Ton Strategy Company · NASDAQ:TONX
Ton Strategy — Investor Presentation (September 2025)
28 slides from Ton Strategy's investor presentation, Sep 5, 2025
Slide 1: Chairman's Message
@ Ton Strategy Co. CHAIRMAN’S MESSAGE SEPTEMBER 2025
Slide 2: Disclaimer
DISCLAIMER TON Strategy Company (the “Company” is making this presentation (“Presentation”) available in connection with a message given by its Executive Chairman that is being made available on the Company's website. The message and this Presentation should be considered together. This Presentation
Slide 3: Building the Premier Public Company around the TON & Telegram Ecosystem
Q ton Strategy Co. Building the Premier Public Company around the STON & Telegram Ecosystem
Slide 4: Table of Contents
TABLE OF CONTENTS QTON Strategy Co. G) [wrropuctioN & RECAP: TON STRATEGY CO. | @) STON INSIDE TELEGRAM G) STON’S MARKET OPPORTUNITY () STONX: TREASURY FUNDAMENTALS & THESIS G) WHAT NEXT FOR TON STRATEGY CO.
Slide 5: Our Thesis Behind TON Strategy Co.
OUR THESIS BEHIND TON STRATEGY CO. (NASDAQ: STONX) A COMPELLING OPPORTUNITY COMPELLING STANDALONE THESIS FOR STON 1. TON’s exclusive partnership with Telegram, powering its digital economy (1) 1. FIRST & LARGEST LISTED PERMANENT CAPITAL VEHICLE FOR ate LiL Wess STON — “WINNER TAKES MOST” . 2. Proven
Slide 6: TONX - Key Strategic Partners and Investors
STONX - KEY STRATEGIC PARTNERS AND INVESTORS K GS WAY TAL U API Ribbit Capital <v Blockchain GRATICULE & Top i) galaxy [i}eanrens FCG sicuccclobal AMKFAKEN as MEXC Ventures _ . arrington = FALCONY 7 earial F) rrinisive Kenetic , — animeca GY PACIFIC COAST @ ORBS © BitGo. BRANDS LUXOR uncapay @lesine
Slide 7: Key Events to Date
KEY EVENTS TO DATE Pre-transaction I 1 ' 1 AUG 5 AUG 7 1 AUG 7 AUG 8 AUG 21 SEPT 2 SEPT 3 1 ! 1 ' Up to Appt. ofnew ! $1B ATM) Ticker Change directors!) ' authorized to STONX') I Public support from | $558M PIPE Total treasury Buyback Telegram Founder‘) | Transaction asset update: approved ! closed)
Slide 8: Growing List of Exchanges Providing Spot TON
GROWING LIST OF EXCHANGES PROVIDING SPOT STON ACTIVE LISTINGS * NEW LISTINGS 2 POTENTIAL LISTINGS 2 AS ~y BINANCE . S, , .. BYB!T . m«raken Robinhood # OE: “Bitget Revolut @ «cm 8 nexo % Blockchain.com M8. Ke KuCOIN | ZenGo Boitnum’ GC cate.io nN =Btclurk UBitso Listed since August 2025 coinbase @ p
Slide 9: Table of Contents
TABLE OF CONTENTS QTON Strategy Co. G) INTRODUCTION & RECAP: TON STRATEGY CO. @) [ston INSIDE TELEGRAM | G) STON’S MARKET OPPORTUNITY () STONX: TREASURY FUNDAMENTALS & THESIS G) WHAT NEXT FOR TON STRATEGY CO.
Slide 10: Pavel Durov: Telegram, an N of 1 Asset
Pavel Durov Founder/CEO of Telegram TELEGRAM: AN “N OF 1” ASSET WITH AN “N OF 1” FOUNDER #1 Crypto messaging platform") #1 App by Monthly Downloads in App Store’?! CO Exclusive commercial partnership: TON blockchain integration inside Telegram'?) 2) Coingecko Survey 2024, Statista active wser data,
Slide 11: Telegram Founder: TON Powering Our Digital Economy
TELEGRAM FOUNDER: TON POWERING OUR DIGITAL ECONOMY @ton Strategy Co. Pavel Durov Founder/CEO of Telegram “TON (The Open Network) is an infinitely scalable blockchain that we helped develop years ago to meet the needs of Telegram’s 100s of millions of users. Today, TON is the economic backbone of Tel
Slide 12: Deepening Integration Between TON and Telegram
DEEPENING INTEGRATION BETWEEN TON AND TELEGRAM We believe "TON inside Telegram" will allow leveraging the power of network effects: more utility means more users, usage, developers, DApps, and ultimately more value ($/TON) Monthly Active Users Daily Signups Daily Users Retention Rate >1 Billion ~2.5
Slide 13: Deepening Integration Between TON and Telegram
DEEPENING INTEGRATION BETWEEN AND TELEGRAM TON Foundation aims to onboard 30% of active Telegram users to TON in the next 3 to 5 years (2) 1,500M 1,000M Martin Masser, Head of Growth, TON Foundation") 500M om 2021 2022 2023 2024 2025E 2028E Telegram MAU (M)I) Active TON Users’) 1) Blockchainreporter
Slide 14: Consumer Use Cases
CONSUMER USE CASES C3) WALLET © stastecoins @ DIGITALASSETS Save and earn interest, pay with Usernames, phone numbers, gifts, Send, receive, and manage crypto . . " cards, send money abroad and P2P stickers, gaming, content directly within the app ae transfers monetization zis FOC ‘FRAGMENT <€ Walle
Slide 15: Business Use Cases
BUSINESS USE CASES S 9:41 7a <@ Meqrwito | Digtal Mackting Aon... to reach active, riche communities, But here's the catch: its unique ad system works differently from other platforms — and even small mistakes can lead to big losses. In our latest guide, we break down the top mistakes to avoid — and
Slide 16: Video replay
By EE res a1] | | We are going to a concert in Paris! | @ Ton Strategy Co. VIDEO L_ REPLAY eee OPEN WALLET ‘Source: TON Foundation
Slide 17: Pavel Durov video
Pavel Durov You drop fire. | drop code. Together we break the internet. © TON Strategy Co. VIDEO REPLAY
Slide 18: Solving Blockchains' Problem
SOLVING BLOCKCHAINS’ PROBLEM Blockchains of today 2 - Focus on tech, not UI/UX - Little to no real-world use cases - Too complex for mass adoption - Little to no native distribution - ~60 million active crypto users? Source: TON Foundation, a1 62 1) Based on Company beliefs and expectations 2) TON F
Slide 19: Table of Contents
TABLE OF CONTENTS QTON Strategy Co. G) INTRODUCTION & RECAP: TON STRATEGY CO. @) STON INSIDE TELEGRAM G) [ston's MARKET OPPORTUNITY | () STONX: TREASURY FUNDAMENTALS & THESIS G) WHAT NEXT FOR TON STRATEGY CO.
