TON Strategy Co
TONX
51 hedge funds and large institutions have $27.2M invested in TON Strategy Co in 2025 Q4 according to their latest regulatory filings, with 17 funds opening new positions, 12 increasing their positions, 13 reducing their positions, and 12 closing their positions.
42% more first-time investments, than exits
New positions opened: 17 | Existing positions closed: 12
9% more funds holding
Funds holding: 47 → 51 (+4)
6% less call options, than puts
Call options by funds: $508K | Put options by funds: $538K
8% less repeat investments, than reductions
Existing positions increased: 12 | Existing positions reduced: 13
5.02% less ownership
Funds ownership: 28.14% → 23.13% (-5%)
77% less capital invested
Capital invested by funds: $121M → $27.2M (-$93.6M)
100% less funds holding in top 10
Funds holding in top 10: 3 → 0 (-3)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AC
Aristeia Capital
Greenwich,
Connecticut
|
+$8.86M |
| 2 |
SCM
Saba Capital Management
New York
|
+$1.24M |
| 3 |
Marshall Wace
London,
United Kingdom
|
+$1.14M |
| 4 |
Millennium Management
New York
|
+$746K |
| 5 |
Renaissance Technologies
New York
|
+$400K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
TCIM
TOMS Capital Investment Management
New York
|
-$16.3M |
| 2 |
PAMP
Polar Asset Management Partners
Toronto,
Ontario, Canada
|
-$6.99M |
| 3 |
OFCM
One Fin Capital Management
San Francisco,
California
|
-$4.93M |
| 4 |
Alyeska Investment Group
Chicago,
Illinois
|
-$4.78M |
| 5 |
PCP
Pantera Capital Partners
San Francisco,
California
|
-$3.07M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
AF
51
Allworth Financial
Folsom,
California
| $2 | – | – | – |
|
|
TCIM
52
TOMS Capital Investment Management
New York
| – | -$16.3M | -2,318,522 | Closed |
|
|
PAMP
53
Polar Asset Management Partners
Toronto,
Ontario, Canada
| – | -$6.99M | -992,269 | Closed |
|
|
OFCM
54
One Fin Capital Management
San Francisco,
California
| – | -$4.93M | -700,000 | Closed |
|
|
55
Alyeska Investment Group
Chicago,
Illinois
| – | -$4.78M | -679,597 | Closed |
|
|
ECP
56
Empyrean Capital Partners
Los Angeles,
California
| – | -$1.36M | -192,621 | Closed |
|
|
TCM
57
Tekne Capital Management
New York
| – | -$1.11M | -157,810 | Closed |
|
|
XT
58
XTX Topco
George Town,
Cayman Islands
| – | -$416K | -59,138 | Closed |
|
59
Citadel Advisors
Miami,
Florida
| – | -$191K | -52,405 | Closed |
|
|
VF
60
Virtu Financial
New York
| – | -$319K | -45,319 | Closed |
|
61
Squarepoint
New York
| – | -$161K | -22,880 | Closed |
|
|
NA
62
NewEdge Advisors
New Orleans,
Louisiana
| – | -$7 | -1 | Closed |
|
TONX Hedge Fund Activity: Q4 2025 in Review
51 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in TON Strategy Co (TONX) for Q4 2025, worth a combined $27.2M — down 77% from $121M a quarter earlier.
Buyers outnumbered sellers: 17 funds opened new TONX positions and 12 closed out — a net gain of 5 holders — while 12 added to existing stakes and 13 trimmed.
The largest buyer was Aristeia Capital, adding an estimated $8.86M. The largest seller was TOMS Capital Investment Management, exiting entirely with an estimated $16.3M sold.
- 51 institutional investors held TON Strategy Co (TONX) as of Q4 2025, up from 47 in Q3 2025.
- Funds reported $27.2M of TON Strategy Co stock for Q4 2025, down 77% quarter-over-quarter.
- 17 funds opened new TON Strategy Co positions in Q4 2025 and 12 closed out, a net change of +5 holders.
- The largest TON Strategy Co buyer in Q4 2025 was Aristeia Capital, an estimated $8.86M added.
- The largest TON Strategy Co seller in Q4 2025 was TOMS Capital Investment Management, an estimated $16.3M sold.
Based on aggregated 13F filings for Q4 2025.