TON Strategy Co is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.
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~$12
Price-to-book vs peers
Base case. Range ~$11–$30. Book value per share times peers' typical (harmonic-mean) price-to-book.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
TON Strategy Co valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $30m, up 592.3% on a year earlier, slower than the 662.7% growth a quarter earlier. That growth ranks 3 of 38 among the asset management & custody banks companies we cover. Our price-to-book vs peers value is $9.75 a share.
Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
TON Strategy Co's trailing-twelve-month revenue grew 592.3% year on year, with a free-cash-flow margin of -94.8%. Where it stands out: revenue growth of 592.3% ranks 3 of 43 asset management & custody banks companies we cover. Where it lags: change in growth rate of -70.5pp ranks 42 of 43 asset management & custody banks companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 289.7% while net income fell 1463.7%: a 1174pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value TON Strategy Co as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 10.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.23 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$12 ~$11–$30 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$12 ~$11–$30 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare TON Strategy Co with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard TON Strategy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -62.4% of total assets over 10 years.
Operating margin has been a median -249.2%; its worst year was -11788.2%.
The diluted share count rose 806673.7% over five years; stock-based pay has been a median 78.4% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).
Next results: November 10, 2026, before the open.
No analyst estimates are published for TON Strategy Co: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2025 | −$1.90 | $2.23 | +217.4% |
| Jun 2025 | −$2.04 | −$1.79 | +12.2% |
| Mar 2025 | −$2.99 | −$2.51 | +16.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| TONX | −25% | −87% | −97% | −81% | −70% | +46% |
| Industry peers (median) | +33% | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| TONX | 42% | 25% | 17% | 25% | 33% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| TONX | −66% | −93% | −99% | −94% | −91% | −43% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 29, 2015: 100% from April 19, 2018 to February 5, 2026. Getting back needed a 17999900% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 11, 2026 | −5.9% | −0.1% | −14.1% | −1.6% |
| May 12, 2026 | +12.6% | +0.4% | +2.1% | −5.7% |
| March 31, 2026 | −3.3% | +3.7% | −12.7% | −17.1% |
| November 12, 2025 | +10.8% | −1.6% | −9.2% | −15.1% |
| December 15, 2023 | +2.5% | +0.4% | +6.2% | −19.4% |
| November 18, 2022 | −3.6% | +0.1% | −8.5% | −30.9% |
| August 18, 2022 | −0.2% | −1.1% | +2.0% | +3.1% |
| May 19, 2022 | +7.9% | −0.6% | +7.5% | +4.7% |
| April 1, 2022 | −17.1% | +1.1% | −29.6% | −28.3% |
| November 17, 2021 | −18.8% | +0.1% | −23.3% | −30.2% |
| August 18, 2021 | +12.3% | −0.9% | +22.2% | +11.7% |
| May 17, 2021 | +5.5% | −1.1% | +10.5% | +25.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $1.6M |
| FY23 Q4 | $1.7M |
| FY24 Q1 | $1.7M |
| FY24 Q2 | $102K |
| FY24 Q3 | $201K |
| FY24 Q4 | $895K |
| FY25 Q1 | $2.2M |
| FY25 Q2 | $4.3M |
| FY25 Q3 | $7.8M |
| FY25 Q4 | $12.8M |
| FY26 Q1 | $16.7M |
| FY26 Q2 | $29.6M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -79.0% |
| FY23 Q4 | -67.4% |
| FY24 Q1 | -30.8% |
| FY24 Q2 | -93.7% |
| FY24 Q3 | -87.7% |
| FY24 Q4 | -46.1% |
| FY25 Q1 | 31.6% |
| FY25 Q2 | 4095.1% |
| FY25 Q3 | 3760.7% |
| FY25 Q4 | 1327.8% |
| FY26 Q1 | 662.7% |
| FY26 Q2 | 592.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -862.3% |
| FY23 Q4 | -830.5% |
