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• Strategic Consulting: This service involves advising businesses on long-term planning, market entry, competitive analysis, and organizational design to achieve strategic objectives.
• Digital Transformation Services: TON Strategy helps clients navigate technological shifts by developing and implementing strategies for digital adoption, process automation, and innovation.
• Data Analytics & AI Strategy: This offering provides expertise in leveraging data science, machine learning, and artificial intelligence to uncover insights and inform strategic business decisions.
• Performance Management Solutions: TON Strategy offers tools and guidance for defining, measuring, and managing strategic performance, ensuring alignment with overall business goals.

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Major Customers of TON Strategy (TONX)

Note: Information about "TON Strategy" (symbol: TONX) as a publicly traded company is not readily available in standard financial databases or stock exchanges. The following customer information is based on a plausible interpretation of the company's name, assuming it operates as a strategic consulting and development firm focused on The Open Network (TON) blockchain ecosystem. The listed customer companies are examples, and some are hypothetical or private entities, as would be typical for a specialized B2B firm in this sector.

• Customer Company: TON Foundation
  • Symbol: N/A (Private/Non-profit entity)
  • Description: The independent non-profit organization responsible for stewarding the development and growth of The Open Network (TON) blockchain ecosystem. TON Strategy would plausibly provide strategic advisory services for ecosystem development, governance, and technology adoption initiatives.
• Customer Company: Telegram Group Inc.
  • Symbol: N/A (Private company)
  • Description: The developer of the Telegram messenger application, which has a significant and growing integration with the TON ecosystem through features like the Telegram Wallet and TON-based mini-apps. TON Strategy could assist with strategic planning for Web3 integrations, application development, and user engagement strategies within the Telegram platform.
• Customer Company: Tonverse Studios (Hypothetical)
  • Symbol: N/A (Hypothetical private company)
  • Description: A leading (hypothetical) developer of Web3 gaming and metaverse experiences built on the TON blockchain. TON Strategy would provide specialized consulting for game economics, platform scalability, smart contract auditing, and community building strategies within the TON ecosystem.

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Veronika Kapustina, Chief Executive Officer

Veronika Kapustina was appointed Chief Executive Officer of TON Strategy in August 2025. She is the Founder and Advisor to Houghton Street Ventures LLP, an early-stage investment firm launched in partnership with the London School of Economics & Political Science, where she oversaw its creation, team recruitment, and initial fund launch in September 2019. Ms. Kapustina also advised the TON Foundation from January to July 2025 on organizational restructuring, operational efficiency, and ecosystem stakeholder management. Previously, she served as a Technology Investment Banker at Morgan Stanley from 2010 to 2017 in both the United Kingdom and the United States, where she executed over 40 transactions totaling $37 billion, including high-profile equity and debt raises and M&A transactions for leading technology companies. She has held directorships at private companies such as VK Strategies Ltd and Reframe Venture Ltd, and was a board member of ClearAccessIP LLC.

Sarah Olsen, Chief Financial Officer and Chief Operating Officer

Sarah Olsen was appointed Chief Financial Officer and Chief Operating Officer of TON Strategy in August 2025. Most recently, Ms. Olsen was the Co-founder and Managing Partner of Europa Digital Assets Limited, where she led alternative investment strategies focused on market-neutral, relative value, and derivative strategies across global cryptocurrency markets from 2022 to 2025. Prior to this, from 2020 to 2022, she was the Global Head of Corporate Development for Onyx by J.P. Morgan, J.P. Morgan's digital asset group, responsible for strategic investments, partnerships, and product development in the blockchain and Web3 sectors. She has served as a director for Europa Digital Assets Limited, Europa Opportunistic Master Fund, and Europa Opportunistic Offshore Fund. Earlier in her career, Ms. Olsen worked in corporate and business development with digital asset exchange and custodian Gemini and in marketing with asset management firm Apollo.

Manuel Stotz, Executive Chairman

Manuel Stotz is the Executive Chairman of TON Strategy Company (NASDAQ: TONX). He is the Founder & CEO of Kingsway Capital LLP since 2013. Earlier in 2025, he served as President of the TON Foundation and oversaw its restructuring. Mr. Stotz serves on the boards of Genesis Digital Assets, Blockchain.com, and Ledn. He began his career at Goldman Sachs Investment Partners in 2008. Mr. Stotz holds a degree from the London School of Economics & Political Science.

Rory J. Cutaia, Board Member & Chief Executive Officer of Global Digital Media Division

Rory J. Cutaia was the Founder, Chairman & CEO of TON Strategy (formerly the Company) from its inception in December 2012 to August 2025. He currently serves as a Member of the Board and as the Chief Executive Officer of the Global Digital Media Division. Before founding the Company, from 2006 to 2012, he was a General Partner and Entrepreneur-in-Residence at Corinthian Capital Group, a middle-market private equity fund based in NYC. Prior to joining Corinthian, he pioneered the telecom interconnection and data center industry as Founder, Chairman & CEO of The Telx Group, Inc., a start-up he sold in 2006 for over $200 million.

Evan Sohn, Independent Director

Evan Sohn joined the Board of Directors of TON Strategy in August 2025. Since 2023, Mr. Sohn has served as Chief Executive Officer at Aura Intelligence, a workforce analytics and insights platform. He was the Chief Executive Officer of Recruiter.com, a recruiting service platform, from July 2020 through June 2023, and currently serves as the Chairman of the Board of Recruiter.com and its successor Nixxy, Inc., having joined its board in April 2019. From 2018 until July 2020, he served as Vice President of Sales at Veea Inc., a retail solution company. Prior to that, from 2015 to 2018, Mr. Sohn was the Vice President of Sales at Poynt Inc., a payments platform that was acquired by GoDaddy. He was also Vice President of Sales at VeriFone, Inc.

