Ton Strategy Co (TONX) 2026 Q1 法說會逐字稿

Good morning, and welcome to TON Strategy Company's first-quarter 2026 earnings conference call. Joining us today are Chief Executive Officer, Kevin Wilson; and Chief Financial Officer, Sarah Olsen. Earlier today, the company filed its quarterly report on Form 10-Q for the quarter ended March 31, 2026, and issued a press release with its financial results. Both are available in the Investors section of the company's website. This call will also be available for webcast replay on the company's website.

各位早安，歡迎參加 TON Strategy Company 2026 年第一季財報電話會議。今天與會者包括執行長 Kevin Wilson 與財務長 Sarah Olsen。公司已於今日稍早向主管機關提交截至 2026 年 3 月 31 日止季度的 Form 10-Q 季度報告，並發布載有財務結果的新聞稿。兩者皆可於公司網站的投資人專區取得。本次電話會議亦將於公司網站提供網路直播回放。

Before we begin, I would like to remind everyone that today's call includes forward-looking statements within the meaning of the Federal Securities Laws. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

在開始之前，我想提醒各位，今天的電話會議包含符合聯邦證券法定義的前瞻性陳述。這些陳述係基於管理階層目前的預期，並受各項風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所描述者出現重大差異。

Please refer to the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2025, and its quarterly report on Form 10-Q for the quarter ended March 31, 2026, for a discussion of these risks and uncertainties. The company undertakes no obligation to update any forward-looking statements, except as required by law.

有關這些風險與不確定性的討論，請參閱公司向美國證券交易委員會提交的文件，包括截至 2025 年 12 月 31 日止年度的 Form 10-K 年度報告，以及截至 2026 年 3 月 31 日止季度的 Form 10-Q 季度報告。除法律要求外，公司不承擔更新任何前瞻性陳述之義務。

With that, I would like to turn the call over to TON Strategy Company's CEO, Kevin Wilson.

接下來，我想把電話會議交給 TON Strategy Company 執行長 Kevin Wilson。

Thank you, operator, and thank you, everyone, for joining us. For today's call, I'll start by framing how I see TON Strategy's position today, why we believe the TON blockchain matters and why we believe our company is playing a clear role as a US-listed public company dedicated to Toncoin and supporting the TON ecosystem. Sarah will then walk through the first quarter financial results and treasury update, and I'll come back with a few closing thoughts.

謝謝主持人，也謝謝各位撥冗參與。今天的電話會議，我會先說明我如何看待 TON Strategy 目前的定位、我們為何認為 TON 區塊鏈重要，以及我們為何相信公司作為一家在美國上市、專注於 Toncoin 並支持 TON 生態系的上市公司，正在扮演明確的角色。接著 Sarah 會說明第一季財務結果與庫藏（treasury）更新，最後我會再回來做幾點結語。

As this is my first earnings call as CEO, I want to share how I view the foundation already in place and the opportunity to build from where we are presently. TON Strategy Co. is the largest public company treasury dedicated to Toncoin, and we are one of the largest validators of the token.

由於這是我擔任執行長後的第一次財報電話會議，我想分享我如何看待目前已建立的基礎，以及我們從現況出發可持續打造的機會。TON Strategy Co. 是全球最大的、以 Toncoin 為核心的上市公司庫藏體系，同時我們也是該代幣最大的驗證者之一。

As of March 31, 2026, we held approximately 221.9 million Toncoin in total, including approximately 221.2 million Toncoin stake. Based on Tonstat data, our holdings represent approximately 4.29% of all Toncoin and the Toncoin staked through our infrastructure represents approximately 26.18% of the network.

截至 2026 年 3 月 31 日，我們合計持有約 2.219 億枚 Toncoin，其中約 2.212 億枚 Toncoin 已進行質押。根據 Tonstat 數據，我們的持有量約占所有 Toncoin 的 4.29%；而透過我們基礎設施所質押的 Toncoin 約占全網的 26.18%。

We have a substantial Toncoin position, active staking operations, a strong balance sheet with no debt and the custody and reporting infrastructure needed to execute our strategy with transparency. In other words, this is no longer a setup story. The treasury is established with assets substantially staked and the company has now completed two full quarters of staking operations. My focus is on taking that foundation and turning it into broader market recognition and long-term shareholder value.

