TONXNasdaqFinance ServicesFiscal year ends December 31
TON Strategy Co
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 11, 2026
$2.73+0.05 (+1.87%)
Close on Oct 19, 2026
- Market cap
- $160.18M
- P/E (TTM)
- –
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
61.5%
34M of 55M shares
Institutional holders
40
14 new, 14 sold out
Net institutional buying
18M
In Q2 2026
Insider trades, 12 months
9 buys · 18 sales
Net sold $8.14M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| James P. Geiskopf | 801,616 | 25.70% | 13D (active) amendment | Jul 31, 2025 |
| Aristeia Capital, L.L.C. | 4,895,110 | 8.66% | 13G (passive) amendment | Mar 31, 2026 |
| Manuel Stotz | 12,021,720 | 19.93% | 13D (active) amendment | Aug 7, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of TONX | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Kingsway Capital Partners Ltd | 12,091,720 | 21.96% | $30.83M | New | 4.19% |
| VY Capital Management Co. Ltd. | 6,125,821 | 11.12% | $15.62M | New | 0.03% |
| Aristeia Capital LLC | 4,895,110 | 8.89% | $12.48M | – | 0.16% |
| Vanguard Capital Management LLC | 2,185,301 | 3.97% | $5.57M | −102,687 | 0.00% |
| Ribbit Management Company, LLC | 1,577,287 | 2.86% | $4.02M | – | 0.20% |
| Long Corridor Asset Management Ltd | 1,027,206 | 1.87% | $2.62M | New | 0.79% |
| BlackRock, Inc. | 854,838 | 1.55% | $2.18M | +133,955 | 0.00% |
| UBS Group AG | 798,578 | 1.45% | $2.04M | +112,137 | 0.00% |
| DRW Securities, LLC | 788,644 | 1.43% | $2.01M | – | 0.05% |
| Saba Capital Management, L.P. | 717,327 | 1.30% | $1.83M | −73,941 | 0.05% |
| Geode Capital Management, LLC | 538,426 | 0.98% | $1.37M | −42,100 | 0.00% |
| Arrington Capital Management, LLC | 378,549 | 0.69% | $965.30K | – | 0.59% |
| Vanguard Fiduciary Trust Co | 286,606 | 0.52% | $730.85K | −12,213 | 0.00% |
| Jane Street Group, LLC | 231,526 | 0.42% | $590.39K | New | 0.00% |
| Charles Schwab Investment Management Inc | 229,618 | 0.42% | $585.53K | −41,179 | 0.00% |
| State Street Corp | 212,306 | 0.39% | $541.38K | −1,150 | 0.00% |
| Goldman Sachs Group Inc | 202,070 | 0.37% | $515.28K | +20,302 | 0.00% |
| Yorkville Advisors Global, LP | 160,000 | 0.29% | $408.00K | −440,000 | 0.47% |
| Summit Trail Advisors, LLC | 144,967 | 0.26% | $369.67K | +78,002 | 0.00% |
| Northern Trust Corp | 102,668 | 0.19% | $261.80K | −2,000 | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 40 | 34M | 61.5% | 14 / 7 | 11 / 14 | 20M | 2M |
| Q1 2026 | 40 | 15M | 28.1% | 11 / 8 | 12 / 20 | 4M | 1M |
| Q4 2025 | 51 | 14M | 24.8% | 17 / 12 | 13 / 12 | 4M | 8M |
| Q3 2025 | 47 | 17M | 31.2% | 39 / 3 | 2 / 2 | 17M | 0M |
| Q2 2025 | 10 | 0M | 0.1% | 5 / 3 | 0 / 0 | 0M | 0M |
| Q1 2025 | 5 | 0M | 0.0% | 0 / 2 | 1 / 1 | 0M | 0M |
| Q4 2024 | 7 | 0M | 0.0% | 7 / 0 | 0 / 0 | 0M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of TONX | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 1,615,400 | 2.93% | $4.12M | 0.00% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 509,457 | 0.93% | $1.30M | 0.00% | Jun 30, 2026 |
