TONX on Nasdaq

TON Strategy Co

American finance services company based in Las Vegas, incorporated in Nevada.

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Last updated Oct 18, 2026.

Overview

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  • TickerTONX on Nasdaq
  • IndustryFinance Services
  • HeadquartersSacramento, United States
  • Incorporated inNV2
  • Business address2300 West Sahara Avenue, Suite 800, Las Vegas, Nv 891022
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-285.2%Operating margin3
-1161.9%Net margin3
1327.8%Revenue growth, 20253
-36.5%Return on equity3
-$20.9MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

MARKET.live brought in 54% of the revenue TON Strategy Co broke down this way in fiscal 2025.

  1. MARKET.live$4.8M354%up 651% from 2024
  2. Go Fund Yourself$4.0M346%up 1458% from 2024
Products and services by year
Products and services20242025
MARKET.live$637.0K$4.8M
Go Fund Yourself$258.0K$4.0M

Business segments

MARKET.live brought in 37% of the revenue TON Strategy Co broke down this way in fiscal 2025.

  1. MARKET.live$4.8M337%up 651% from 2024
  2. Go Fund Yourself$4.0M331%up 1458% from 2024
  3. Ton$4.0M331%
Business segments by year
Business segments20242025
MARKET.live$637.0K$4.8M
Go Fund Yourself$258.0K$4.0M
Ton$4.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue30¢$3.9M
  • Other costs68¢$8.7M
  • Income tax2¢$234.0K

Out of $12.8M in revenue.3 The company lost money this year.

Financial statements

Revenue456783$12.8M in 2025+40% since 2019
0$5.0M$10.0M$15.0M2019: $9.1M$9.1M20192020: $10.0M$10.0M2020+10%2021: $10.5M$10.5M2021+6%2022: $8.0K$8.0K2022−100%2023: $63.0K$63.0K2023+688%2024: $895.0K$895.0K2024+1321%2025: $12.8M$12.8M2025+1328%
Gross profit456$6.1M in 2022+45% since 2019
0$2.0M$4.0M$6.0M$8.0M2019: $4.2M$4.2M20192020: $5.2M$5.2M2020+22%2021: $6.0M$6.0M2021+17%2022: $6.1M$6.1M2022+2%
Operating income456783-$36.4M in 2025+130% since 2019
-$40.0M-$30.0M-$20.0M-$10.0M02019: -$15.8M-$15.8M20192020: -$24.7M-$24.7M2020+56%2021: -$33.7M-$33.7M2021+36%2022: -$18.9M-$18.9M2022−44%2023: -$13.8M-$13.8M2023−27%2024: -$11.6M-$11.6M2024−16%2025: -$36.4M-$36.4M2025+213%
Net income456783-$148.5M in 2025+833% since 2019
-$150.0M-$100.0M-$50.0M02019: -$15.9M-$15.9M20192020: -$25.0M-$25.0M2020+57%2021: -$34.5M-$34.5M2021+38%2022: -$37.4M-$37.4M2022+9%2023: -$22.0M-$22.0M2023−41%2024: -$10.3M-$10.3M2024−53%2025: -$148.5M-$148.5M2025+1337%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-12-312024-12-31
Total Revenue$12.8M$895.0K
Cost of revenue, exclusive of depreciation and amortization shown separately below$3.9M$224.0K
Depreciation and amortization$1.3M$1.1M
Impairment$3.1M
General and administrative$40.9M$11.2M
Total costs and expenses$49.2M$12.5M
Operating loss-$36.4M-$11.6M
Interest income$1.0M$692.0K
Unrealized loss on short-term investments-$44.0K
Interest expense-$1.0K-$237.0K
Financing costs-$90.0K
Other income, net-$113.2M$813.0K
Total other income (expense), net-$112.2M$1.1M
Net loss before income taxes-$148.6M-$10.5M
Income tax expense (benefit)-$234.0K
Net loss-$148.4M-$10.5M
Less: Net income (loss) attributable to non-controlling interests$88.0K-$181.0K
Net loss attributable to Ton Strategy Company-$148.5M-$10.3M
Preferred Stock dividend payable-$152.0K-$243.0K
Deemed dividend due to redemption of Preferred Stock-$1.0M-$900.0K
Net loss to common stockholders-$149.6M-$11.5M
Net income (loss) per share - basic-$5.96-$19.36
Net income (loss) per share - diluted-$5.96-$19.36
Weighted average number of common shares outstanding - basic25.1M shares592.5K shares
Weighted average number of common shares outstanding - diluted25.1M shares592.5K shares

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Leadership

Who has led TON Strategy Co, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Rory J. Cutaia2014–2025
  2. Veronika Kapustina2025–now

