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

Other Non-Cash Items

Last Annual Value

110.80M

3-Year CAGR

112%

5-Year CAGR

217%

10-Year CAGR

55%

Adjust for Inflation

TON Strategy Co. Competitors Analysis of Other Non-Cash Items

TONX · NASDAQ

Company	Other Non-Cash Items	CAGR 3Y	CAGR 5Y	CAGR 10Y
TON Strategy Co. NASDAQ:TONX	110.80M	156.0%	75.5%	62.6%
Chicago Atlantic BDC, Inc. NASDAQ:LIEN	-57.44M	N/A	N/A	N/A
Horizon Technology Finance Corporation NASDAQ:HRZN	-8.47M	N/A	N/A	N/A
GigCapital8 Corp. Units NASDAQ:GIWWU	-2.27M	N/A	N/A	N/A
SuRo Capital Corp. NASDAQ:SSSS	-15.08M	N/A	N/A	N/A
Innventure, Inc. NASDAQ:INV	187.83M	202.9%	N/A	N/A
TriplePoint Venture Growth BDC Corp. NYSE:TPVG	23.81M	-36.4%	N/A	N/A
Oaktree Acquisition Corp. III Life Sciences NASDAQ:OACC	-7.71M	N/A	N/A	N/A
Mount Logan Capital Inc. Common Stock NASDAQ:MLCI	23.04M	N/A	144.3%	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.