| Fidelity Extended Market Index Fund | 247,974 | 0.45% | $986.94K | 0.00% | May 31, 2026 |
| Schwab U.S. Small-Cap ETF | 226,749 | 0.41% | $902.46K | 0.00% | May 31, 2026 |
| iShares Micro-Cap ETF | 133,862 | 0.24% | $341.35K | 0.02% | Jun 30, 2026 |
| Fidelity Total Market Index Fund | 91,786 | 0.17% | $365.31K | 0.00% | May 31, 2026 |
| Fidelity Series Total Market Index Fund | 72,278 | 0.13% | $287.67K | 0.00% | May 31, 2026 |
| Schwab Total Stock Market Index Fund | 40,000 | 0.07% | $119.20K | 0.00% | Jul 31, 2026 |
| Fidelity Nasdaq Composite Index Fund | 39,176 | 0.07% | $155.92K | 0.00% | May 31, 2026 |
| Vanguard Balanced Index Fund | 30,233 | 0.05% | $77.09K | 0.00% | Jun 30, 2026 |
| Vanguard Institutional Total Stock Market Index Fund | 30,211 | 0.05% | $77.04K | 0.00% | Jun 30, 2026 |
| 1290 VT Micro Cap Portfolio | 9,014 | 0.02% | $22.99K | 0.01% | Jun 30, 2026 |
| Victory Extended Market Index Fund | 4,699 | 0.01% | $14.00K | 0.00% | Jul 31, 2026 |
| Avantis U.S. Small Cap Equity ETF | 2,371 | 0.00% | $9.44K | 0.00% | May 31, 2026 |
| State Street Balanced Index Fund | 423 | 0.00% | $1.08K | 0.00% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Bill John Rivard | Chief Accounting Officer | 45,331 | 0.08% | Sep 8, 2026 |
| Sarah Josephine Olsen | CFO & COO | 1,310,490 | 2.38% | Aug 17, 2026 |
| Kevin Mark Wilson | Chief Executive Officer | 1,152,820 | 2.09% | Aug 14, 2026 |
| Mary Marbach | General Counsel/Corp Secretary | 314,100 | 0.57% | Jul 22, 2026 |
| Veronika Kapustina | Chief Executive Officer | 631,864 | 1.15% | Oct 9, 2025 |
| Oscar Suarez | Director | 97,500 | 0.18% | Aug 28, 2026 |
| Nicolas Claude Cary | Director | 152,500 | 0.28% | Aug 28, 2026 |
| Tucker Montana Highfield | Director | 150,000 | 0.27% | Aug 28, 2026 |
| Evan Sohn | Director | 155,399 | 0.28% | Aug 28, 2026 |
| Rory J. Cutaia | Director | 4,426,198 | 8.04% | Dec 16, 2025 |
| Manuel Stotz | Director, 10% owner | 2,297,678 | 4.17% | Sep 29, 2025 |
| Edmund C. Moy | Director | 20,000 | 0.04% | Aug 5, 2025 |
| Kenneth S. Cragun | Director | 40,314 | 0.07% | Aug 5, 2025 |
| James P. Geiskopf | Director, 10% owner | 800,758 | 1.45% | Aug 5, 2025 |
| Jonathan M. Hla | – | 10,515 | 0.02% | Apr 10, 2026 |
| Aristeia Capital, L.L.C. | – | 3,383,218 | 6.14% | Apr 10, 2026 |
| Anthony M. Frascella | – | 467,928 | 0.85% | Apr 10, 2026 |
| William R. Techar | – | 467,928 | 0.85% | Apr 10, 2026 |
| Robert H. Lynch Jr. | – | 52,576 | 0.10% | Apr 10, 2026 |
| Capital Partners 100 Lp Corsair | 10% owner | – | – | Oct 23, 2024 |
| Capital Investors Ltd Corsair | 10% owner | 75,452 | 0.14% | Oct 23, 2024 |
| Corsair Capital Management, L.P. | 10% owner | 100,000 | 0.18% | Oct 23, 2024 |