我們擁有可觀的 Toncoin 部位、積極的質押營運、無負債的強健資產負債表，以及執行策略所需的託管與申報基礎設施，能以透明方式落實策略。換言之，這已不再只是「建置階段」的故事。庫藏已建立、資產大幅完成質押，公司也已完成連續兩個完整季度的質押營運。我的重點是以此基礎，推動更廣泛的市場認知並創造長期股東價值。

I officially stepped into the role as CEO on May 4. So I'm not going to lay out a rigid road map today, but the direction we will take the company is clear, and I want to share how we are thinking about the areas we can most directly influence. First, we will continue to manage the treasury through a long-term per share value lens. We hold approximately 221.9 million Toncoin as of quarter end, including approximately 221.2 million Toncoin stake.

我於 5 月 4 日正式就任執行長。因此我今天不會提出僵化的路線圖，但我們將帶領公司前進的方向很清楚，我也想分享我們如何思考那些我們最能直接影響的領域。第一，我們將持續以長期「每股價值」的視角管理庫藏。截至季末，我們持有約 2.219 億枚 Toncoin，其中約 2.212 億枚 Toncoin 已質押。

Going forward, we are focused on making the right capital allocation decisions that support growth in Toncoin held per share over time. We will continue to maintain appropriate liquidity to execute the strategy and run the company platform while evaluating capital allocation opportunities thoughtfully and with discipline.

展望未來，我們聚焦於做出正確的資本配置決策，以支持每股持有的 Toncoin 隨時間成長。我們將持續維持適當流動性，以執行策略並營運公司平台，同時以審慎且有紀律的方式評估資本配置機會。

Second, we see an opportunity to communicate with the market more actively around both the TON network thesis and our company model. Toncoin is currently less understood than major tokens in the broader US public markets. And part of our job is to explain why Toncoin matters, why the TON blockchain network is differentiated and built to support the financial infrastructure of the future and why our company is built to provide exposure to that opportunity within a public company structure.

第二，我們看到一個機會：更積極地向市場溝通 TON 網路的投資論點以及我們的公司模式。相較於美國公開市場中主要的代幣，Toncoin 目前的理解度仍較低。而我們工作的一部分，就是說明 Toncoin 為何重要、TON 區塊鏈網路為何具差異化並為未來金融基礎設施而打造，以及我們公司如何在上市公司架構下提供對此機會的曝險。

Third, over time, we intend to prioritize pathways to support deeper liquidity and market access around Toncoin. We expect to be very thoughtful and deliberate in this area. Liquidity, market structure and institutional access are important to the development and adoption of the TON ecosystem, and they are also relevant to how investors evaluate our company. We intend to explore appropriate ways to support that development over time.

第三，隨著時間推進，我們打算優先推動支持 Toncoin 更深層流動性與市場可得性的途徑。我們預期在此領域會非常審慎且循序漸進。流動性、市場結構與機構投資人可得性，對 TON 生態系的發展與採用至關重要，也會影響投資人如何評估我們公司。我們打算隨時間探索適當方式以支持這項發展。

And fourth, we're focused on aligning our expenses and investment with the company's core treasury strategy and highest return opportunities. This is an area where we will be thoughtful so that the operating platform is directly supporting the core strategy. That is how we are thinking about the job in front of us. And now I'd like to spend a few minutes discussing why the TON blockchain is important and compelling.

第四，我們聚焦於讓費用與投資配置與公司的核心庫藏策略及最高報酬機會一致。我們會在這方面審慎思考，確保營運平台能直接支援核心策略。這就是我們對眼前工作的思考方式。接下來我想花幾分鐘談談為什麼 TON 區塊鏈重要且具吸引力。

We believe the TON blockchain is becoming increasingly relevant as blockchain activity moves towards faster, lower cost, high-volume use cases. The key difference between TON and other chains is that it combines technical performance with exceptional distribution reach. Telegram gives the TON network a unique distribution advantage compared to most blockchains. Telegram has a global billion-plus user base. Users communicate there and interact with communities there.

