TON Strategy (TONX) Invested Capital (2014 - 2025)
TON Strategy's (TONX) quarterly Invested Capital came in at $407.0 million in Q4 2025, up 2418.65% on a YoY basis from $16.2 million in Q4 2024, and down 36.4% quarter-over-quarter from $640.0 million in Q3 2025.
Analysis
TON Strategy (TONX) Invested Capital (2014 - 2025) Analysis & Trends
TON Strategy (TONX) has reported Invested Capital for 12 consecutive years, with $407.0 million the latest figure, recorded in Q4 2025.
- For the quarter ending Q4 2025, Invested Capital rose 2418.65% year-over-year to $407.0 million; the trailing twelve-month figure through Dec 2025 stood at $407.0 million (up 2418.65% YoY), and the FY2025 full-year result was $407.0 million, up 2418.65% from the prior year.
- Invested Capital declined to $407.0 million in Q4 2025 per TONX's latest filing, from $640.0 million in the prior quarter.
- Across five years, Invested Capital topped out at $640.0 million in Q3 2025 and bottomed at $2.0 million in Q3 2023.
- Historically, Invested Capital has averaged $69.2 million across 5 years, with a median of $19.7 million in 2024.
- The sharpest annual moves came in 2023 and 2025: Invested Capital plunged 90.53% in 2023, then surged 3421.66% in 2025.
- Over 5 years, Invested Capital stood at $21.6 million in 2021, then retreated by 10.44% to $19.3 million in 2022, then tumbled by 63.45% to $7.1 million in 2023, then soared by 128.85% to $16.2 million in 2024, then surged by 2418.65% to $407.0 million in 2025.
- According to Business Quant data, Invested Capital over the past three periods registered $407.0 million, $640.0 million, and $19.4 million for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Coinbase Global | 48.70 Bn | 39.92 Bn | 1.16 Bn | 23.86 Bn |
| 2 | Bullish | 5.43 Bn | 5.38 Bn | 15.53 Mn | 2.42 Bn |
| 3 | Canton Strategic Holdings | 494.45 Mn | 494.45 Mn | - | - |
| 4 | Cypherpunk Technologies | 446.07 Mn | 446.07 Mn | - | - |
| 5 | Coincheck | 267.10 Mn | 165.50 Mn | 11.20 Mn | 404.00 Mn |
| 6 | Exodus Movement | 226.48 Mn | -128.60 Mn | - | - |
| 7 | Wewards | 214.97 Mn | 214.97 Mn | - | - |
| 8 | Usbc | 194.07 Mn | 190.41 Mn | - | 61.55 Mn |
| 9 | TON Strategy | 187.68 Mn | 187.66 Mn | - | - |
| 10 | Universal Token | 174.68 Mn | 174.68 Mn | - | 1.15 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 406.99 Mn |
| Sep 30, 2025 | 639.96 Mn |
| Jun 30, 2025 | 19.38 Mn |
| Mar 31, 2025 | 14.54 Mn |
| Dec 31, 2024 | 16.16 Mn |
| Sep 30, 2024 | 18.17 Mn |
| Jun 30, 2024 | 20.05 Mn |
| Mar 31, 2024 | 16.16 Mn |
| Dec 31, 2023 | 7.06 Mn |
| Sep 30, 2023 | 2.05 Mn |
| Jun 30, 2023 | 11.07 Mn |
| Mar 31, 2023 | 18.63 Mn |
| Dec 31, 2022 | 19.32 Mn |
| Sep 30, 2022 | 21.65 Mn |
| Jun 30, 2022 | 29.52 Mn |
| Mar 31, 2022 | 20.85 Mn |
| Dec 31, 2021 | 21.57 Mn |
| Sep 30, 2021 | 22.83 Mn |
| Jun 30, 2021 | 25.91 Mn |
| Mar 31, 2021 | 32.47 Mn |