TON Strategy (Nasdaq: TONX) is a digital asset treasury company whose core business is accumulating and staking Toncoin (TON), the native token of The Open Network blockchain — a public blockchain originally developed to integrate with Telegram. The company raises capital through public markets, deploys it into Toncoin, and stakes those tokens with third-party validator operators, earning staking rewards paid in TON. This model closely mirrors MicroStrategy's approach to Bitcoin: grow tokens per share over time through reinvested staking yield and additional capital raises. TON Strategy raised ~$558M via a PIPE in August 2025, used the majority to buy Toncoin, and as of year-end 2025 held roughly 4.2% of Toncoin's total supply, with a stated goal of exceeding 5%. The company earned ~$4.0M in staking revenue in FY25. Beyond the treasury business, TON Strategy operates three smaller units: MARKET.live, a managed-service livestream social commerce platform serving brands and merchants through TikTok Shop partnerships and related services; LyveCom, an AI-driven video commerce platform acquired in 2025 and integrated into MARKET.live; and Go Fund Yourself, a weekly crowdfunding show on CheddarTV that charges Regulation CF and Regulation A issuers appearance fees ranging from $15,000 to $60,000 per episode. These ancillary businesses are small relative to the Toncoin treasury segment, which is the dominant focus of the company's capital and strategy.