| FY24 Q1 | -773.4% |
| FY24 Q2 | -11788.2% |
| FY24 Q3 | -5445.8% |
| FY24 Q4 | -1301.0% |
| FY25 Q1 | -505.5% |
| FY25 Q2 | -232.4% |
| FY25 Q3 | -378.1% |
| FY25 Q4 | -272.1% |
| FY26 Q1 | -215.2% |
| FY26 Q2 | -115.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -615.3% |
| FY23 Q4 | -528.2% |
| FY24 Q1 | -485.2% |
| FY24 Q2 | -9226.5% |
| FY24 Q3 | -4585.1% |
| FY24 Q4 | -1017.5% |
| FY25 Q1 | -365.3% |
| FY25 Q2 | -168.4% |
| FY25 Q3 | -191.8% |
| FY25 Q4 | -163.2% |
| FY26 Q1 | -146.0% |
| FY26 Q2 | -94.8% |
| Fiscal year | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 0 | 0 | 9 | 10 | 11 | 0 | 0 | 1 | 13 | 30 |
| Gross profit | −0 | −0 | 4 | 5 | 6 | 6 | 0 | 1 | 9 | 25 |
| EBITDA | −5 | −8 | −15 | −23 | −32 | −18 | −11 | −11 | −35 | −34 |
| Operating income | −5 | −8 | −16 | −25 | −34 | −19 | −14 | −12 | −36 | −34 |
| Net income | −7 | −12 | −16 | −25 | −34 | −37 | −22 | −10 | −148 | −158 |
| Diluted EPS | −$4120.00 | −$0.61 | −$0.79 | −$0.80 | −$0.55 | −$6.68 | −$441.48 | −$19.36 | −$5.96 | — |
| Growth (year on year) | ||||||||||
| Revenue | — | +433.3% | +>999% | +9.5% | +5.6% | −99.9% | +687.5% | +>999% | +>999% | +592.3% |
| Margins | ||||||||||
| Gross margin | −33.3% | −62.5% | 46.5% | 51.8% | 57.2% | — | 69.8% | 75.0% | 69.5% | 83.1% |
| EBITDA margin | <−999% | <−999% | −162.5% | −233.1% | −304.4% | <−999% | <−999% | <−999% | −275.0% | −113.3% |
| Operating margin | <−999% | <−999% | −174.0% | −248.2% | −320.3% | <−999% | <−999% | <−999% | −285.2% | −115.6% |
| Net margin | <−999% | <−999% | −174.9% | −250.4% | −327.7% | <−999% | <−999% | <−999% | <−999% | −532.8% |
| Free-cash-flow margin | — | — | −90.8% | −166.7% | −246.0% | <−999% | <−999% | <−999% | −163.2% | −94.8% |
| Cash flow | ||||||||||
| Cash from operations | −2 | −4 | −8 | −16 | −26 | −19 | −9 | −9 | −21 | −28 |
| Capital spending | — | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | — | — | −8 | −17 | −26 | −19 | −9 | −9 | −21 | −28 |
| Stock-based pay | 3 | — | — | 6 | 6 | 4 | 3 | 2 | 19 | 23 |
| Free cash flow after stock pay | — | — | — | −23 | −32 | −24 | −11 | −11 | −40 | −51 |
| Balance sheet | ||||||||||
| Cash | 0 | 1 | 1 | 2 | 1 | 2 | — | 8 | 39 | 29 |
| Total debt | 1 | 2 | 1 | 2 | 5 | 13 | — | 0 | — | 0 |
| Net debt (negative = net cash) | 1 | 1 | 0 | −0 | 4 | 10 | — | −7 | −39 | −29 |
| Diluted shares | — | — | — | — | — | — | — | — | 25m | — |
| Returned to shareholders | ||||||||||
| Buybacks | — | 0 | — | — | — | — | — | — | 21 | — |
| Total returned | — | 0 | — | — | — | — | — | — | 21 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 1 | 1 | 2 | 4 | 6 | 5 | 15 |
| Gross profit | 0 | 1 | 1 | 2 | 3 | 4 | 4 | 14 |
| EBITDA | −2 | −3 | −2 | −1 | −21 | −9 | −4 | 0 |
| Operating income | −2 | −4 | −3 | −1 | −22 | −9 | −4 | 0 |
| Net income | −2 | −3 | −3 | −2 | 84 | −228 | −91 | 77 |
| Diluted EPS | −$3.82 | −$2.20 | −$2.51 | −$1.79 | $2.23 | −$11.81 | −$1.56 | $1.31 |
| Growth (year on year) | ||||||||
| Revenue | +341.4% | +>999% | +>999% | +>999% | +>999% | +694.2% | +302.5% | +607.4% |
| Margins | ||||||||
| Gross margin | 57.8% | 81.5% | 54.3% | 71.2% | 75.4% | 64.3% | 75.3% | 94.9% |
| EBITDA margin | <−999% | −474.6% | −181.8% | −59.0% | −592.0% | −153.2% | −73.6% | 3.2% |
| Operating margin | <−999% | −513.1% | −203.8% | −59.4% | −601.5% | −159.2% | −74.0% | 3.2% |
| Net margin | <−999% | −440.9% | −196.5% | −111.9% | >999% | <−999% | <−999% | 511.0% |
| Free-cash-flow margin | <−999% | −279.9% | −87.0% | −107.8% | −261.4% | −139.3% | −89.4% | −39.6% |
| Cash flow | ||||||||
| Cash from operations | −2 | −2 | −1 | −2 | −9 | −8 | −5 | −6 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | −0 |
| Free cash flow | −2 | −2 | −1 | −2 | −9 | −8 | −5 | −6 |
| Stock-based pay | 0 | 1 | 1 | −0 | 15 | 2 | 1 | 5 |
| Free cash flow after stock pay | −2 | −3 | −2 | −2 | −24 | −10 | −6 | −11 |
