TON Strategy (TONX) Operating Expenses (2013 - 2026)
TON Strategy (TONX) recorded Operating Expenses of $7.84 million in Q1 2026, up 132.8% from $3.37 million a year earlier but down 47.3% from the prior quarter.
Powered by 
Analysis
TON Strategy (TONX) Operating Expenses (2013 - 2026) Analysis & Trends
On a TTM basis, TON Strategy's Operating Expenses came in at $53.1 million as of Mar 31, 2026, up 318.7% year-over-year; for FY2025, it was $49.22 million, up 292.5% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of 10.5% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $12.54 million in FY2024 (-9.5%), $13.86 million in FY2023 (-26.6%), $18.88 million in FY2022 (-52.5%) and $39.73 million in FY2021 (+32.9%).
- Quarterly Operating Expenses has ranged from $2.44 million in Q3 2024 to $25.32 million in Q3 2025 over the past five years.
- On a year-over-year basis, Operating Expenses has increased for six consecutive quarters, with growth averaging 176.2% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 937.6% in Q3 2025, against a decline of 62.4% in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $14.88 million (Q4 2025), $25.32 million (Q3 2025) and $5.06 million (Q2 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Coinbase Global | 50.59 Bn | 7.40 Bn | - | 1.33 Bn |
| 2 | PayPal Holdings | 46.79 Bn | 5.01 Bn | - | 7.26 Bn |
| 3 | Block | 44.05 Bn | 15.31 Bn | 3.17 Bn | 2.72 Bn |
| 4 | Iren | 31.74 Bn | 19.34 Bn | 103.89 Mn | 128.25 Mn |
| 5 | Corpay | 26.01 Bn | 16.21 Bn | - | 260.40 Mn |
| 6 | Fiserv | 24.47 Bn | 21.17 Bn | 2.90 Bn | 4.28 Bn |
| 7 | Global Payments | 22.51 Bn | 952.73 Mn | 2.03 Bn | 2.98 Bn |
| 8 | Bitmine Immersion Technologies | 15.56 Bn | 12.94 Bn | 40.81 Mn | 52.67 Mn |
| 9 | Guidewire Software | 11.90 Bn | 8.47 Bn | 269.68 Mn | 207.36 Mn |
| 10 | TON Strategy | 224.99 Mn | 86.09 Mn | 3.96 Mn | 7.84 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | 7.84 Mn |
| Dec 31, 2025 | 14.88 Mn |
| Sep 30, 2025 | 25.32 Mn |
| Jun 30, 2025 | 5.06 Mn |
| Mar 31, 2025 | 3.37 Mn |
| Dec 31, 2024 | 4.43 Mn |
| Sep 30, 2024 | 2.44 Mn |
| Jun 30, 2024 | 2.44 Mn |
| Mar 31, 2024 | 3.22 Mn |
| Dec 31, 2023 | 3.04 Mn |
| Sep 30, 2023 | 3.42 Mn |
| Jun 30, 2023 | 3.27 Mn |
| Mar 31, 2023 | 4.13 Mn |
| Dec 31, 2022 | 3.34 Mn |
| Sep 30, 2022 | 5.56 Mn |
| Jun 30, 2022 | 4.80 Mn |
| Mar 31, 2022 | 9.03 Mn |
| Dec 31, 2021 | 8.89 Mn |
| Sep 30, 2021 | 10.04 Mn |
| Jun 30, 2021 | 10.16 Mn |
API Access
TON Strategy Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=TONX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "TONX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=TONX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();