Who owns TON Strategy (TONX)
Which tracked institutional funds hold TONX, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See TONX company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-09-22). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
7 tracked funds added or opened TONX while 3 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
TONX’s largest tracked holder by dollar value, Kingsway Capital Partners Ltd, sizes it at 4.2% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 4.2pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in TONX divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 40 tracked filers holding TONX, 21 increased or opened the position and 25 reduced or closed it; over the same quarter, open-market insider Form 4s were net purchases. A multi-insider buy cluster also fired inside the quarter.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in TONX between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 4
- Kingsway Capital Partners Ltd$31M
- VY Capital Management Co. Ltd.$16M
- Long Corridor Asset Management Ltd$3M
- JANE STREET GROUP, LLC$590K
Full exits 1
- MILLENNIUM MANAGEMENT LLC$536K
Largest adds
- BlackRock, Inc.$399K
- ARISTEIA CAPITAL, L.L.C.$392K
- UBS Group AG$341K
Largest trims
- Yorkville Advisors Global, LP$1M
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$376K
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| Kingsway Capital Partners Ltd new | 12,091,720 | $31M | 24.0% | 2026-Q2 |
| VY Capital Management Co. Ltd. new | 6,125,821 | $16M | 12.2% | 2026-Q2 |
| ARISTEIA CAPITAL, L.L.C. | 4,895,110 | $12M | 9.7% | 2026-Q2 |
| VANGUARD CAPITAL MANAGEMENT LLC trimmed | 2,185,301 | $6M | 4.3% | 2026-Q2 |
| Ribbit Management Company, LLC | 1,577,287 | $4M | 3.1% | 2026-Q2 |
| Long Corridor Asset Management Ltd new | 1,027,206 | $3M | 2.0% | 2026-Q2 |
| BlackRock, Inc. added | 854,838 | $2M | 1.7% | 2026-Q2 |
| UBS Group AG added | 798,578 | $2M | 1.6% | 2026-Q2 |
| DRW Securities, LLC | 788,644 | $2M | 1.6% | 2026-Q2 |
| Saba Capital Management, L.P. trimmed | 717,327 | $2M | 1.4% | 2026-Q2 |
| GEODE CAPITAL MANAGEMENT, LLC trimmed | 538,426 | $1M | 1.1% | 2026-Q2 |
| Arrington Capital Management, LLC | 378,549 | $965K | 0.8% | 2026-Q2 |
| VANGUARD FIDUCIARY TRUST CO trimmed | 286,606 | $731K | 0.6% | 2026-Q2 |
| JANE STREET GROUP, LLC added | 231,526 | $590K | 0.5% | 2026-Q2 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC trimmed | 229,618 | $586K | 0.5% | 2026-Q2 |
| STATE STREET CORP trimmed | 212,306 | $541K | 0.4% | 2026-Q2 |
| GOLDMAN SACHS GROUP INC added | 202,070 | $515K | 0.4% | 2026-Q2 |
| Yorkville Advisors Global, LP trimmed | 160,000 | $408K | 0.3% | 2026-Q2 |
| Summit Trail Advisors, LLC added | 144,967 | $370K | 0.3% | 2026-Q2 |
| NORTHERN TRUST CORP trimmed | 102,668 | $262K | 0.2% | 2026-Q2 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 47,124 | $120K | 0.1% | 2026-Q2 |
| TWO SIGMA INVESTMENTS, LP added | 32,689 | $83K | 0.1% | 2026-Q2 |
| GROUP ONE TRADING LLC added | 30,936 | $79K | 0.1% | 2026-Q2 |
| XTX Topco Ltd trimmed | 29,635 | $76K | 0.1% | 2026-Q2 |
| ExodusPoint Capital Management, LP trimmed | 29,233 | $75K | 0.1% | 2026-Q2 |
| SIMPLEX TRADING, LLC added | 28,435 | $73K | 0.1% | 2026-Q2 |
| IMC-Chicago, LLC new | 27,679 | $71K | 0.1% | 2026-Q2 |
| Vanguard Global Advisers, LLC | 20,990 | $54K | 0.0% | 2026-Q2 |
| AMERICAN CENTURY COMPANIES INC new | 19,381 | $49K | 0.0% | 2026-Q2 |
| Scientech Research LLC new | 14,296 | $36K | 0.0% | 2026-Q2 |
| Squarepoint Ops LLC added | 12,950 | $33K | 0.0% | 2026-Q2 |
| GTS SECURITIES LLC trimmed | 10,000 | $26K | 0.0% | 2026-Q2 |
| SBI Securities Co., Ltd. | 1,352 | $3K | 0.0% | 2026-Q2 |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | 725 | $2K | 0.0% | 2026-Q2 |
| BARCLAYS PLC trimmed | 379 | $966 | 0.0% | 2026-Q2 |
| Rialto Wealth Management, LLC new | 191 | $488 | 0.0% | 2026-Q2 |
| NATIONAL BANK OF CANADA /FI/ new | 132 | $337 | 0.0% | 2026-Q2 |
| Caitong International Asset Management Co., Ltd new | 4 | $10 | 0.0% | 2026-Q2 |
| Global Retirement Partners, LLC trimmed | 1 | $3 | 0.0% | 2026-Q2 |
| Allworth Financial LP | 1 | $3 | 0.0% | 2026-Q2 |