Chair

  1. Rory J. Cutaia2022–now

President

  1. Aaron Meyerson2014
  2. Ron Gillyard2014
  3. Rory J. Cutaia2022–now

Chief financial officer

  1. Jeff Clayborne2016–2021
  2. Bill John Rivard2023–2025
  3. Sarah Josephine Olsen2025–now

Chief operating officer

  1. Sarah Josephine Olsen2025–now
201520202025
Board members and other officers (21)

Former names

  • Verb Technology Company, Inc.Aug 29, 2018 to Aug 29, 20252
  • nFusz, Inc.Apr 26, 2017 to Jan 16, 20192
  • BBOOTH, INC.Oct 22, 2014 to Apr 24, 20172
  • Global System Designs, Inc.Jan 10, 2013 to Oct 2, 20142

Timeline

  1. Aug 18, 2025New chief executive Veronika Kapustina becomes CEO11
  2. Nov 10, 2014New chief executive Rory J. Cutaia becomes CEO12
  3. Nov 27, 2012Founded TON Strategy Co is founded38

Filings

288 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 82 major events, 112 insider forms, 17 large holders, 2 private raises, 54 other. The latest 20:

  1. Sep 16, 20268-K EDGAR
  2. Sep 8, 20264 EDGAR
  3. Sep 4, 2026144 EDGAR
  4. Aug 28, 20264 EDGAR
  5. Aug 28, 20264 EDGAR
  6. Aug 28, 20264 EDGAR
  7. Aug 28, 20264 EDGAR
  8. Aug 18, 20263 EDGAR
  9. Aug 17, 20264 EDGAR
  10. Aug 17, 20268-K EDGAR
  11. Aug 14, 20264 EDGAR
  12. Aug 11, 202610-Q EDGAR
  13. Aug 11, 20268-K EDGAR
  14. Aug 10, 20268-K EDGAR
  15. Jul 23, 20264/A EDGAR
  16. Jul 22, 20264 EDGAR
  17. Jul 22, 20264 EDGAR
  18. Jul 22, 20264 EDGAR
  19. Jul 22, 20264 EDGAR
  20. Jul 22, 20264 EDGAR

The 288 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 17 such filings since October 2021, the latest 10:

  1. Apr 2, 2026SCHEDULE 13G/A
  2. Feb 17, 2026SCHEDULE 13G
  3. Aug 18, 2025SCHEDULE 13D/A
  4. Aug 14, 2025SCHEDULE 13D
  5. Aug 11, 2025SCHEDULE 13D/A
  6. Aug 8, 2025SCHEDULE 13D/A
  7. Aug 5, 2025SCHEDULE 13D/A
  8. Aug 5, 2025SCHEDULE 13D/A
  9. Jul 14, 2025SCHEDULE 13D/A
  10. Jul 14, 2025SCHEDULE 13D

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 7, 2025Raised $558.3 million in a private offering of equity Form D: 141 investors so far Form D
  2. Apr 11, 2025Raised $1 million in a private offering of equity Form D: 6 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 40. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Kingsway Capital Partners Ltd12,091,720$30.8M4.2%New
VY Capital Management Co. Ltd.6,125,821$15.6M0.0%New
Aristeia Capital, L.l.c.4,895,110$12.5M0.4%No change
Vanguard Capital Management LLC2,185,301$5.6M0.0%−102,687
Ribbit Management Company, LLC1,577,287$4.0M0.2%No change
Long Corridor Asset Management Ltd1,027,206$2.6M0.9%New
BlackRock, Inc.854,838$2.2M0.0%+133,955
UBS Group AG798,578$2.0M0.0%+112,137
DRW Securities, LLC788,644$2.0M0.1%No change
Saba Capital Management, L.P.717,327$1.8M0.1%−73,941
Geode Capital Management, LLC538,426$1.4M0.0%−42,100
Arrington Capital Management, LLC378,549$965.3K1.1%No change
Vanguard Fiduciary Trust Co286,606$730.8K0.0%−12,213
Jane Street Group, LLC231,526$590.4K0.0%New
Charles Schwab Investment Management Inc229,618$585.5K0.0%−41,179
State Street Corp212,306$541.4K0.0%−1,150
Goldman Sachs Group Inc202,070$515.3K0.0%+20,302
Yorkville Advisors Global, LP160,000$408.0K0.5%−440,000
Summit Trail Advisors, LLC144,967$369.7K0.0%+78,002
Northern Trust Corp102,668$261.8K0.0%−2,000
Susquehanna International Group, Llp47,124$120.2K0.0%−153,571
Two Sigma Investments, LP32,689$83.4K0.0%+1,390
Group One Trading LLC30,936$78.9K0.0%New
XTX Topco Ltd29,635$75.6K0.0%New
ExodusPoint Capital Management, LP29,233$74.5K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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