4% of Gram supply.
At the close of 04 Nov 2026, TON Strategy Company (TONX) stock was 2.90 USD (+1.40% on the day), with market capitalisation 159.7 m USD, beta 2.08, 52-week range 1.80–4.23 USD. Latest reported quarter (Q2 2026): revenue of 15.0 m USD (+607.4% YoY), net income of 76.8 m USD, diluted EPS 1.31 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.0
- weak (30–45)
- Bollinger (20, 2)
- 2.61 – 3.40
- in the lower half of the band · %B 0.37 · band width 26.3%
- SMA 50 / 200
- 3.26 / 2.94
- mixed trend
- MACD (12, 26, 9)
- -0.08 / -0.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.2% | −1.1% | −18.1 pp | — |
| 3 months | +2.8% | −0.5% | +3.3 pp | — |
| 6 months | −9.1% | +4.4% | −13.5 pp | — |
| Year to date | +45.7% | +12.3% | +33.4 pp | — |
| 1 year | −16.2% | +13.5% | −29.7 pp | −47.5% |
| 3 years | −94.3% | +76.4% | −170.7 pp | −45.5% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 128.0 k | 723.0 k | 1.3 m | 2.1 m | 3.6 m | 5.7 m | 5.3 m | 15.0 m |
| Cost of revenue | 54.0 k | 134.0 k | 347.0 k | 611.0 k | 888.0 k | 2.0 m | 1.3 m | 766.0 k |
| Gross profit | — | — | 709.0 k | — | — | — | 4.0 m | 14.3 m |
| Operating income | -2.3 m | -3.7 m | -2.7 m | -1.3 m | -21.7 m | -9.1 m | -3.9 m | 479.0 k |
| Depreciation & amortisation | 273.0 k | 279.0 k | 286.0 k | 9.0 k | 341.0 k | 342.0 k | 19.0 k | 3.0 k |
| Interest expense | 1.0 k | 1.0 k | 1.0 k | 0 ≈ | 0 ≈ | 0 | — | — |
| Pre-tax income | — | — | — | -1.1 m | — | — | — | 83.5 m |
| Income tax | — | — | — | 1.0 k | 14.4 m | -14.4 m | — | 2.0 k |
| Net income | -2.0 m | -3.2 m | -2.6 m | -2.4 m | 84.3 m | -227.9 m | -91.0 m | 76.8 m |
| Diluted EPS | -3.82 | -3.31 ≈ | -2.51 | -1.79 | 2.23 | -3.80 ≈ | -1.56 | 1.31 |
| Operating cash flow | -1.7 m ≈ | -1.9 m | -1.1 m | -2.3 m ≈ | -9.4 m ≈ | -8.0 m | -4.7 m | — |
| Capex | 105.0 k ≈ | 160.0 k | 66.0 k | 2.0 k ≈ | 14.0 k ≈ | 6.0 k | 9.0 k | -7.0 k ≈ |
| Share repurchases | — | — | — | — | — | 6.3 m | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 32.0 k | 9.1 m | 10.0 m | 10.5 m | 8.0 k | 63.0 k | 895.0 k | 12.8 m |
| Revenue YoY | +433.3% | +28,337.5% | +9.5% | +5.6% | — | +687.5% | +1,320.6% | +1,327.8% |
| Net income | -12.1 m | -15.9 m | -25.0 m | -34.5 m | -37.4 m | -22.0 m | -10.3 m | -148.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -0.55 | -6.68 | -441.48 | -19.36 | -5.96 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable |
| net % | -37,896.9% | -174.9% | -250.4% | -327.7% | -467,962.5% | -34,911.1% | -1,154.1% | -1,161.9% |
| Free cash flow | unavailable | -8.3 m | -16.6 m | -25.9 m | -19.4 m | unavailable | -9.1 m | -20.9 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 39.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 406.4 m USD
- Total assets
- 411.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 9.23x
- ROE
- -70.3%
- ROA
- -68.8%
- FCF margin
- -163.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 10.0 m | 10.5 m | 8.0 k | 63.0 k | 895.0 k | 12.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 4.8 m | 4.5 m | 3.3 m | 19.0 k | 224.0 k | 3.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 5.2 m | 6.0 m | 6.1 m | 44.0 k ≈ | 671.0 k ≈ | 8.9 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Research & development | 7.9 m | 12.3 m | 5.2 m | — | — | — | SEC (XBRL)· 17 Apr 2023verified |
| SG&A | 1.0 m | — | — | — | — | — | SEC (XBRL)· 31 Mar 2021verified |
| Operating income | -24.7 m | -33.7 m | -18.9 m | -13.8 m | -11.6 m | -36.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 1.5 m | 1.7 m | 1.1 m | 2.3 m | 1.1 m | 1.3 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -23.2 m ≈ | -32.0 m ≈ | -17.8 m ≈ | -11.5 m ≈ | -10.6 m ≈ | -35.1 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 894.0 k | 2.6 m | 1.4 m | 1.2 m | 237.0 k | 1.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -25.0 m | -34.5 m | — | — | -10.5 m | -148.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 1.0 k | 1.0 k | — | — | — | -234.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -25.0 m | -34.5 m | -37.4 m | -22.0 m | -10.3 m | -148.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | — | -0.55 | -6.68 | -441.48 | -19.36 | -5.96 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | — | — | 2.4 m | 34.0 k | 592.5 k | 25.1 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.8 m | 937.0 k | 2.4 m | — | 7.6 m | 39.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 919.0 k | 1.4 m | 1.0 m | — | — | — | SEC (XBRL)· 17 Apr 2023verified |
