Listen up, folks – this Nasdaq-listed name just dropped a monster quarter, and it’s all thanks to one of the fastest-growing crypto ecosystems out there!
TON Strategy Company (TONX), the company formerly known as Verb Technology, reported third-quarter results after the bell on November 12 that turned heads across the crypto-treasury space.
The Big Number Everyone’s Talking About
The headline: a $84.7 million net profit for Q3 — a complete reversal from last year’s loss. The driver? A massive unrealized gain on their Toncoin ($TON) holdings plus juicy staking rewards from the Telegram-linked blockchain.
As of this writing, shares are jumping in the pre-market after closing around $3.60 yesterday. With the company sitting on digital assets valued at $588.2 million at quarter-end (plus another ~$54 million in cash), the market cap before today’s move was still under $200 million. That’s put the stock at a significant discount to the fair value of what it actually owns.
From Software Firm to Toncoin Treasury Powerhouse
Here’s the quick backstory: Over the summer, TONX raised approximately $558 million in a private placement, changed its name and ticker (effective September 2, 2025), and went all-in on Toncoin as its primary corporate treasury asset.
They deployed the proceeds into roughly 217.8 million $TON tokens, staked the vast majority for additional rewards (earning another 336,000 $TON in Q3 alone), and even launched a $250 million share buyback program because the stock was trading well below book value.
At September 30, total stockholders’ equity came in at about $639.5 million — good for roughly $10.82 per share in book value. Yet the shares have spent most of the fall in the low single digits until this earnings pop.
Why Toncoin and the Telegram Ecosystem Matter
While Bitcoin treasuries grab most of the headlines, Toncoin powers the blockchain that’s natively integrated into Telegram — the messaging app with over a billion monthly users. Mini-apps, in-chat payments, games, and real everyday adoption are happening at a scale most chains can only dream of right now. Companies that load up on $TON early get direct leverage to that growth story.
The Potential Is Clear — But So Are the Risks
On the upside, if Toncoin continues climbing (it’s already up big from summer lows), the value of TONX’s treasury grows fast, the ongoing buyback retires cheap shares, and the discount to net asset value narrows. It’s straightforward leverage to one of the more intriguing alt-layer-1 plays out there.
On the flip side, crypto doesn’t move in straight lines. Toncoin can (and does) swing hard. Any broader risk-off move in digital assets, regulatory pressure around Telegram, or simple small-cap volatility can send the stock reeling just as quickly as it runs. The float is tight, volume can be thin, and the company has had some routine Nasdaq compliance matters in the rear-view mirror. These are the classic risks when a public company goes heavy into a single volatile asset.
Bottom line: TONX just became one of the purest publicly traded ways to get exposure to the Telegram/Toncoin growth story. The Q3 results put hard numbers behind the thesis, and the market is finally starting to wake up.
This article is for informational purposes only and is not financial advice. Cryptocurrencies and related stocks are highly volatile.