我們相信，隨著區塊鏈活動朝向更快、更低成本、高交易量的使用情境發展，TON 區塊鏈的重要性正日益提升。TON 與其他鏈的關鍵差異在於：它將技術效能與卓越的分發觸達能力結合在一起。相較於多數區塊鏈，Telegram 賦予 TON 網路獨特的分發優勢。Telegram 擁有全球超過十億的使用者基礎。使用者在那裡溝通，也在那裡與社群互動。

They are using bots and mini apps and increasingly engaging with digital services inside the Telegram ecosystem. The TON network is developing within an existing consumer environment where digital interaction is already happening. From a technical perspective, the TON blockchain's architecture is designed for scale. Dynamic sharding and asynchronous message processing allow activity to be distributed across the network rather than forcing each application or transaction through a single lane like some other blockchains.

他們使用機器人與迷你應用程式，並日益在 Telegram 生態系內使用各類數位服務。TON 網路是在既有的消費者環境中發展，而該環境本就已發生大量數位互動。從技術角度來看，TON 區塊鏈的架構是為了擴展性而設計。動態分片（dynamic sharding）與非同步訊息處理（asynchronous message processing）使活動能分散於整個網路，而不是像某些其他區塊鏈那樣，迫使每個應用或交易都擠在單一路徑中。

The network is built for many transactions and applications to run simultaneously, which is critical for supporting consumer scale functions. Recent network upgrades strengthen that case. In April, the TON network implemented upgrades that reduced block times, shortened transaction settlement times, increased throughput and significantly lowered transaction fees. Those changes make the network faster, more cost efficient and better suited for applications that require frequent transactions.

該網路可讓多筆交易與多個應用同時運行，這對支援消費者規模的功能至關重要。近期的網路升級也強化了這一點。4 月，TON 網路實施升級，縮短出塊時間、縮短交易結算時間、提升吞吐量，並大幅降低交易費用。這些變更使網路更快、更具成本效率，也更適合需要頻繁交易的應用。

Public ecosystem data also shows TON among the fastest Layer-1 blockchains by finality, which reinforces the importance of speed and settlement performance as part of the TON thesis. The impact of the recent upgrades was visible in the economics of the network as well. Gross staking yields increased to 1.39% in April from 0.34% in March, representing approximately a fourfold increase month-over-month. On an annualized basis, the April gross staking yield was approximately 16.7%.

公開的生態系數據亦顯示，TON 在最終性（finality）方面名列最快的 Layer-1 區塊鏈之一，進一步凸顯速度與結算效能在 TON 投資論點中的重要性。近期升級的影響也反映在網路經濟性上。4 月的總質押收益率（gross staking yields）由 3 月的 0.34% 提升至 1.39%，月增約四倍。以年化計算，4 月的總質押收益率約為 16.7%。

TON Strategy was well positioned to benefit from that uplift through its staking infrastructure. The technical and economic improvements are meaningful for the practical utility and performance of payments, developer tools, gaming and other telegram-based applications. We believe the TON network is particularly relevant for emerging Agentic AI use cases. To operate reliably inside consumer applications and payment flows, AI agents need low-cost, low latency ways to act. On the TON network, an AI agent can operate through its own on-chain wallet or smart contract account.

TON Strategy 透過其質押基礎設施，已具備良好條件受惠於這波提升。這些技術與經濟面的改善，對支付、開發者工具、遊戲以及其他以 Telegram 為基礎的應用之實用性與效能具有重要意義。我們相信 TON 網路對新興的 Agentic AI 使用情境尤其相關。為了在消費者應用與支付流程中可靠運作，AI 代理需要低成本、低延遲的行動方式。在 TON 網路上，AI 代理可透過其自有的鏈上錢包或智慧合約帳戶運作。

The agent has its own address on the network, a way to send and receive payments and programmable rules for how it can interact with applications and services. The agent can do more than just recommend actions to users. It has the potential to pay, settle and interact with services directly in the TON. Since the accounts on TON are set up as programmable smart contracts, they can include permissions and logic for multistep activity on-chain instead of relying on separate off-chain coordination.