Slide 20: TON Stands at a Strategic Inflection Point with Substantial Growth Potential
TON STANDS AT A STRATEGIC INFLECTION POINT WITH SUBSTANTIAL GROWTH POTENTIAL STON’S MARKET CAP IS SIGNIFICANTLY SMALLER THAN ETH AND SOL ~67X STON’s Market Cap “TON's backing by Telegram's distribution capability is an advantage that no public $538bn chain can replicate.” Manuel Stotz, Exec. Chairma
Slide 21: MAG Thesis Applied to Digital Asset Treasuries
MAG 7 THESIS APPLIED TO DIGITAL ASSET TREASURIES Case Study: Market Comparison of Leading Companies Cx Met Tencent [IIIT —_ | $0B $5008 $1,000B $1,500B $2,0008 ‘Source: Yahoo Finance and CoinGecko, as of September 04, 2025
Slide 22: Table of Contents
TABLE OF CONTENTS QTON Strategy Co. G) INTRODUCTION & RECAP: TON STRATEGY CO. (NASDAQ: STONX) @) STON INSIDE TELEGRAM G) STON’S MARKET OPPORTUNITY () [stonx: OUR THESIS | G) WHAT'S NEXT?
Slide 23: Our Thesis Behind TON Strategy Co.
OUR THESIS BEHIND TON STRATEGY CO. (NASDAQ: STONX) A COMPELLING OPPORTUNITY COMPELLING STANDALONE THESIS FOR STON 1. TON’s exclusive partnership with Telegram, powering its digital economy (1) 1. FIRST & LARGEST LISTED PERMANENT CAPITAL VEHICLE FOR ate LiL Wess STON — “WINNER TAKES MOST” . 2. Proven
Slide 24: TON Strategy Co. Unrivalled Dominance in Our Ecosystem
TON STRATEGY CO. UNRIVALLED DOMINANCE IN OUR ECOSYSTEM MARKET SHARE LEADS TO MARKET IMPACT “Winner takes most” due to economies of scale in access to capital 4.23% Proportion of total supply held by DATs 3x | Leader has potential for higher market —_ . + 5 — Potential to compound lead premium, cheap
Slide 25: Generating Revenue from the Start with Lean Operations
TON STRATEGY CO. GENERATING REVENUE FROM THE START WITH LEAN OPERATIONS ABILITY TO GENERATE HIGH REVENUES FROM STAKING ALONE, AHEAD OF ANY DELEGATED STAKING CAPABILITIES BUILT 3 6 M {at $4/TON) ASM assim Annual Revenues |) 1 4.15%!) \ TON Strategy Co. ! 7] il \ Staking Yield ! oa 2 4 3) Assumes 217M
Slide 26: Table of Contents
TABLE OF CONTENTS QTON Strategy Co. G) INTRODUCTION & RECAP: TON STRATEGY CO. (NASDAQ: STONX) @) STON INSIDE TELEGRAM G) STON’S MARKET OPPORTUNITY () STONX: OUR THESIS G) [wuar's NEXT? |
Slide 27: Our Focus for 2025-26
OUR FOCUS FOR 2025-26 STRATEGIC DEVELOPMENT CONTINUING TO ACCUMULATE $TON AIMING TO EXCEED 5% OF SUPPLY WOULD MAKE US THE FIRST PUBLIC COMPANY TO ACHIEVE 5% CONSIDER OWNING PROPRIETARY STAKING INFRASTRUCTURE CONSIDER TOKENIZING OUR STOCK ON TON BLOCKCHAIN CONSIDER SUPPORTING TON’S OPEN-SOURCE ECOSYS
Slide 28: Stay Tuned
STAY TUNED I ‘, I I Korec EET 1 Blockchain Week KBW ' I I ' 22-26 September 2025 - Seoul I I Nt PO eee a I a I = I | TOKEN2049 | I I ' 1-2 October 2025 - Singapore ' in 1 N I Follow us on Telegram (@tonstrat) X @tonstrat Follow Manny on Telegram (@manuelstotz) X @manuelstotz
TON Strategy — Investor Presentation (September 2025) on 6ix