TONX accelerates on Toncoin: 82% already in staking

TL;DR — TON Strategy Company (Nasdaq: TONX) has already staked 82% of its Toncoin reserves, with the stated goal of reaching “almost all” by October 10, 2025, as reported in the recent release on Business Wire and confirmed by the official specifications of the TON Foundation network.

The on-chain yields generated will be used to fund the $250 million buyback, with potential impact on NAV and possible reduction of the market discount.

Context: what TONX announced and why it matters

In the statement released in Las Vegas on September 29, 2025, TONX confirms that a large portion of its reserves has been converted into on-chain yields, intended to finance share buybacks when the stock trades at a discount to the NAV (Net Asset Value) per share. In this context, the operational leverage of the buybacks becomes closely tied to the generation of APY and yield.

Essentially, the proceeds from staking constitute a recurring source intended to support the buyback program, without affecting the main reserve of Toncoin. It should be noted that the final effect will depend on the price trend and the APY offered by the network, elements that can vary over time.

According to the data collected by our team of market analysts, the on-chain metrics and validator records are consistent with the staking share declared by the company.

Industry analysts we are in contact with observe that the systematic use of staking rewards to support buybacks is feasible, but requires robust procedures for validator management and explicit risk management policies for volatility.

The numbers mentioned in the piece coincide with the company filings and market quotations updated as of September 29, 2025.

Key Numbers (updated)

• Staked percentage: 82% of the reserves (current data)
• Target for staking completion: October 10, 2025
• Authorized Buyback: $250 million
• Shares repurchased starting from September 12, 2025: 1,505,500
• Annual staking revenue (management estimate, full capacity): ~ $24 million
• NAV per share (as of September 26, 2025, 1 a.m. ET): $10.37
• Cash (as of September 26, 2025): $56.6 million
• Capital: 59,557,137 ordinary shares + 1,677,996 prefunded warrants (total 61,235,133)
• Price $TON for calculations: $2.66 (data retrieved from CoinMarketCap on September 26, 2025, 1 a.m. ET)
• Ticker: NASDAQ: TONX

Data updated as of September 29, 2025, unless otherwise indicated.

Impact on buyback and NAV: what to expect

The management has stated that the staking yield will finance share buybacks when the stock trades at a discount to the NAV. Under such conditions, the buyback could be accretive to the value per share, enhancing the return profile for shareholders.

The actual outcome will depend on three variables: the price of Toncoin, the staking APY, and the actual amount of buybacks.

That said, if the current conditions persist, the company expects to generate annual revenues of around $24 million at full capacity, with a potentially stable contribution to the program.

Scenarios: NAV Sensitivity and Buyback Capacity

• Bear scenario: if the price of $TON were to drop by 50% and the APY decrease by 20%, the annual staking revenues could reduce by over 50%, limiting the ability to finance buybacks and slowing down the pace of interventions.
• Base scenario: with stable price and APY, annual revenues would remain around $24 million, and the buyback program would continue progressively, depending on the discount relative to the NAV and the available operational windows.
• Bull scenario: with a 30% increase in the price of $TON and unchanged APY, revenues would nominally increase, potentially amplifying the accretive effect on NAV per share, provided that the stock continues to trade at a discount and that the capital is allocated promptly.

Note how the impact on NAV per share also depends on the average repurchase price and the speed with which the proceeds are reinvested in the buyback, factors that are often decisive in the medium term.

TON Treasury, governance, and operational impact

TONX has outlined a long-term accumulation and staking strategy for Toncoin, with a capital allocation approach based on discipline.

The portfolio also includes legacy assets such as Crypto.com and LyveCom, which contribute to the company’s operational diversification.

The use of on-chain yields to finance buybacks is still not widespread among publicly traded companies.

In fact, TONX serves as a case study on how digital assets can support capital policies without having to liquidate the underlying asset, while maintaining treasury flexibility.

Main Risks to Monitor

• Volatility of Toncoin: wide price movements and changes in liquidity could reduce revenues from staking and impact the timing of buybacks, making planning more complex.
• Execution risk: the transition from 82% to “almost all” in staking by October 10, 2025, requires impeccable management of operations and validators, with attention to service continuity.
• Network risk: any changes to consensus parameters or reward distribution methods could alter the APY and the yields obtained, with immediate effects on the flows.
• Regulatory risk: potential regulatory updates on staking and buybacks could impact the capital strategy (data to be verified), requiring procedural and governance adjustments. For more insights on crypto regulations and staking, also read our analysis on Kraken brings crypto staking back to the United States.

Timelines and Next Steps

• By October 10, 2025: substantial completion of staking reserves, aiming to maximize the productive share of yield.
• Ongoing: buybacks activated when the stock trades at a discount compared to the NAV, within the scope of the $250 million authorization and in line with market conditions.
• Updates: expected with the upcoming company announcements and, if available, with regulatory filings, to monitor the progress of the plan.

Technical Insights: How Staking Becomes Recurring Flow

Through staking, validators distribute periodic rewards to participants based on the amount of TON deposited and the network’s performance.

TONX uses these rewards to cover expenses and finance buybacks, reducing reliance on cash reserves and potential asset sales in the short term. A similar example is the crypto staking service by Nansen.

This model, not yet standard among listed companies, fits into a vision of crypto treasury management oriented towards capital sustainability and continuity of flows.

Controversies and Critical Angles

The use of crypto yields to finance stock buybacks can raise doubts about the sustainability of the strategy in bear market conditions.

Furthermore, transparency regarding the APY, the amounts of TON held, and the risk management policy could be further improved to allow for a more accurate assessment of the impact on NAV.

Finally, the coexistence of legacy assets and a crypto strategy requires strict coordination in governance to avoid conflicts of priority in managing financial flows and allocation choices.

Mini-glossary

• NAV (Net Asset Value): difference between assets and liabilities, calculated on a per-share basis.
• APY: annual compound yield offered by the staking network. Read our guide on APY in the crypto world to learn more.
• NAV Discount: condition in which the market price of the security is lower than the NAV per share.

Conclusion

TONX is transforming its crypto reserves into a capital support mechanism.

With 82% of the reserves already in staking and a $250 million buyback program underway, the success of the initiative will depend on effective operational execution and the price trend and performance (yield) of Toncoin in the coming months, elements that will remain central to the trajectory of the NAV.