| Last 12 months unless stated | TONX | NAKA | GEG | VALU | HNNA | DFDV | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $30m | $28m | $28m | $33m | $33m | $15m | $858m |
| Revenue growth, last 12 months | 592.3% | >999% | 70.2% | −5.5% | −6.9% | 328.6% | 17.2% |
| Revenue growth, 3-year average | 163.9% | — | 3.0% | −5.9% | 11.2% | 94.4% | 10.2% |
| Revenue growth, latest quarter | 607.4% | >999% | 88.3% | −6.4% | 4.2% | 66.9% | 14.4% |
| Gross margin | 83.1% | — | — | — | — | 97.8% | 80.2% |
| Operating margin | −115.6% | <−999% | −50.4% | 10.8% | 33.4% | −866.5% | 25.8% |
| Operating margin, 3-year average | <−999% | −664.9% | −47.8% | 16.5% | 32.7% | −233.9% | 18.8% |
| Net margin | −532.8% | <−999% | −127.6% | 60.3% | 24.8% | <−999% | 15.2% |
| Cash from operations / revenue | −94.7% | −169.5% | 56.4% | 53.9% | 31.5% | −198.9% | 26.4% |
| Free-cash-flow margin | −94.8% | −169.5% | 51.8% | 55.6% | 30.5% | −198.9% | 21.9% |
| Free-cash-flow margin, 3-year average | <−999% | −140.9% | −34.8% | 53.5% | 32.2% | −149.5% | 17.6% |
| Stock pay / revenue | 78.4% | 20.2% | 8.2% | — | 3.7% | 20.6% | 3.7% |
| Change in share count | >999% | 937.0% | 19.8% | −0.3% | 0.2% | — | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 592.3% | 17.2% | 3 of 43 |
| Change in growth rate Growth | -70.5pp | +1.0pp | 42 of 43 |
| Operating margin Profitability | -115.6% | 23.7% | 24 of 27 |
| Net margin Profitability | -532.8% | 15.2% | 40 of 43 |
| Stock pay as % of revenue Cash generation | 78.4% | 4.3% | 39 of 40 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Market Live | $4.8M | 37.4% | ▲ 650.7% |
| Go Fund Yourself | $4M | 31.5% | ▲ 1458.1% |
| Ton | $4M | 31.1% | — |
| Line of business | Revenue | YoY |
|---|---|---|
| Market Live | $4.8M | ▲ 650.7% |
| Go Fund Yourself | $4M | ▲ 1458.1% |
These categories overlap or exclude eliminations, so shares aren't shown.
From TON Strategy Co's 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Kingsway Capital Partners Ltd | $30.8M | 12.1M | 35.7% | — |
| VY Capital Management Co. Ltd. | $15.6M | 6.1M | 18.1% | — |
| Aristeia Capital, L.L.C. | $12.5M | 4.9M | 14.5% | 0.0% |
| Vanguard Capital Management LLC | $5.6M | 2.2M | 6.5% | ▼ 4.5% |
| Ribbit Management Company, LLC | $4M | 1.6M | 4.7% | 0.0% |
| Long Corridor Asset Management Ltd | $2.6M | 1.0M | 3.0% | New |
| Blackrock, Inc. | $2.2M | 855K | 2.5% | ▲ 18.6% |
| UBS Group AG | $2M | 799K | 2.4% | ▲ 16.3% |
| Drw Securities, LLC | $2M | 789K | 2.3% | 0.0% |
| Saba Capital Management, L.P. | $1.8M | 717K | 2.1% | ▼ 9.3% |
| Geode Capital Management, LLC | $1.4M | 538K | 1.6% | ▼ 7.3% |
| Arrington Capital Management, LLC | $965,300 | 379K | 1.1% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not TON Strategy Co's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Rivard Bill John Chief Accounting Officer | September 4, 2026 | Sell | 12,500 | $3.30 | $41,250 |
| Wilson Kevin Mark Chief Executive Officer | August 14, 2026 | Buy | 1,900 | $2.67 | $5,073 |
| Wilson Kevin Mark Chief Executive Officer | August 14, 2026 | Buy | 1,700 | $2.68 | $4,556 |
| Olsen Sarah Josephine CFO & COO | August 14, 2026 | Sell | 217,450 | $2.75 | $597,988 |
| Wilson Kevin Mark Chief Executive Officer | August 13, 2026 | Buy | 3,700 | $2.76 | $10,212 |
| Marbach Mary General Counsel/Corp Secretary | May 15, 2026 | Buy | 1,600 | $3.52 | $5,632 |
| Olsen Sarah Josephine CFO & COO | May 14, 2026 | Buy | 7,440 | $3.62 | $26,933 |
| Wilson Kevin Mark Chief Executive Officer | May 14, 2026 | Buy | 8,020 | $3.66 | $29,353 |
| Sohn Evan Director | May 14, 2026 | Buy | 2,770 | $3.59 | $9,944 |
| Sohn Evan Director | May 14, 2026 | Buy | 2,770 | $3.59 | $9,944 |
| Wilson Kevin Mark Chief Executive Officer | May 14, 2026 | Buy | 8,020 | $3.66 | $29,353 |
| Cutaia Rory J. Director | December 16, 2025 | Sell | 54,494 | $2.53 | $137,870 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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