TONX - NASDAQ

TON Strategy Co.

TONX·NASDAQ

$3.76

-5.1%

Financial ServicesAsset Management

The first NASDAQ‑listed publicly traded treasury for Toncoin ($TON), the native cryptocurrency of The Open Network (TON). The company accumulates and stakes $TON to build a long-term treasury, offering regulated market exposure to TON through structured capital deployment and staking rewards.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$212.56M

EPS-5.9600

P/E Ratio-0.63

Earnings Date08/05/2026

tonx

Net Common Stock Issuance

Last Annual Value

341.90M

3-Year CAGR

142%

5-Year CAGR

83%

10-Year CAGR

Adjust for Inflation

TON Strategy Co. Competitors Analysis of Net Common Stock Issuance

TONX · NASDAQ

Company	Net Common Stock Issuance	CAGR 3Y	CAGR 5Y	CAGR 10Y
TON Strategy Co. NASDAQ:TONX	341.90M	233.5%	67.9%	73.8%
Chicago Atlantic BDC, Inc. NASDAQ:LIEN	0.00	N/A	N/A	N/A
Horizon Technology Finance Corporation NASDAQ:HRZN	14.08M	-40.0%	-14.1%	N/A
GigCapital8 Corp. Units NASDAQ:GIWWU	254.78M	N/A	N/A	N/A
SuRo Capital Corp. NASDAQ:SSSS	10.62M	N/A	166.8%	N/A
Innventure, Inc. NASDAQ:INV	12.65M	-7.8%	13.0%	N/A
TriplePoint Venture Growth BDC Corp. NYSE:TPVG	0.00	N/A	N/A	N/A
Oaktree Acquisition Corp. III Life Sciences NASDAQ:OACC	0.00	N/A	N/A	N/A
Mount Logan Capital Inc. Common Stock NASDAQ:MLCI	-1.43M	N/A	N/A	N/A

TON Strategy Co. Fair Value Envelope

TONX · NASDAQ

Our analysis suggests that TONX has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $3.76, this represents a potential HIDDEN relative to our calculated worth for TON Strategy Co..

HIDDEN

Intrinsic Value

Current Price: $3.76

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Fundamentals

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Accounting

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Forecasting

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Reference

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Snapshot

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Value Model

Stress test fair value across bear, base, and bull assumptions.

Statements

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Earnings Call

Read management commentary and compare it with reported outcomes.

Dividends

Check payout sustainability and long-term distribution behavior.

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.