| Capital Partners Lp Corsair | 10% owner | – | – | Oct 23, 2024 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Bill John Rivard Chief Accounting Officer | Sep 4, 2026 | Sale | −12,500 | $3.30 | $41.25K | 45,331 |
| Nicolas Claude Cary Director | Aug 27, 2026 | Award | +80,000 | – | – | 152,500 |
| Evan Sohn Director | Aug 27, 2026 | Award | +80,000 | – | – | 155,399 |
| Tucker Montana Highfield Director | Aug 27, 2026 | Award | +80,000 | – | – | 150,000 |
| Oscar Suarez Director | Aug 27, 2026 | Award | +97,500 | – | – | 97,500 |
| Sarah Josephine Olsen CFO & COO | Aug 14, 2026 | Sale | −217,450 | $2.75 | $597.99K | 1,310,490 |
| Kevin Mark Wilson Chief Executive Officer | Aug 14, 2026 | Buy | +1,900 | $2.67 | $5.07K | 1,152,820 |
| Kevin Mark Wilson Chief Executive Officer | Aug 14, 2026 | Buy | +1,700 | $2.68 | $4.56K | 1,150,920 |
| Kevin Mark Wilson Chief Executive Officer | Aug 13, 2026 | Buy | +3,700 | $2.76 | $10.21K | 1,149,220 |
| Tucker Montana Highfield Director | Jul 21, 2026 | Award | +70,000 | – | – | 70,000 |
| Evan Sohn Director | Jul 21, 2026 | Award | +70,000 | – | – | 75,399 |
| Tucker Montana Highfield Director | Jul 21, 2026 | Award | −70,000 | – | – | 70,000 |
| Sarah Josephine Olsen CFO & COO | Jul 21, 2026 | Award | +1,302,500 | – | – | 1,309,940 |
| Sarah Josephine Olsen CFO & COO | Jul 21, 2026 | Award | +218,000 | – | – | 1,527,940 |
| Mary Marbach General Counsel/Corp Secretary | Jul 21, 2026 | Award | +312,500 | – | – | 314,100 |
| Kevin Mark Wilson Chief Executive Officer | Jul 21, 2026 | Award | +1,137,500 | – | – | 1,145,520 |
| Nicolas Claude Cary Director | Jul 21, 2026 | Award | +72,500 | – | – | 72,500 |
| Mary Marbach General Counsel/Corp Secretary | May 15, 2026 | Buy | +1,600 | $3.52 | $5.63K | 1,600 |
| Evan Sohn Director | May 14, 2026 | Buy | −2,770 | $3.59 | $9.94K | 5,399 |
| Evan Sohn Director | May 14, 2026 | Buy | +2,770 | $3.59 | $9.94K | 5,399 |
| Kevin Mark Wilson Chief Executive Officer | May 14, 2026 | Buy | +8,020 | $3.66 | $29.35K | 8,020 |
| Sarah Josephine Olsen CFO & COO | May 14, 2026 | Buy | +7,440 | $3.62 | $26.93K | 7,440 |
| Kevin Mark Wilson Chief Executive Officer | May 14, 2026 | Buy | −8,020 | $3.66 | $29.35K | 8,020 |
| Sarah Josephine Olsen CFO & COO | Apr 29, 2026 | Other | −37,956 | – | – | 631,864 |
| Sarah Josephine Olsen CFO & COO | Apr 29, 2026 | Other | −631,864 | – | – | 0 |
| Nicolas Claude Cary Director | Apr 29, 2026 | Other | −14,803 | – | – | 0 |
| Evan Sohn Director | Apr 29, 2026 | Other | −12,146 | – | – | 2,629 |
| Mary Marbach General Counsel/Corp Secretary | Apr 29, 2026 | Other | −311,908 | – | – | 0 |
| Tucker Montana Highfield Director | Apr 29, 2026 | Other | −12,146 | – | – | 0 |
| Rory J. Cutaia Director | Dec 16, 2025 | Sale | −54,494 | $2.53 | $137.87K | 12,506 |
| Rory J. Cutaia Director | Dec 15, 2025 | Sale | −34,132 | $2.63 | $89.77K | 67,000 |
| Rory J. Cutaia Director | Dec 12, 2025 | Sale | −38,579 | $2.79 | $107.64K | 101,132 |