該代理在網路上擁有自己的地址、可收付款的方式，以及可程式化規則以規範其如何與應用與服務互動。該代理不僅能向使用者建議行動，亦具備在 TON 中直接支付、結算並與服務互動的潛力。由於 TON 上的帳戶是以可程式化的智慧合約形式建立，因此可納入權限與邏輯，以在鏈上完成多步驟活動，而不必依賴分離的鏈下協調。

Telegram adds the distribution. Agents can live directly inside Chats as bots of mini apps where users are already active. Paired with TON payments, AI agents can help create a much more seamless user experience. Users can interact conversationally while agents can potentially take actions and transact in the background. We think that combination of distribution, payments, programmable accounts and low-cost settlement is one important reason that TON is differentiated for high-volume consumer and AI agent use cases.

Telegram 增加了分發能力。代理可以直接以迷你應用的機器人形式存在於聊天中，使用者本來就已在其中活躍。結合 TON 支付，AI 代理可協助打造更無縫的使用者體驗。使用者可以以對話方式互動，而代理則可能在背景中採取行動並完成交易。我們認為，分發、支付、可程式化帳戶與低成本結算的組合，是 TON 在高交易量的消費者與 AI 代理使用情境中具備差異化的重要原因之一。

This brings us to TON Strategy Company and why it matters. For many investors in the United States, in particular, direct exposure to Toncoin can be difficult or impractical. In 2025, in coordination with the TON Foundation, Toncoin became tradable as a spot cryptocurrency on Coinbase, Robinhood and Gemini, which we view as an important first step in expanding US access. Still, broader institutional services around Toncoin, including custody, staking and prime services are earlier in development.

這也帶我們談到 TON Strategy Company 以及其重要性。對許多美國投資人而言，尤其是如此，直接投資 Toncoin 可能困難或不切實際。2025 年，在與 TON Foundation 協調下，Toncoin 成為可在 Coinbase、Robinhood 與 Gemini 以現貨加密貨幣交易的資產，我們視之為擴大美國市場可及性的第一個重要步驟。儘管如此，圍繞 Toncoin 的更廣泛機構型服務（包括託管、質押與主經紀服務）仍處於較早期的發展階段。

TON Strategy is built specifically to provide transparent, institutionally managed exposure to Toncoin through a regulated public structure. And the value proposition extends beyond access. We hold and stake Toncoin through institutional custody and segregated staking infrastructure.

TON Strategy 的設計宗旨，是透過受監管的公開架構，提供透明、由機構管理的 Toncoin 曝險。而其價值主張不僅止於取得管道。我們透過機構級託管與隔離式質押基礎設施持有並質押 Toncoin。

We also bring public company reporting in a scaled long-term per share value framework to the way the treasury is managed. In the digital asset treasury market that is still maturing, we believe this level of operating discipline and transparency matters a great deal.

我們也將上市公司層級的揭露與報告，納入以長期、可擴展的每股價值框架來管理庫藏資產的方式。在仍在成熟中的數位資產庫藏市場，我們相信這種營運紀律與透明度至關重要。

With that, I want to acknowledge the team that's already in place. This is a strong, lean group with deep institutional experience across digital assets, capital markets, reporting and compliance, including experience building and managing digital asset strategies inside top-tier financial institutions.

在此，我想先致謝目前已就位的團隊。這是一支精實而強大的團隊，在數位資產、資本市場、財務報告與合規方面具備深厚的機構經驗，其中也包括在頂級金融機構內部建立並管理數位資產策略的經驗。

Our experience gives us the foundation needed to execute. In Q1, this model continued to demonstrate productivity. We earned approximately 2.2 million Toncoin during the quarter through staking activities and recognized approximately $3 million of staking revenue. We ended the quarter with approximately 221.2 million Toncoin staked and approximately $35 million of cash and restricted cash.

我們的經驗為執行提供了所需的基礎。在第一季，這個模式持續展現生產力。我們在本季透過質押活動賺取約 220 萬枚 Toncoin，並認列約 300 萬美元的質押收入。我們在季末約有 2.212 億枚 Toncoin 正在質押，並持有約 3,500 萬美元的現金與受限制現金。

Sarah will now walk through the first quarter financial results and treasury update in more detail. Sarah?

