TON Strategy Co
TONX · Finance Services · 56.5M shares · -51%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $18M (gross $21M, SBC $2M)
Reference price $3.52 · est. market cap ~$199M — last insider purchase, 2026-05-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D47TON Strategy — crypto-treasury (Toncoin) micro-cap with operating losses.
Strengths
- Strong liquidity (current 9.2); cash/crypto cushion (~8q runway)
Risks
- Operating margin -285%; ROE -36%
- Crypto-price dependence; sub-scale operations
Notable findings
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
69.5%
Operating margin
-285.2%
Net margin
-1161.9%
Return on equity
-36.5%
Return on assets
-36.1%
Revenue growth (QoQ)
-8.5%
Current ratio
9.2×
Free cash flow
-$21M
EBITDA
-$35M
Tangible book value
$401M
Cash & investments
$41M
Cash runway
8q
Stock comp / revenue
149.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-15 | Marbach Mary | Buy | 1.6K | $3.52 |
| 2026-05-14 | Wilson Kevin Mark | Buy | 8.0K | $3.66 |
| 2026-05-14 | Sohn Evan | Buy | 2.8K | $3.58 |
| 2026-05-14 | Sohn Evan | Buy | 2.8K | $3.58 |
| 2026-05-14 | Wilson Kevin Mark | Buy | 8.0K | $3.66 |
| 2026-05-14 | Olsen Sarah Josephine | Buy | 7.4K | $3.62 |
| 2026-04-29 | Sohn Evan | Other | 12K | — |
| 2026-04-29 | Olsen Sarah Josephine | Other | 38K | — |
| 2026-04-29 | Olsen Sarah Josephine | Other | 632K | — |
| 2026-04-29 | Marbach Mary | Other | 312K | — |
| 2026-04-29 | Highfield Tucker Montana | Other | 12K | — |
| 2026-04-29 | Cary Nicolas Claude | Other | 15K | — |
| 2025-12-16 | CUTAIA RORY J. | Sell | 54K | $2.53 |
| 2025-12-15 | CUTAIA RORY J. | Sell | 34K | $2.63 |
| 2025-12-12 | CUTAIA RORY J. | Sell | 39K | $2.79 |
| 2025-12-10 | CUTAIA RORY J. | Sell | 113K | $3.14 |
| 2025-12-05 | CUTAIA RORY J. | Sell | 15K | $3.10 |
| 2025-12-05 | CUTAIA RORY J. | Sell | 15K | $309.90 |
| 2025-12-04 | CUTAIA RORY J. | Sell | 37K | $3.63 |
| 2025-12-04 | CUTAIA RORY J. | Sell | 37K | $3.63 |
| 2025-12-03 | CUTAIA RORY J. | Sell | 26K | $3.44 |
| 2025-12-03 | CUTAIA RORY J. | Sell | 26K | $3.44 |
| 2025-12-02 | CUTAIA RORY J. | Sell | 108K | $3.08 |
| 2025-12-01 | CUTAIA RORY J. | Sell | 36K | $3.13 |
| 2025-11-28 | CUTAIA RORY J. | Sell | 34K | $3.44 |
| 2025-11-26 | CUTAIA RORY J. | Sell | 241K | $3.10 |
| 2025-11-25 | CUTAIA RORY J. | Sell | 43K | $3.05 |
| 2025-11-24 | CUTAIA RORY J. | Sell | 107K | $3.05 |
| 2025-10-07 | Kapustina Veronika | Grant | 632K | — |
| 2025-10-07 | Olsen Sarah Josephine | Grant | 632K | — |
| 2025-09-29 | Stotz Manuel | Buy | 70K | $7.11 |
| 2025-08-07 | CUTAIA RORY J. | Grant | 12K | — |
| 2025-08-07 | Highfield Tucker Montana | Grant | 12K | — |
| 2025-08-07 | Cary Nicolas Claude | Grant | 15K | — |
| 2025-08-07 | Sohn Evan | Grant | 12K | — |
| 2025-08-07 | Olsen Sarah Josephine | Grant | 38K | — |
| 2025-08-01 | Geiskopf James P | Grant | 400K | — |
| 2025-08-01 | MOY EDMUND C. | Grant | 20K | — |
| 2025-08-01 | CRAGUN KENNETH S | Grant | 20K | — |
| 2025-08-01 | CUTAIA RORY J. | Grant | 400K | — |
| 2025-07-31 | CUTAIA RORY J. | Grant | 160K | — |
| 2025-07-31 | Geiskopf James P | Grant | 160K | — |
| 2025-07-07 | Geiskopf James P | Grant | 80K | — |
| 2025-07-07 | CUTAIA RORY J. | Grant | 80K | — |
| 2025-04-10 | Geiskopf James P | Grant | 60K | — |
| 2025-04-10 | CUTAIA RORY J. | Grant | 60K | — |
| 2025-03-10 | CUTAIA RORY J. | Grant | 60K | — |
| 2025-03-10 | Geiskopf James P | Grant | 60K | — |
| 2025-01-07 | CUTAIA RORY J. | Grant | 76K | — |
| 2025-01-07 | CRAGUN KENNETH S | Grant | 12K | — |
| 2025-01-07 | Geiskopf James P | Grant | 24K | — |
| 2025-01-07 | Rivard Bill John | Grant | 34K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Delisting notice | filing ↗ |
| 2026-06-12 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-04-16 | Exec/director changeExhibits | filing ↗ |
| 2026-04-02 | Exec/director changeExhibits | filing ↗ |
| 2026-03-31 | ResultsExhibits | filing ↗ |
| 2026-03-26 | 5.08Other | filing ↗ |
| 2026-03-02 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-18 | 0001493152-26-029781 ↗ |
| 8-K | 2026-06-12 | 2026-06-09 | 0001493152-26-028384 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001493152-26-022417 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001493152-26-022422 ↗ |
| 8-K | 2026-04-16 | 2026-04-16 | 0001493152-26-017087 ↗ |
| 8-K/A | 2026-04-02 | 2026-03-31 | 0001493152-26-014926 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001493152-26-013931 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001493152-26-013849 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001493152-26-012826 ↗ |
| 8-K | 2026-03-02 | 2026-02-26 | 0001493152-26-008560 ↗ |
| 8-K | 2026-01-28 | 2026-01-26 | 0001493152-26-004034 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001493152-25-021744 ↗ |