TON Strategy
Accumulates and stakes Gram while winding down inherited social-commerce operations.
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Profile
Accumulates and stakes Gram, formerly Toncoin, as its primary treasury asset while supporting The Open Network ecosystem. Legacy social-commerce and software operations inherited from Verb are being wound down.
Operates as a digital-asset treasury and Web3 ecosystem company focused on The Open Network, a blockchain designed to integrate with Telegram. Its central activity is accumulating and staking Gram, formerly Toncoin, as the primary treasury reserve asset.
Legacy operations include MARKET.live and LyveCom, livestream-shopping platforms used by brands and merchants across websites, apps, and social platforms. The company has taken actions to wind down those inherited social-commerce and software businesses, with primary operating actions completed. The treasury operates through a public-company structure and depends on holding and staking Gram within the TON ecosystem.
Company facts
Key statistics
Year to date +35.3% · Average volume (30d) 316.1K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | −$1.33 | $1.32 | +199.2% | $2.1M | $15.0M | +615.2% | 0.00% |
| May 12, 2026Q1 FY26 | −$1.42 | −$0.05 | +96.5% | $2.0M | $5.3M | +162.7% | +8.07% |
| Mar 24, 2026Q4 FY25 | −$1.77 | −$2.20 | −24.3% | $1.4M | $5.7M | +310.1% | +4.98% |
| Nov 12, 2025Q3 FY25 | −$1.90 | −$1.00 | +47.4% | $1.4M | $3.6M | +157.8% | −3.06% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | $2.1M | $3.6M | $5.7M | $5.3M | $15.0M | |
| Gross profit | $709.0K | $1.5M | $2.7M | $3.7M | $4.0M | $14.3M | |
| Operating income | −$2.7M | −$2.9M | −$21.7M | −$6.0M | −$3.9M | $479.0K | |
| Net income | −$2.6M | −$2.4M | $84.3M | −$227.9M | −$91.0M | $76.5M | |
| Diluted EPS | −$2.51 | −$1.79 | $2.23 | −$3.78 | −$1.56 | $1.31 | |
| Gross margin | 54.3% | 71.2% | 75.4% | 64.3% | 75.3% | 94.9% | |
| Operating margin | -203.8% | -138.2% | -601.5% | -104.7% | -74.0% | 3.2% |
Fiscal years (4-quarter sums)FY21 $10.5M · FY22 $4.9M · FY23 $63.0K · FY24 $895.0K · FY25 $12.8M
Balance sheet, Jun 30, 2026Cash & short-term investments $28.8M · Total debt $198.0K · Total assets $403.5M · Shareholders' equity $398.8M
Dividends
No dividends on record.
Ownership
Shares outstanding 56.53M · Float 32.31M · 57.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Kingsway Capital Partners Limited | 12.02M | 19.93% | 13D | Aug 18, 2025 |
| Aristeia Capital, L.L.C. · other: See Remarks | 3.38M | 5.98% | Form 4 | Apr 10, 2026 |
| Manuel Stotz · director, 10 percent owner: | 2.30M | 4.06% | Form 4 | Sep 29, 2025 |
| Vanguard Capital Management LLC | 2.29M | 4.05% | 13F | May 15, 2026 |
| Ribbit Management Company, LLC | 1.58M | 2.79% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Sarah Josephine Olsen | officer: CFO & COO | −217,450 | $2.75 |
| Aug 14, 2026 | Kevin Mark Wilson | officer: Chief Executive Officer | +3,600 | $2.67 |
| Aug 13, 2026 | Kevin Mark Wilson | officer: Chief Executive Officer | +3,700 | $2.76 |
| May 14, 2026 | Evan Sohn | director | +5,540 | $3.59 |
| May 14, 2026 | Kevin Mark Wilson | officer: Chief Executive Officer | +16,040 | $3.66 |
Peers
- Strategy
Large-scale Bitcoin treasury model with public-market financing
- BitMine Immersion Technologies
Ethereum-focused treasury vehicle funded through public capital
- Sharplink
Staked ETH treasury strategy marketed through a Nasdaq listing
- Forward Industries
Solana treasury operation financed by a large PIPE
- DeFi Development
Nasdaq-listed Solana treasury and validator operator
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TON Strategy | $3.23 | −0.92% | $183.7M | — | — | 6.2 | +607.4% |
| Strategy | $127.88 | +0.46% | $42.12B | — | 3.7 | 84.5 | +6.9% |
| BitMine Immersion Technologies | $23.70 | −0.27% | $13.56B | — | 58.0 | 221.5 | +2,166.2% |
| Sharplink | $8.19 | −0.18% | $1.62B | — | 196.9 | 32.2 | +1,553.3% |
| Forward Industries | $5.99 | +1.87% | $434.4M | — | 35.6 | 8.2 | +332.1% |
| DeFi Development | $4.91 | −1.21% | $150.0M | — | — | 9.9 | +66.9% |
| Median | — | 46.8 | 32.2 | +332.1% |