接下來 Sarah 將更詳細說明第一季財務結果與庫藏資產更新。Sarah？

Thank you, Kevin, and good morning, everyone. Before turning to the quarter, I also want to welcome Kevin to the CEO role. Kevin brings the ideal background for where our company is today and is well positioned to lead it into the future. He has built and led institutional markets businesses at Citi and more recently worked at the intersection of digital assets, trading infrastructure and blockchain-based prime brokerage initiatives at Integral Development Corp., a Palo Alto-based fintech.

謝謝你，Kevin，各位早安。在進入本季之前，我也想歡迎 Kevin 擔任執行長一職。Kevin 的背景非常符合公司目前所處的階段，也很適合帶領公司邁向未來。他曾在花旗建立並領導機構市場業務，近期則在位於帕羅奧圖的金融科技公司 Integral Development Corp.，於數位資產、交易基礎設施與基於區塊鏈的主經紀業務倡議交會處工作。

His unique blend of global markets experience, institutional relationships and digital asset fluency is directly relevant to the work ahead as we build a more established public company platform dedicated to supporting Toncoin and the TON network. We're very excited to have him join and lead the company into its next stage.

他獨特結合了全球市場經驗、機構關係與數位資產專業能力，與我們接下來要做的工作高度相關：打造一個更成熟的上市公司平台，專注支持 Toncoin 與 TON 網路。我們非常高興他加入並帶領公司進入下一階段。

For the first quarter, our results reflect the continued operation of the Toncoin treasury strategy, including staking activities alongside our legacy operating businesses. Q1 was our second full quarter of staking operations and the treasury continued to perform as intended. During the quarter, we generated approximately 2.2 million Toncoin through institutional custody and segregated staking infrastructure and recognized approximately $3 million of staking revenue.

第一季的結果反映了 Toncoin 庫藏策略的持續運作，包括在既有營運業務之外同步進行的質押活動。第一季是我們第二個完整的質押營運季度，庫藏資產也如預期運作。本季我們透過機構級託管與隔離式質押基礎設施產生約 220 萬枚 Toncoin，並認列約 300 萬美元的質押收入。

This is an important part of the model. Staking provides an ongoing revenue opportunity tied to our Toncoin position and allows the treasury to remain productive while we continue to hold and stake the token at scale.

這是此模式的重要組成。質押提供與我們持有的 Toncoin 部位連動的持續性收入機會，並使庫藏資產在我們持續大規模持有並質押代幣期間仍能保持生產力。

As of March 31, 2026, we held approximately 221.9 million units of Toncoin, including approximately 221.2 million units staked with a fair value of approximately $272 million. We also ended the quarter with approximately $35 million of cash and restricted cash.

截至 2026 年 3 月 31 日，我們持有約 2.219 億枚 Toncoin，其中約 2.212 億枚已質押，公允價值約為 2.72 億美元。我們也在季末持有約 3,500 萬美元的現金與受限制現金。

Subsequent to quarter end, Toncoin appreciated significantly amid recent network upgrades, Telegram's announcement that it plans to help drive TON ecosystem growth and infrastructure development and broader strength across digital asset markets.

在季末之後，受近期網路升級、Telegram 宣布計畫協助推動 TON 生態系成長與基礎設施發展，以及整體數位資產市場走強等因素影響，Toncoin 顯著升值。

As of May 6, 2026, the approximately 221.9 million $TON held by the company had an estimated fair value of approximately $433.3 million. The combination of staking productivity and a clean balance sheet with meaningful liquidity and no debt gives TON Strategy flexibility as we continue to execute the treasury strategy.

截至 2026 年 5 月 6 日，公司持有的約 2.219 億枚 $TON 估計公允價值約為 4.333 億美元。質押帶來的生產力，加上資產負債表乾淨、具備可觀流動性且無負債，使 TON Strategy 在持續執行庫藏策略時更具彈性。

Turning to the income statement. Total revenue was $5.3 million and included approximately $3 million from staking activities as well as contributions from the company's legacy operating businesses. Gross profit was $4 million. Total costs and expenses were $7.8 million, reflecting costs associated with treasury operations, personnel, reporting, compliance and legacy operating businesses. Loss from operations was $3.9 million.

