TON Strategy announced a $250 million share buyback aimed at raising shareholder value and expanding its Toncoin treasury. The stock fell 7.5 % after the announcement, reflecting immediate doubts among public investors about the strategy’s practicality. The company framed the initiative as a disciplined capital allocation move.
Buyback details and immediate market reaction
The board approved and announced the repurchase on September 8, 2025, allowing open market purchases or other permitted methods. Cantor Fitzgerald & Co. acts as the repurchase agent, and the program does not require the purchase of a specific number of shares. The timing, amount, and price will depend on available funds and market conditions, according to the company.
The company has already bought more than 250,000 shares at an average price of $8.32 per share, a level below the reported cash NAV per share of $12.18 as of September 11, 2025, based on corporate records cited by the firm.
Executive chairman Manuel Stotz described the move as part of a “disciplined capital allocation strategy.” He explained that the firm will prioritize repurchases when the stock trades below NAV per share and may issue shares if the price goes above NAV to acquire more Toncoin.
The market showed immediate doubt. The 7.5 % decrease after the announcement underscores questions about how the program will work and its real effect on shareholder value.
Balance sheet exposure, risks, and analyst view
According to company-provided data, the balance sheet shows $780 million in assets, with $713 million in Toncoin and $67 million in cash. This positioning makes the firm an important public supporter of the Ton ecosystem, but it also raises exposure to cryptocurrency price changes.
TipRanks assigned TONX a ‘Neutral to Underperform’ rating, citing financial problems, negative margins, and negative free cash flow as relevant dangers. The company records a negative profit margin of -235.87 %, a figure that strengthens worry about how long operations can continue according to analysts cited in reports.
The $250 million buyback, announced on September 8, 2025, together with initial purchases of more than 250,000 shares at an average of $8.32, confirms TON Strategy’s public bet on Toncoin while also raising questions about operations and finances. The company maintains $780 million in assets and a reported NAV per share of $12.18 as of September 11, 2025. Related — TON Strategy begins a buyback and starts staking operations.
