TON Strategy Co (NASDAQ: TONX)

TON Strategy Company is a digital asset treasury and Web3 ecosystem company focused on supporting The Open Network, a public blockchain originally developed to integrate with Telegram, one of the world’s largest messaging platforms. The company manages its corporate treasury holdings of Toncoin (TON), the native digital asset of the TON blockchain, including staking activities to secure and validate the network in exchange for staking rewards. Through these activities, TON Strategy Company supports the TON ecosystem while managing its digital assets in line with applicable regulatory, accounting, and risk-management standards. The company may also pursue other Web3 initiatives within the TON ecosystem to promote long-term growth and adoption.

TON Strategy Company generates revenue primarily from staking rewards earned on its Toncoin holdings, which are recognized as revenue upon validation and when measurable and probable of not being reversed. Additionally, the company generates revenue through three reportable business segments: TON, MARKET.live and Go Fund Yourself. MARKET.live revenue is derived from contract-based recurring fee services including content creation, production, host and influencer management, TikTok Shop integration, and online store setup for brands and merchants seeking social commerce capabilities. Go Fund Yourself generates revenue from fees charged to issuers for appearing on the show and for marketing, advertising, and content creation and distribution services, with appearance fees ranging from $15,000 to $60,000 per issuer.

The company operates through the following segments: TON, MARKET.live and Go Fund Yourself.

• TON: This segment focuses on the management of the company’s corporate treasury holdings of Toncoin, including staking tokens to help secure and validate the TON blockchain in exchange for staking rewards. As of December 31, 2025, the company had staked 219,709,826 units of TON on the TON blockchain and earned 2,185,286 units of TON in staking rewards for the year ended December 31, 2025, recognized as approximately $4.0 million in revenue. The company uses third-party custodians BitGo Trust Company, Inc. and Blockchain.com (Cayman) Limited to manage and stake its Toncoin holdings through single-nominator validator pools that are not commingled with other clients’ assets.

• MARKET.live: This segment is a multi-vendor livestream shopping platform that merges e-commerce and entertainment, enabling brands, retailers, and creators to broadcast shoppable events across TikTok, YouTube, Facebook, Instagram, and Pinterest. The platform’s integrations with Meta, TikTok, Pinterest, and other networks enable native, frictionless checkout experiences within each application, with purchase and order data flowing seamlessly back to vendors for fulfillment. In 2024, MARKET.live expanded its relationship with TikTok through a formal partnership with TikTok Shop, becoming an official TikTok Shop Partner (TSP), under which TikTok refers brands, retailers, influencers, and affiliates to MARKET.live for recurring-fee services including onboarding, store setup, creative production, influencer management, and store optimization.

• Go Fund Yourself: This segment is an interactive social crowdfunding platform that provides public and private companies with broad-based exposure for their Regulation CF and Regulation A offerings. The program airs weekly on CheddarTV and generates revenue from issuer fees related to appearances, marketing, advertising, and content production. Appearance fees are based on service packages ranging from $15,000 to $60,000 per issuer, and the show helps issuers gain visibility among potential investors in the regulated crowdfunding space.

TON Strategy Company operates in the competitive digital asset treasury and Web3 ecosystem space, where it faces competition from other market participants providing exposure to Toncoin through treasury strategies, balance sheet holdings, staking operations, or investment products. This includes publicly traded digital asset treasury companies, private and public companies holding Toncoin, validator and staking operators generating Toncoin yield, and financial products offering direct or indirect exposure to Toncoin. The company’s competitive advantages include its early adoption of Toncoin as a primary treasury reserve asset, its significant stake of 4.2% of the total Toncoin supply as of December 31, 2025, and its integrated Web3 ecosystem approach combining digital asset management with social commerce and crowdfunding platforms.

TON Strategy Company serves a diverse customer base including institutional investors and crypto-native participants in its digital asset treasury activities, brands, retailers, and creators using its MARKET.live platform for social commerce and livestream shopping, and issuers seeking exposure for their Regulation CF and Regulation A offerings through its Go Fund Yourself platform. Specific customer relationships include its formal partnership with TikTok Shop, under which TikTok refers brands, retailers, influencers, and affiliates to MARKET.live for services, and the weekly airing of Go Fund Yourself on CheddarTV, which reaches audiences interested in emerging investment opportunities.