How many subsidiaries does TON Strategy Co file with the SEC?

5, listed in its most recent exhibit 21. They are incorporated across 2 jurisdictions (Nevada, Delaware). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is TON Strategy Co financially healthy?

TON Strategy Co scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the safe zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of TON Strategy Co?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), GEODE CAPITAL MANAGEMENT, LLC (trimming), STATE STREET CORP (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

TON Strategy Co (TONX)

Nasdaq · Common Stock · Finance Services

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

5 entities across 2 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-03-31 — see the exhibit.

Which other public companies file entities in the same places:

Nevada4 Delaware1

Subsidiaries of TON Strategy Co as disclosed in its SEC filing
Entity	Jurisdiction	Note
Go Fund Yourself Show, LLC	Nevada
Lyvecom, Inc.	Delaware
Verb Acquisition Co., LLC	Nevada
Verb Direct LLC	Nevada
verbMarketplace, LLC (d/b/a MARKET.live)	Nevada

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 7

FAILReturn on assets positiveROA -36.1%
FAILOperating cash flow positiveOCF -21M
PASSReturn on assets improving-50.1% → -36.1%
PASSCash flow exceeds earningsOCF -21M vs NI -148M
FAILLong-term debt ratio fallingno debt reported
PASSCurrent ratio improving3.84 → 9.23
FAILNo share dilution592478 → 25M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.04× → 0.03×

Altman Z-score

21.01safe

Bankruptcy-risk screen combining working capital, retained earnings, operating income, market value against liabilities, and asset turnover. Above 2.99 is the safe zone; below 1.81 is distress.

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$10.0M	−$25.0M	−$16.6M	51.8%	—
FY2021	$10.5M	−$34.5M	−$25.9M	57.2%	—
FY2022	$9.4M	−$37.4M	−$19.4M	64.9%	2,427,044
FY2023	$63,000	−$22.0M	−$8.8M	—	6,798,972
FY2024	$895,000	−$10.3M	−$9.1M	—	592,478
FY2025

Ownership flow

4 institutions tracked — 1 added, 3 reduced, 1 sold out. Index money added 90,705 shares while active managers cut 47,200.

Institutional holders of TON Strategy Co and their share-count change
Manager	Kind	Shares	Change	Value
BlackRock, Inc.	Index	854,838	+133,955	$2.2M
CITADEL ADVISORS LLC	Hedge fund	91,800	−47,200	$234,090
GEODE CAPITAL MANAGEMENT, LLC	Index	538,426	−42,100	$1.4M
STATE STREET CORP	Index	212,306

Identity

CIK: 0001566610
FIGI: BBG004DZSW71
SIC: 6199 · Finance Services
Incorporated: NV
Headquarters: LAS VEGAS, NV

Ownership

Institutional: 47.8%
Institutions: 43
Insiders: 31.5%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Questions about TON Strategy Co

How many subsidiaries does TON Strategy Co file with the SEC?: 5, listed in its most recent exhibit 21. They are incorporated across 2 jurisdictions (Nevada, Delaware). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is TON Strategy Co financially healthy?: TON Strategy Co scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the safe zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of TON Strategy Co?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), GEODE CAPITAL MANAGEMENT, LLC (trimming), STATE STREET CORP (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

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The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.