TONX · TON Strategy Co

$3.40 +0.15 (+4.62%) At close · Aug 31

Market Cap

$178.98M

55.07M

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Quarter:

Holders: 41

Total Value: $87,382,615

Total Shares: 34,267,701

Institutional Ownership Trend

7 quarters

Holder Concentration

Across 41 13F filers · Δ vs Mar 31, 2026

Top Holder

35.3%

+4.1 pts

Top 5

78.4%

+12.5 pts

Top 10

90.6%

+5.8 pts

HHI

1,869

Moderately concentrated+438

Quarterly Activity

vs Mar 31, 2026

New

Increased

Decreased

Sold Out

Unchanged

Holder count: 0

Institutional value: +125.5%

Shares held: +118.4%

Top Buyers

vs Mar 31, 2026

Institution	Added	Now Holds
Mega BlackRock, Inc.	+133,955	854,838
Mega UBS Group AG	+112,137	798,578
Mid Summit Trail Advisors, LLC	+78,002	144,967
Mid SIMPLEX TRADING, LLC	+24,206	28,435
Mega GOLDMAN SACHS GROUP INC	+20,302	202,070

Top Sellers

vs Mar 31, 2026

Institution	Sold	Now Holds
Micro Yorkville Advisors Global, LP	−440,000	160,000
Mega SUSQUEHANNA INTERNATIONAL GROUP, LLP	−116,571	182,124
Mega VANGUARD CAPITAL MANAGEMENT LLC	−102,687	2,185,301
Mid Saba Capital Management, L.P.	−73,941	717,327
Mega CITADEL ADVISORS LLC	−47,200	91,800

Top New Positions

vs Mar 31, 2026

Institution	Acquired	Value (USD)
Small Kingsway Capital Partners Ltd	12,091,720	$30,833,886
Large VY Capital Management Co. Ltd.	6,125,821	$15,620,843
Small Long Corridor Asset Management Ltd	1,027,206	$2,619,375
Mega JANE STREET GROUP, LLC	417,726	$1,065,200
Mid GROUP ONE TRADING LLC	30,936	$78,886

Top Sold-Out Positions

vs Mar 31, 2026

Institution	Previously Held	Last Value (USD)
Mega MILLENNIUM MANAGEMENT LLC	217,125	$536,298
Large MARSHALL WACE, LLP	182,551	$450,900
Large IEQ CAPITAL, LLC	126,446	$312,321
Small ParaFi Capital LP	50,380	$124,438
Mid Brevan Howard Capital Management LP	39,228	$96,893

Filter: New 14 Increased 7 Reduced 12 Sold out 14 Unchanged 8

Showing 45 of 45

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

Kingsway Capital Partners Ltd

$30,833,886

35.29%

12,091,720

VY Capital Management Co. Ltd.

$15,620,843

17.88%

6,125,821

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Vy Fund II, L.P. joint	6,125,821	$15,620,843	100.0%	Sole

ARISTEIA CAPITAL, L.L.C.

$12,482,530

14.28%

4,895,110

VANGUARD CAPITAL MANAGEMENT LLC

$5,572,517

6.38%

2,185,301

Ribbit Management Company, LLC

$4,022,081

4.60%

1,577,287

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Malka Meyer	1,577,287	$4,022,081	100.0%	Sole

Long Corridor Asset Management Ltd

$2,619,375

3.00%

1,027,206

BlackRock, Inc.

$2,179,836

2.49%

854,838

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BlackRock Investment Management, LLC	9,014	$22,985	1.1%	Sole
BlackRock Fund Advisors	133,862	$341,348	15.7%	Sole
BlackRock Institutional Trust Company, N.A.	711,962	$1,815,503	83.3%	Sole

UBS Group AG

$2,036,372

2.33%

798,578

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS AG	498,009	$1,269,922	62.4%	Defined
UBS Switzerland AG	300,569	$766,450	37.6%	Defined

DRW Securities, LLC

$2,011,042

2.30%

788,644

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
DRW Investments	788,644	$2,011,042	100.0%	Other

Saba Capital Management, L.P.

