This article first appeared on GuruFocus .
Release Date: March 31, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Total revenue for 2025 increased significantly to $12.8 million from $0.9 million in 2024, showcasing strong growth.
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The implementation of the Ton Treasury Strategy contributed approximately $4 million from staking activities.
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Gross profit rose to $7.6 million in 2025, compared to $0.7 million in 2024, indicating improved profitability.
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The company has established a substantial position in Toncoin, with 219.7 million Tons staked by year-end.
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A new analytics dashboard was launched to enhance transparency around the Treasury and provide additional visibility into market-based metrics.
Negative Points
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Total costs and expenses increased significantly to $49.2 million in 2025, up from $12.5 million in 2024, driven by non-cash stock-based compensation and treasury implementation costs.
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The company reported a net loss before income taxes of $148.6 million, compared to $10.5 million in 2024.
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Net loss included a substantial $114.2 million net loss on crypto assets due to fair value changes in Toncoin holdings.
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Loss from operations was $36.4 million in 2025, compared to $11.6 million in 2024, indicating operational challenges.
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The company is still in the process of searching for a permanent CEO, which may impact leadership stability.
Q & A Highlights
Q: Can you provide more details on the financial results for 2025, particularly the revenue and expenses? A: Sarah Olsen, Chief Financial Officer, explained that for the full year 2025, total revenue was $12.8 million, a significant increase from $0.9 million in 2024. This included approximately $4 million from staking activities following the implementation of the Ton Treasury Strategy. Total costs and expenses were $49.2 million, up from $12.5 million in 2024, primarily due to non-cash stock-based compensation, treasury implementation costs, and infrastructure support expenses.
Q: What is the current status of the company's digital assets and cash holdings? A: Sarah Olsen stated that as of December 31, 2025, the company held digital assets with a fair value of approximately $356.8 million and cash and restricted cash totaling approximately $39.7 million. The treasury is active and productive, with 219.7 million Tons staked, earning 2.19 million Tons since the staking implementation.
Q: How is the company managing its treasury and staking strategy? A: Sarah Olsen emphasized that the company is focused on disciplined treasury management, which involves staking a substantial portion of their position while maintaining liquidity and financial flexibility. The company is deliberate in how staking rewards are used or retained and is applying the same discipline to cost management and operational efficiency.
Q: Can you elaborate on the strategic importance of Ton Strategy Company in the market? A: Manuel Stotz, Executive Chairman, highlighted that Ton Strategy Company is built to hold and stake Toncoin within a public company structure, providing transparency and access to the Ton ecosystem. The company believes that Ton is a differentiated network designed for economic utility within the Telegram ecosystem, which has over 1 billion users.
Q: What are the future operational priorities for Ton Strategy Company? A: Manuel Stotz stated that the company will focus on disciplined execution, managing their position carefully, operating transparently, and increasing Ton held per share over time. The company aims to continue its strategic approach to treasury management and cost efficiency.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