| Inventories | 34.0 k | 28.0 k | — | — | — | — | SEC (XBRL)· 31 Mar 2022verified |
| Current assets | 3.7 m | 3.2 m | 4.1 m | 4.7 m | 16.5 m | 42.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 862.0 k | 702.0 k | 533.0 k | 43.0 k | 331.0 k | 258.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 20.1 m | 19.8 m | 9.6 m | — | — | 5.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 5.2 m | 4.0 m | 83.0 k | 117.0 k | 178.0 k | 30.0 k | SEC (XBRL)· 11 Aug 2026verified |
| Total assets | 32.5 m | 34.4 m | 24.5 m | 10.8 m | 20.6 m | 411.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 2.6 m | 3.8 m | 4.0 m | 1.4 m | 731.0 k | — | SEC (XBRL)· 25 Mar 2025verified |
| Short-term debt | 110.0 k | 4.2 m | 6.8 m | 5.8 m | — | — | SEC (XBRL)· 01 Apr 2024verified |
| Current liabilities | 16.9 m | 17.9 m | 16.5 m | 7.2 m | 4.3 m | 4.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 21.8 m | 21.1 m | 19.3 m | 7.7 m | 4.6 m | 4.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 10.7 m † | 13.3 m † | 5.2 m | 3.1 m | 16.0 m | 406.4 m | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -16.3 m | -25.9 m | -19.4 m | — | -8.8 m | -20.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 317.0 k | 26.0 k | 20.0 k | 32.0 k | 342.0 k | 88.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -16.6 m ≈ | -25.9 m ≈ | -19.4 m ≈ | — | -9.1 m ≈ | -20.9 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -88.0 k | -2.3 m | -4.7 m | — | -5.4 m | -294.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 17.2 m | 27.2 m | 25.6 m | — | 18.3 m | 346.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | — | — | — | — | — | 20.6 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 159.7 m USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -532.8% | 17 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1,069.0% | 100 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -34,255.0x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 6.4x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -15.3% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 12.9% | 100 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TON STRATEGY COMPANY (TONX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 12.8 m USD in 2025; YoY growth 1,327.8%; net margin -532.8%; ROE -75.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 1,069.0%
- Current ratio: 6.4x
- Shareholder yield (distributions): 12.9%
What contradicts it
- Net margin: -532.8%
- Interest coverage: -34,255.0x
- FCF yield: -15.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| UPSTUpstart Holdings, Inc. | 2.3 bn | 39.9 | 8.0% | 4.9% | +64.0% | −48% / −13% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| BTBTBit Digital, Inc. | 300.9 m | — | -56.7% | -237.2% | +5.1% | −65% / −68% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BGINBgin Blockchain Limited | 203.6 m | — | -134.0% | -262.6% | −77.7% | −38% / unavailable |
| CNTNCanton Strategic Holdings, Inc. | 172.1 m | — | -43.1% | — | unavailable | −17% / −83% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| SNFCASecurity National Financial Corporation | 166.1 m | 6.5 | 9.0% | 11.1% | +3.0% | +15% / +37% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −16% / −94% |
| BMHLBluemount Holdings Limited | 79.0 m | 61,098.2 | 26.2% | 18.8% | unavailable | −8% / unavailable |
| UPXIUpexi, Inc. | 62.9 m | — | -1,356.3% | -984.3% | +58.1% | −73% / −95% |
| SGRXSangrix Inc. | 40.8 m | — | -300.3% | -36,190.3% | −98.6% | −99% / −100% |
| AVXAvax One Technology Ltd. | 34.9 m | — | -189.6% | -1,533.9% | +8,709.3% | −80% / −100% |
1- and 3-year price returns: for TONX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TON Strategy Company (TONX) is a digital asset treasury that holds reserves of Gram, the native asset of The Open Network blockchain, and earns income from staking rewards. As the TON network changed, the company moved away from its inherited operations toward its treasury strategy, which makes its trajectory worth following. The company holds about 4.4% of Gram supply 3.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Asset volatilityhigh
The Gram price can fall sharply, affecting the reserve value and the share price 1.
