TON Strategy Company reported Q3 results and progress on its Toncoin treasury after an August 2025 launch focused on The Open Network and staking.
Summary
What changed operationally after the August 2025 launch?
TON Strategy Company (Nasdaq: TONX) repositioned as a digital asset treasury and Web3 ecosystem operator aligned with The Open Network, the Layer-1 integrated with Telegram. In August 2025, the Company began accumulating Toncoin ($TON) and staking to support network security and earn on-chain income. Moreover, the approach targets long-horizon holding to enhance treasury value over time.
The Company funded the program with proceeds from a $558 million private placement. It also underwrote key providers and infrastructure to run corporate staking and custody. However, governance and validator dynamics remain critical; see TON’s staking incentives documentation for technical details.
Operational highlights through September 30, 2025
- Acquired 217.5 million units of $TON and staked 177.1 million units as of September 30, 2025.
- Earned 336,000 units of $TON in staking rewards and recognized $707,000 in staking revenue, ending the period with approximately 217.8 million units of $TON.
- Held digital assets with a fair value of $588.2 million and $53.9 million in cash and restricted cash at September 30, 2025.
- Total stockholders’ equity was $639.5 million as of September 30, 2025, representing book value per share of approximately $10.82.
- Toncoin began trading on Gemini, Robinhood and Zengo, expanding global access following treasury launch.
- Approved up to $250 million stock buyback program and repurchased 1,984,072 shares at prices below book value per share.
- Rebranded as TON Strategy Company and began trading on Nasdaq under the ticker TONX on September 2.
- Continued operating MARKET.live, LyveCom and Go Fund Yourself while dissolving or divesting non-core ecommerce assets.
That said, the Company emphasized it did not sell or dispose of digital assets during the quarter. Meanwhile, exchange access broadened as Toncoin listings went live on Toncoin on Gemini and Toncoin on Robinhood.
Key numbers from the third quarter
Revenue totaled $3.6 million, up sharply from $0.1 million in Q3 2024, including staking income initiated in August 2025. Gross profit reached $2.7 million, a 75.4% margin, versus $74,000 and 57.8% a year earlier. Moreover, total costs and expenses increased to $25.3 million from $2.4 million, driven by non-cash stock-based compensation, treasury implementation costs and legacy operating expenses.
| Metric | Q3 2025 | Q3 2024 |
| Revenue | $3.6 million | $0.1 million |
| Gross profit (margin) | $2.7 million (75.4%) | $74,000 (57.8%) |
| Total costs and expenses | $25.3 million | $2.4 million |
| Net gain on crypto assets | $120.4 million | n/a |
| Net income (loss) | $84.7 million | ($2.0 million) |
The quarter’s net gain on crypto assets was $120.4 million, reflecting fair value measurements at period end. However, management noted no sales or disposals of digital assets during the period.
How is the toncoin treasury positioned after Q3 2025?
At quarter end, digital assets carried a fair value of $588.2 million, with cash and restricted cash of $53.9 million. Total stockholders’ equity stood at $639.5 million, or about $10.82 per share in book value. Moreover, the Board approved up to $250 million in buybacks, and the Company repurchased 1,984,072 shares below book value.
Liquidity also benefited from broader access as Toncoin listings expanded to Gemini, Robinhood and Zengo. That said, the Company continued operating MARKET.live, LyveCom and Go Fund Yourself, while moving to dissolve or divest non-core ecommerce assets to sharpen focus on core treasury and Web3 initiatives.
Management outlook and capital allocation
Chief Executive Officer Veronika Kapustina said the third quarter marked the operational launch of the strategy, the deployment of capital into Toncoin, and the start of on-chain income. She reiterated a long-term plan to hold and stake $TON while executing a disciplined capital allocation framework. However, alignment with the growth of The Open Network remains central.
Chief Financial Officer Sarah Olsen highlighted execution on the PIPE financing, accumulation of Toncoin, and vetting of key service providers. Moreover, she emphasized security, technology, financial reporting and compliance as the foundation for future growth, with additional hiring planned to strengthen capabilities across core functions.
What is TON and why does it matter for Telegram?
The Open Network is a public Layer-1 designed to integrate directly with Telegram, which has more than 1 billion monthly active users who communicate, transact and build communities. It provides rails for payments, digital property, stablecoins and decentralized mini apps inside the messaging ecosystem, alongside staking and validation mechanics documented in TON’s staking incentives documentation. Moreover, broader access via major venues such as Gemini and Robinhood expands potential distribution.
On Nov. 12, 2025, the Company also reaffirmed its focus on accumulating $TON for long-term investment, whether sourced via capital deployment, staking rewards or open market purchases. By contrast, the business is winding down non-core ecommerce exposure to align resources with treasury, staking and Telegram’s tokenized economy.
In sum, the toncoin treasury anchors TON Strategy Company’s long-horizon plan, supported by staking income, exchange access and selective buybacks. If execution continues, the Company is positioned to capture value from The Open Network’s growth within Telegram.
