TON Strategy Company repurchased over 250,000 shares at an average of $8.32 and launched a TON staking business, signaling strategic confidence in its balance sheet and the Toncoin ecosystem.

Executive Summary

TON Strategy Company (Nasdaq: TONX), a digital asset treasury firm focused on Toncoin ($TON), has executed a significant portion of its $250 million stock repurchase program by repurchasing over 250,000 common shares at an average price of $8.32 per share. Concurrently, the company announced the launch of a TON staking operation designed to generate recurring on-chain revenue. These actions underscore the company's commitment to shareholder value and its long-term conviction in The Open Network (TON) ecosystem.

The Event in Detail

TON Strategy Company has repurchased over 250,000 shares of its common stock as part of a previously announced $250 million share repurchase program. The shares were acquired at an average price of $8.32 per share. This repurchase price is notably below the company's Treasury Asset Value (TAV) per share, which stood at $12.181 as of September 11, 2025. In parallel, the company has commenced staking operations, contributing its TON token holdings to network security. This initiative is projected to yield additional TON tokens, thereby establishing a new stream of recurring on-chain revenue to complement the appreciation of its treasury assets.

Business Strategy & Market Positioning

TON Strategy Company positions itself as the first publicly listed entity dedicated to a Toncoin ($TON) treasury, a strategy formalized after a $558 million Private Investment in Public Equity (PIPE) financing. This approach is informed by the pioneering Bitcoin treasury model adopted by firms like MicroStrategy, extending the crypto asset treasury (DAT) model to emerging public blockchain ecosystems. By staking its TON holdings, the company aims to enhance network security while generating yield, reflecting a disciplined capital allocation strategy. Executive Chairman Manuel Stotz affirmed this strategy, stating, "These buybacks and staking milestones demonstrate our conviction in both the durability of the Company's balance sheet and the long-term opportunity we see ahead."

Market Implications

The share repurchase is anticipated to provide short-term price support for TONX stock. The establishment of the TON staking business is expected to increase demand for TON, fortify its network security through validator participation, and diversify TON Strategy Company's revenue streams. These moves reinforce institutional engagement with The Open Network ecosystem, potentially attracting further investment and fostering development within the Toncoin network. The company's strategic capital allocation includes plans to inject positive energy into the TON ecosystem by sponsoring industry events, funding developer projects, and exploring token allocation into Total Value Locked (TVL) and DeFi protocols to enhance vitality.

Broader Context

The strategic initiatives of TON Strategy Company coincide with broader advancements within The Open Network. Recent milestones include the listing of $TON on major platforms such as Gemini, Robinhood, and Zengo, which is expected to broaden market access for the token. The TON network is supported by 340 active validator nodes, with a total of 667.3 million TON currently staked for validation. Liquid staking protocols hold over 60.73 million TON, with Tonstakers controlling 80% of this market share among TON protocols. The network maintains an annual inflation rate around 0.55%. The company's efforts to provide a compliant channel for institutional investors to access the TON ecosystem exemplify the systematic expansion of the digital asset treasury model into new public chain environments.