| MILLENNIUM MANAGEMENT LLC trimmed | 217,125 | $536K | 0.4% | 2026-Q1 stale (1 quarter behind) |
| IEQ CAPITAL, LLC trimmed | 126,446 | $312K | 0.2% | 2026-Q1 stale (1 quarter behind) |
| MARSHALL WACE, LLP trimmed | 113,158 | $280K | 0.2% | 2026-Q1 stale (1 quarter behind) |
| ParaFi Capital LP new | 50,380 | $124K | 0.1% | 2026-Q1 stale (1 quarter behind) |
| Brevan Howard Capital Management LP new | 39,228 | $97K | 0.1% | 2026-Q1 stale (1 quarter behind) |
| OMERS ADMINISTRATION Corp trimmed | 35,600 | $88K | 0.1% | 2026-Q1 stale (1 quarter behind) |
| Capital Investment Advisors, LLC | 21,030 | $52K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| Schonfeld Strategic Advisors LLC trimmed | 19,399 | $48K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| Catalyst Funds Management Pty Ltd new | 18,300 | $45K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| Virtu Financial LLC trimmed | 11,083 | $27K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| MORGAN STANLEY trimmed | 3,612 | $9K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| OSAIC HOLDINGS, INC. | 2,400 | $6K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| CITIGROUP INC new | 179 | $442 | 0.0% | 2026-Q1 stale (1 quarter behind) |
| Bogart Wealth, LLC | 100 | $247 | 0.0% | 2026-Q1 stale (1 quarter behind) |
| VANGUARD GROUP INC | 770,753 | $2M | 1.2% | 2025-Q4 stale (2 quarters behind) |
| Cable Car Capital, LP | 110,000 | $219K | 0.2% | 2025-Q4 stale (2 quarters behind) |
| RENAISSANCE TECHNOLOGIES LLC new | 109,400 | $218K | 0.2% | 2025-Q4 stale (2 quarters behind) |
| Verition Fund Management LLC trimmed | 93,396 | $186K | 0.1% | 2025-Q4 stale (2 quarters behind) |
| METEORA CAPITAL, LLC trimmed | 87,716 | $175K | 0.1% | 2025-Q4 stale (2 quarters behind) |
| Aristides Capital LLC new | 46,900 | $93K | 0.1% | 2025-Q4 stale (2 quarters behind) |
| Luxor Capital Group, LP trimmed | 45,510 | $91K | 0.1% | 2025-Q4 stale (2 quarters behind) |
| BOOTHBAY FUND MANAGEMENT, LLC trimmed | 43,682 | $87K | 0.1% | 2025-Q4 stale (2 quarters behind) |
| GSA CAPITAL PARTNERS LLP new | 28,238 | $56K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Quadrature Capital Ltd new | 27,849 | $55K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Pantera Capital Partners LP trimmed | 27,051 | $54K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Jump Financial, LLC new | 22,711 | $45K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Marex Group plc added | 20,000 | $40K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Jefferies Financial Group Inc. trimmed | 12,255 | $24K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Brooklands Fund Management Ltd new | 4,000 | $10K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Tower Research Capital LLC (TRC) added | 4,796 | $10K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| BANK OF AMERICA CORP /DE/ trimmed | 2,735 | $5K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| FLAGSHIP HARBOR ADVISORS, LLC new | 2 | $4 | 0.0% | 2025-Q4 stale (2 quarters behind) |
| TOMS Capital Investment Management LP new | 2,318,522 | $16M | 12.7% | 2025-Q3 stale (3 quarters behind) |
| Polar Asset Management Partners Inc. new | 992,269 | $7M | 5.4% | 2025-Q3 stale (3 quarters behind) |
| One Fin Capital Management LP new | 700,000 | $5M | 3.8% | 2025-Q3 stale (3 quarters behind) |
| Alyeska Investment Group, L.P. new | 679,597 | $5M | 3.7% | 2025-Q3 stale (3 quarters behind) |
| MASO CAPITAL PARTNERS Ltd new | 262,881 | $2M | 1.4% | 2025-Q3 stale (3 quarters behind) |
| Empyrean Capital Partners, LP new | 192,621 | $1M | 1.1% | 2025-Q3 stale (3 quarters behind) |
| Tekne Capital Management, LLC new | 157,810 | $1M | 0.9% | 2025-Q3 stale (3 quarters behind) |
| CITADEL ADVISORS LLC new | 52,405 | $369K | 0.3% | 2025-Q3 stale (3 quarters behind) |
| NewEdge Advisors, LLC | 1 | $7 | 0.0% | 2025-Q3 stale (3 quarters behind) |
| ROYAL BANK OF CANADA new | 15 | — | 0.0% | 2025-Q3 stale (3 quarters behind) |
| RAYMOND JAMES FINANCIAL INC new | 247 | $2K | 0.0% | 2025-Q2 stale (4 quarters behind) |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | 0 | — | 0.0% | 2025-Q2 stale (4 quarters behind) |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.