$1,829,183

2.09%

717,327

GEODE CAPITAL MANAGEMENT, LLC

$1,372,985

1.57%

538,426

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GEODE CAPITAL MANAGEMENT TRUST COMPANY, LLC	103,905	$264,957	19.3%	Defined
Held directly	434,521	$1,108,028	80.7%	Defined

Arrington Capital Management, LLC

$965,299

1.10%

378,549

VANGUARD FIDUCIARY TRUST CO

$730,845

0.84%

286,606

JANE STREET GROUP, LLC

$590,390

0.68%

231,526

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jane Street Capital, LLC	47,094	$120,089	20.3%	Defined
Jane Street Global Trading, LLC	184,432	$470,301	79.7%	Defined

CHARLES SCHWAB INVESTMENT MANAGEMENT INC

$585,525

0.67%

229,618

STATE STREET CORP

$541,380

0.62%

212,306

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SSGA FUNDS MANAGEMENT, INC. joint	212,306	$541,380	100.0%	Defined

GOLDMAN SACHS GROUP INC

$515,278

0.59%

202,070

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GOLDMAN SACHS & CO. LLC	202,070	$515,278	100.0%	Defined

Yorkville Advisors Global, LP

$408,000

0.47%

160,000

JANE STREET GROUP, LLC

$380,205

0.44%

149,100

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jane Street Capital, LLC	149,100	$380,205	100.0%	Defined

Summit Trail Advisors, LLC

$369,665

0.42%

144,967

SUSQUEHANNA INTERNATIONAL GROUP, LLP

$344,250

0.39%

135,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SUSQUEHANNA SECURITIES, LLC	135,000	$344,250	100.0%	Other

NORTHERN TRUST CORP

$261,803

0.30%

102,668

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
NORTHERN TRUST CO joint	102,668	$261,803	100.0%	Defined

CITADEL ADVISORS LLC

$172,380

0.20%

67,600

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	67,600	$172,380	100.0%	Defined

SUSQUEHANNA INTERNATIONAL GROUP, LLP

$120,166

0.14%

47,124

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SUSQUEHANNA SECURITIES, LLC	47,124	$120,166	100.0%	Other

JANE STREET GROUP, LLC

$94,605

0.11%

37,100

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jane Street Capital, LLC	37,100	$94,605	100.0%	Defined

TWO SIGMA INVESTMENTS, LP

$83,356

0.10%

32,689

GROUP ONE TRADING LLC

$78,886

0.09%

30,936

XTX Topco Ltd

$75,569

0.09%

29,635

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
XTX EXECUTION SERVICES LLC joint	29,635	$75,569	100.0%	Defined

ExodusPoint Capital Management, LP

$74,544

0.09%

29,233

SIMPLEX TRADING, LLC

$72,509

0.08%

28,435

IMC-Chicago, LLC

$70,581

0.08%

27,679

CITADEL ADVISORS LLC

$61,710

0.07%

24,200

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	24,200	$61,710	100.0%	Defined

Vanguard Global Advisers, LLC

$53,524

0.06%

20,990

AMERICAN CENTURY COMPANIES INC

$49,421

0.06%

19,381

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
AMERICAN CENTURY INVESTMENT MANAGEMENT INC	19,381	$49,421	100.0%	Defined

Scientech Research LLC

$36,454

0.04%

14,296

Squarepoint Ops LLC

$33,022

0.04%

12,950

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Squarepoint Capital LLP	12,950	$33,022	100.0%	Defined

GTS SECURITIES LLC

$25,500

0.03%

10,000

SBI Securities Co., Ltd.

$3,447

0.00%

1,352

INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC

$1,848

0.00%

725

BARCLAYS PLC

$966

0.00%

379

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BARCLAYS CAPITAL INC.	379	$966	100.0%	Defined

Rialto Wealth Management, LLC

$487

0.00%

191

NATIONAL BANK OF CANADA /FI/

$336

0.00%

132

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Manager 7	132	$336	100.0%	Defined

Caitong International Asset Management Co., Ltd

$10

0.00%

Global Retirement Partners, LLC

0.00%

Allworth Financial LP

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Marshall Wace North America L.P. joint	182,551	$450,900	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Brevan Howard US Investment Management, LP	14,628	$36,131	37.3%	Defined
Brevan Howard (Hong Kong) Ltd	24,600	$60,762	62.7%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Virtu Americas LLC	11,083	$27,375	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MORGAN STANLEY CAPITAL SERVICES, LLC	3,612	$8,921	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
OSAIC WEALTH, INC.	2,400	$5,928	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citigroup Financial Products Inc. joint	179	$442	100.0%	Defined

Key facts CIK 1566610 CUSIP 92337U302 13F (30d) 39 filings 39 filers Visit website