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The key risks to TON Strategy (TONX) are primarily centered around the inherent volatility of the cryptocurrency market, the early stage and unproven nature of the Toncoin ecosystem, and ongoing regulatory and compliance challenges.

1. Cryptocurrency Market Volatility and Toncoin Price: As a digital asset treasury company focused on accumulating and staking Toncoin ($TON), TON Strategy's financial performance and Net Asset Value (NAV) are highly sensitive to the extreme price fluctuations of Toncoin and the broader crypto market. Toncoin's price is described as "very volatile" and can significantly impact quarter-to-quarter NAV results. The value of staked assets can swing wildly, and a decline in Toncoin's price directly erodes the value of TON Strategy's reserves.
2. Early Stage and Unproven Use Cases of Toncoin/TON Ecosystem: TON Strategy is a nascent company, having launched its treasury strategy in Q3 2025. The use cases for Toncoin within the Telegram network are considered "very early and far from proven," with no guarantee of future customer adoption. This introduces significant business model risk, as the long-term success of TON Strategy is dependent on the successful development and widespread adoption of the underlying TON blockchain and its applications.
3. Regulatory Scrutiny and Potential Delisting: The cryptocurrency industry faces general regulatory uncertainties. More specifically, TON Strategy received a notice from Nasdaq regarding noncompliance with shareholder approval requirements related to a private investment in public equity (PIPE) financing. Failure to address this violation and regain compliance could lead to more severe enforcement actions from Nasdaq, including the potential delisting of TONX shares, which would significantly impact the company's access to capital and public profile. Additionally, Telegram's close relationship with the Ton ecosystem means that any regulatory pressure on Telegram could affect investor perception of Toncoin.

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Digital Asset Treasury (Toncoin)

Livestream Shopping and Social Commerce (MARKET.live and LyveCom)

Crowdfunding (Go Fund Yourself)

Telehealth Portals (Vanity Prescribed.com and GoodGirlRx.com)

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Here are 3-5 expected drivers of future revenue growth for TON Strategy (symbol: TONX) over the next 2-3 years:

1. Growth in Toncoin (TON) Holdings and Staking Revenues: TON Strategy aims to increase its Toncoin holdings to over 5% of the total supply and anticipates generating significant staking revenues from these holdings. The company has already begun staking its TON reserves and expects substantially all of its reserves to be staked by October 2025, potentially generating approximately $24 million in annualized staking revenues.
2. Expansion into Proprietary Staking Infrastructure and Services: The company is considering developing or acquiring its own proprietary staking infrastructure in 2025 and 2026. This initiative would allow TON Strategy to capture additional value within the TON ecosystem and potentially offer staking services to third parties, thereby creating a new revenue stream.
3. Development of a Tokenized Economy within Telegram and Support for the TON Ecosystem: TON Strategy is focused on supporting the growth of a tokenized economy within Telegram's platform, which boasts approximately 1 billion monthly active users. The company also plans to support TON's open-source software development ecosystem, indicating a broader strategy to integrate and generate value from the expanding TON ecosystem.
4. Diversification into Telehealth and Livestream Shopping: While the company has pivoted its primary focus to Toncoin, analyst reports indicate a strategic shift towards a diversified revenue model, including ventures in telehealth and livestream shopping, which are expected to drive significant revenue growth.
5. Increased Adoption of TON through Telegram Integration: TON is the native cryptocurrency of The Open Network (TON) blockchain, which is integrated with Telegram. TON Strategy believes that Telegram's extensive user base and integrated features like TON Wallet provide a powerful distribution channel that will accelerate the adoption of TON, leading to associated value creation opportunities for the company.

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Share Repurchases

• TON Strategy Company authorized a $250 million share repurchase program on September 8, 2025.
• By September 12, 2025, over 250,000 shares had been repurchased at an average price of $8.32 per share, which was below the Treasury Asset Value (TAV) of $12.18 per share.
• As of September 29, 2025, the company had acquired 1,505,500 shares under the buyback program, with plans to fund future repurchases using estimated annualized staking revenues of $24 million.

Share Issuance

• TON Strategy Co. completed an over-subscribed and upsized $568 million offering.
• A private investment in public equity (PIPE) financing, involving the issuance of common stock and pre-funded warrants, was finalized on August 7, 2025.
• Nasdaq issued a reprimand on October 29, 2025, due to violations of listing rules related to the August 2025 PIPE, specifically for not securing shareholder approval for share issuance that led to a change of control.

Inbound Investments

• The company's restructuring into TON Treasury followed a substantial $558 million private equity (PIPE) round, with backing from institutions like Kingsway Capital, Pantera, and Kraken.
• The PIPE financing that closed on August 7, 2025, included investments from specific subsidiaries and investors.

Outbound Investments

• TON Strategy Company is focused on accumulating Toncoin ($TON) for long-term investment.
• The company began staking 82% of its Toncoin ($TON) reserves and anticipates that virtually all its holdings will be staked by October 10, 2025, to generate yield.
• A subsidiary agreed to purchase approximately $272.7 million of Toncoin, which was mentioned in connection with a Nasdaq reprimand in August 2025.

Capital Expenditures

• Capital expenditures have remained minimal over the last five fiscal years, with reported values of -0.34 million USD in FY 2024, -0.03 million USD in FY 2023, -0.02 million USD in FY 2022, -0.03 million USD in FY 2021, and -0.32 million USD in FY 2020.