接著看損益表。總營收為 530 萬美元，其中包括約 300 萬美元來自質押活動，以及公司既有營運業務的貢獻。毛利為 400 萬美元。總成本與費用為 780 萬美元，反映庫藏營運、人員、報告、合規以及既有營運業務相關成本。營業損失為 390 萬美元。

Net loss before income taxes was $91 million. Net loss included an $87.9 million unrealized net loss on crypto assets, reflecting fair value changes in Toncoin holdings during the quarter.

所得稅前淨損為 9,100 萬美元。淨損包含加密資產 8,790 萬美元的未實現淨損，反映本季 Toncoin 持有部位公允價值變動。

From an operating perspective, the treasury remained deployed, staking was active and rewards were generated. Inherently, the underlying asset will move from period to period, but our focus is on the areas we can control, including staking execution, balance sheet strength, liquidity and supporting the long-term development of the TON ecosystem.

從營運角度來看，庫藏資產仍維持部署，質押持續進行並產生獎勵。資產價格本質上會在各期間波動，但我們的重點放在可控的面向，包括質押執行、資產負債表強度、流動性，以及支持 TON 生態系的長期發展。

We expect to continue updating most company reported treasury metrics through our regular quarterly and annual public filings, consistent with our long-term treasury approach. Please refer to our analytics dashboard on our website, tonstrat.com for the latest market-based and derived treasury metrics alongside the company reported data.

我們預期將依循長期庫藏策略，透過例行的季度與年度公開申報持續更新公司所揭露的大多數庫藏指標。最新的市場型與推導型庫藏指標，以及公司揭露數據，請參考我們網站 tonstrat.com 上的分析儀表板。

I'll now turn it back to Kevin for closing remarks.

接下來我把時間交還給 Kevin 作結語。

Thank you, Sarah. To close, I want to bring the discussion back to the core of the opportunity. TON Strategy has scale. We are the largest public company treasury dedicated to Toncoin and substantially all of our Toncoin is staked. Our company has a productive treasury.

謝謝你，Sarah。最後，我想把討論拉回機會的核心。TON Strategy 具備規模。我們是專注於 Toncoin 的最大上市公司庫藏，而我們幾乎所有的 Toncoin 都已質押。我們的公司擁有具生產力的庫藏資產。

Staking creates an ongoing revenue opportunity tied to the asset we hold and gives us a way to increase Toncoin held over time. We have a strong public company structure that brings transparency, reporting and institutional execution to Toncoin exposure.

質押創造與我們持有資產連動的持續性收入機會，也讓我們能隨時間增加持有的 Toncoin 數量。我們擁有健全的上市公司架構，為 Toncoin 曝險帶來透明度、報告機制與機構級執行。

The work in front of us is to make that structure better understood by this market and to execute consistently against the pieces we control. This includes how we manage the treasury and evaluate capital allocation, how we communicate the TON network thesis publicly, how we can support market access around Toncoin and how we can align company resources around the core strategy.

我們眼前的工作，是讓市場更理解這個架構，並在我們可控的各項要素上持續穩定執行。這包括我們如何管理庫藏並評估資本配置、如何對外公開傳達 TON 網路的投資論點、如何支持 Toncoin 的市場可及性，以及如何讓公司資源與核心策略對齊。

We are excited about the opportunity ahead to position TON Strategy as the company built for public exposure to Toncoin and supporting the financial infrastructure of the future. We look forward to updating you on our progress. Thank you for joining us this morning, and thank you to our shareholders for your continued support.

我們對未來的機會感到振奮，將把 TON Strategy 定位為為 Toncoin 公開曝險而打造、並支持未來金融基礎設施的公司。我們期待向各位更新我們的進展。感謝各位今天早上加入，也感謝股東們持續的支持。

Operator, that concludes our prepared remarks.

接線員，我們的預備發言到此結束。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。