| Rory J. Cutaia Director | Dec 10, 2025 | Sale | −112,870 | $3.14 | $354.41K | 139,711 |
| Rory J. Cutaia Director | Dec 5, 2025 | Sale | −15,100 | $3.10 | $46.81K | 252,581 |
| Rory J. Cutaia Director | Dec 5, 2025 | Sale | −15,100 | $309.90 | $4.68M | 252,581 |
| Rory J. Cutaia Director | Dec 4, 2025 | Sale | −37,200 | $3.63 | $135.04K | 267,681 |
| Rory J. Cutaia Director | Dec 4, 2025 | Sale | −37,200 | $3.63 | $135.04K | 267,681 |
| Rory J. Cutaia Director | Dec 3, 2025 | Sale | −26,300 | $3.45 | $90.74K | 304,881 |
| Rory J. Cutaia Director | Dec 3, 2025 | Sale | −26,300 | $3.45 | $90.74K | 304,881 |
| Rory J. Cutaia Director | Dec 2, 2025 | Sale | −107,723 | $3.08 | $331.79K | 331,181 |
| Rory J. Cutaia Director | Dec 1, 2025 | Sale | −36,483 | $3.13 | $114.19K | 438,904 |
| Rory J. Cutaia Director | Nov 28, 2025 | Sale | −33,543 | $3.45 | $115.72K | 475,387 |
| Rory J. Cutaia Director | Nov 26, 2025 | Sale | −241,171 | $3.10 | $747.63K | 508,930 |
| Rory J. Cutaia Director | Nov 25, 2025 | Sale | −42,800 | $3.05 | $130.54K | 750,101 |
| Rory J. Cutaia Director | Nov 24, 2025 | Sale | −106,969 | $3.05 | $326.26K | 792,901 |
| Veronika Kapustina Chief Executive Officer | Oct 7, 2025 | Award | +631,864 | – | – | 631,864 |
| Sarah Josephine Olsen CFO & COO | Oct 7, 2025 | Award | +631,864 | – | – | 669,820 |
| Manuel Stotz Director, 10% owner | Sep 29, 2025 | Buy | +70,000 | $7.11 | $497.70K | 2,297,678 |
| Rory J. Cutaia Director | Aug 7, 2025 | Award | +12,146 | – | – | 899,870 |
| Tucker Montana Highfield Director | Aug 7, 2025 | Award | +12,146 | – | – | 12,146 |
| Nicolas Claude Cary Director | Aug 7, 2025 | Award | +14,803 | – | – | 14,803 |
| Evan Sohn Director | Aug 7, 2025 | Award | +12,146 | – | – | 14,775 |
| Sarah Josephine Olsen CFO & COO | Aug 7, 2025 | Award | +37,956 | – | – | 37,956 |
| Rory J. Cutaia Chairman, President and CEO, Director, 10% owner | Aug 1, 2025 | Award | +400,000 | – | – | 887,725 |
| Edmund C. Moy Director | Aug 1, 2025 | Award | +20,000 | – | – | 20,000 |
| James P. Geiskopf Director, 10% owner | Aug 1, 2025 | Award | +400,000 | – | – | 800,758 |
| Kenneth S. Cragun Director | Aug 1, 2025 | Award | +20,000 | – | – | 40,314 |
| Rory J. Cutaia Chairman, President and CEO, Director, 10% owner | Jul 31, 2025 | Award | +160,000 | – | – | 487,725 |
| James P. Geiskopf Director, 10% owner | Jul 31, 2025 | Award | +160,000 | – | – | 400,758 |
| Rory J. Cutaia Chairman, President and CEO, Director, 10% owner | Jul 7, 2025 | Award | +80,000 | – | – | 327,725 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Bill John Rivard Officer | Sep 4, 2026 | 12,500 | $42.75K | Sep 4, 2026 | restricted stock units |
| Rory J. Cutaia Director | Nov 21, 2025 | 887,374 | $2.61M | Nov 21, 2025 | compensation |
| Kenneth S. Cragun Officer | Aug 13, 2025 | 20,295 | $337.71K | Aug 13, 2024 | RSU Vesting |
| Salman Hassan Khan Director | Sep 8, 2023 | 21,059 | $45.01K | Sep 8, 2023 | Equity Compensation |