TON Strategy Company (TONX) reported net income of $84.7 million for the third quarter ended September 30, 2025, compared to a net loss of $2.0 million in the same period last year, according to a company statement.

The digital asset treasury company generated revenue of $3.6 million in the quarter, up from $0.1 million in Q3 2024. The revenue included $707,000 from staking activities that began in August 2025.

The company’s financial performance was driven by a $120.4 million net gain on crypto assets, reflecting quarter-end fair value measurements. TON Strategy did not sell or dispose of digital assets during the period.

As of September 30, 2025, the company held 217.8 million units of Toncoin with a fair value of $588.2 million. The company also maintained $53.9 million in cash and restricted cash.

Total stockholders’ equity reached $639.5 million, representing a book value per share of approximately $10.82. The company repurchased 1,984,072 shares at prices below book value per share under its approved $250 million stock buyback program.

Operating expenses totaled $25.3 million, compared to $2.4 million in Q3 2024, reflecting non-cash stock-based compensation, treasury implementation costs and legacy operating expenses.

TON Strategy launched its cryptocurrency treasury strategy in August 2025 using proceeds from a $558 million private placement to acquire and stake Toncoin on The Open Network blockchain. The company earned 336,000 units of Toncoin in staking rewards during the quarter.

The company rebranded from its previous name and began trading on NASDAQ under the ticker TONX on September 2, 2025.