---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-013849"
form_type: "8-K"
ticker: "TONX"
cik: "0001566610"
company_name: "TON Strategy Co"
filed_at: "2026-03-31T23:59:59+00:00"
generated_at: "2026-05-15T08:09:36.243702+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# TON Strategy reports FY 2025 net loss of $148.6M; holds 219.7M TON worth $356.8M

## Summary
- Revenue $12.8M (vs $0.9M in 2024); gross profit $7.6M (vs $0.7M); staking contributed ~$4.0M.
- Operating loss $(36.4)M; net loss $(148.6)M includes $(114.2)M net loss on crypto assets.
- Held 219.7M units of $TON at fair value $356.8M; earned ~2.19M units of $TON in staking in 2025.
- Cash and restricted cash $39.7M at Dec 31, 2025; launched analytics dashboard for treasury metrics.
- CEO search ongoing; Veronika Kapustina continues as CEO during transition.

## SEC filing metadata
- accession: 0001493152-26-013849
- form_type: 8-K
- ticker: TONX
- cik: 0001566610
- company_name: TON Strategy Co
- filed_at: 2026-03-31T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1566610/000149315226013849/0001493152-26-013849-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1566610/000149315226013849/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-013849
- JSON: https://secwatch.observer/filing/0001493152-26-013849.json
- Plain text: https://secwatch.observer/filing/0001493152-26-013849.txt

## Key facts
- Earnings Releases
  TON Strategy Co reported the full year ended December 31, 2025 results: revenue $12.8 million, net income $(148.6) million.
  - Period: the full year ended December 31, 2025
  - Revenue: $12.8 million
  - Net income: $(148.6) million
  - Result: reported results
  source text: Total revenue was $12.8 million, compared to $0.9 million in 2024, and included approximately $4.0 million from staking activities.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1566610/000149315226013849/0001493152-26-013849-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.