- Low liquiditymedium
With assets less liquid than cash, sales during unstable markets could be difficult 1.
- Staking operational riskmedium
Slashing penalties or technical errors could reduce rewards and lead to losses 1.
- Customer concentrationmedium
A single customer accounted for a significant share of 2025 revenue, increasing exposure 1.
- Compliance issueslow
Equity awards issued without valid registration could lead to rescission claims or damages 12.
Investment thesis
What would need to be true (bull case)
- If the TON network keeps improving yields, staking revenue could grow and the reserve could become more valuable 23.
- Removing legacy costs could leave the company with more flexibility in its treasury strategy 3.
- If use of Gram in Telegram grows, demand for the asset could support the value of holdings 3.
What to watch
- Trend in staking revenue and gross staking yieldQ3 2026
- Effectiveness of the legacy cost reduction2026
- Decisions on share buybacks and ecosystem investmentsnext 10-Q
- Development of the regulatory framework for crypto treasuries2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company focuses on managing its treasury reserve of Toncoin, later renamed Gram, and staking it to help secure The Open Network 12. Revenue comes from staking rewards, recognized net of validator fees 1. In fiscal 2025 it recognized revenue of about 4.0 million USD from staking rewards 1, and in the second quarter of 2026 staking revenue reached 15.0 million USD 3.
Alongside the treasury, the legacy operations in MARKET.live, LyveCom and Go Fund Yourself were largely wound down, according to the August 2026 update, freeing resources for the Gram strategy 3. The company also terminated its advisory agreement with Kingsway Capital Partners Limited 3.
Segments
Gram treasury and staking
This is the core segment: the company holds Gram and stakes it, with rewards recognized as revenue 13. The fair value of these assets was about 369.5 million USD at June 30, 2026 3.
Legacy operations
These activities, tied to the company's former identity, are being wound down with the aim of cutting annual cash operating costs by about 4.0 million USD 3.
Market context
The market the company works in is tied to the Telegram ecosystem, whose user base exceeds one billion people 1. The company held about 4.4% of Gram supply as of August 4, 2026 3, placing it among significant participants in a market where competition could intensify as institutional adoption grows 1.
Trends
- TON network upgradestailwind
The Catchain 2.0 and TVM upgrades lifted staking yields, which could support revenue if the network keeps this pace 23.
- Gram price volatilityheadwind
The value of the reserve depends on the Gram price, which is highly volatile; a substantial decline could affect results and the share price 1.
- Regulatory claritymixed
The regulatory framework for crypto treasuries of listed companies is still uncertain, which could change operating conditions 1.
- Gram rebrandmixed
The June 2026 renaming of Toncoin to Gram aims at a clearer asset identity and could support its use in the ecosystem 3.
Competitive position
Competition comes from other treasury companies holding Toncoin or Gram, from validator and staking operators, and from financial products offering exposure to the asset 1. The company can differentiate itself through holding scale and staking infrastructure 1.
- Other TON treasury companies
Listed companies that hold Toncoin in reserves, named as part of the competitive landscape 1.
- Validator and staking operators
Validators and operators that generate staking yield, against which the company competes for results 1.
- Financial products on Toncoin or Gram
Products offering investors direct or indirect exposure to the asset 1.
- Other blockchains
Networks offering comparable speed, security or utility could draw capital away from the TON ecosystem 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report16 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report17 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report10 Aug 2026Termination of a material agreement · Financial statements and exhibits
- Current report01 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jun 2026Delisting notice
- Current report12 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TON Strategy Company · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TON Strategy Company · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TON Strategy Company · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.