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 Cash Provided by Operating Activities

Last Annual Value

-20.77M

3-Year CAGR

-2%

5-Year CAGR

-5%

10-Year CAGR

-22%

Adjust for Inflation

TON Strategy Co. Competitors Analysis of Net Cash Provided by Operating Activities

TONX · NASDAQ

Company	Net Cash Provided by Operating Activities	CAGR 3Y	CAGR 5Y	CAGR 10Y
TON Strategy Co. NASDAQ:TONX	-20.77M	N/A	N/A	N/A
Chicago Atlantic BDC, Inc. NASDAQ:LIEN	-20.48M	N/A	N/A	N/A
Horizon Technology Finance Corporation NASDAQ:HRZN	39.96M	-7.2%	N/A	-2.7%
GigCapital8 Corp. Units NASDAQ:GIWWU	-430.40K	N/A	N/A	N/A
SuRo Capital Corp. NASDAQ:SSSS	34.32M	N/A	N/A	N/A
Innventure, Inc. NASDAQ:INV	-80.68M	N/A	N/A	N/A
TriplePoint Venture Growth BDC Corp. NYSE:TPVG	20.07M	-25.8%	N/A	N/A
Oaktree Acquisition Corp. III Life Sciences NASDAQ:OACC	-422.08K	N/A	N/A	N/A
Mount Logan Capital Inc. Common Stock NASDAQ:MLCI	-26.33M	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

Start with context, operating signals, and key market metrics.

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.