Aristeia-linked entity holds 3.38M TON Strategy shares

TON Strategy Co disclosed that Aristeia Master, L.P. holds 3,383,218 shares of its common stock, reported as an indirect position of Aristeia Capital, L.L.C..

Rhea-AI Filing Summary

TON Strategy Co disclosed that Aristeia Master, L.P. holds 3,383,218 shares of its common stock, reported as an indirect position of Aristeia Capital, L.L.C.. Aristeia Capital may be deemed to have voting and investment power over these shares but disclaims beneficial ownership beyond its indirect pecuniary interest.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider ARISTEIA CAPITAL, L.L.C.

Role Insider

Type	Security	Shares	Price	Value
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 3,383,218 shares (Indirect, By Aristeia Master, L.P.)

Footnotes (1)

1. F1. Represents shares of common stock of TON Strategy Co (the "Issuer") directly held by Aristeia Master, L.P. ("Aristeia Master"). Aristeia Capital, L.L.C. ("Aristeia") may be deemed to have voting and investment power over the shares of common stock of the Issuer directly held by Aristeia Master as the investment adviser of Aristeia Master. Aristeia has an indirect asset-based fee relating to the feeder funds in Aristeia Master and a fee related to the performance of one of the feeder funds in Aristeia Master. Aristeia disclaims beneficial ownership of the shares held by Aristeia Master except to the extent of its deemed indirect pecuniary interest.

Key Figures

Indirectly reported common shares: 3,383,218 shares

1 metrics

Indirectly reported common shares 3,383,218 shares Common stock held by Aristeia Master, L.P.

Key Terms

beneficial ownership, indirect pecuniary interest, investment adviser

3 terms

beneficial ownership financial

"Aristeia disclaims beneficial ownership of the shares held by Aristeia Master except to the extent of its deemed indirect pecuniary interest"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

indirect pecuniary interest financial

"except to the extent of its deemed indirect pecuniary interest"

investment adviser financial

"as the investment adviser of Aristeia Master"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many TON Strategy Co (TONX) shares are held by Aristeia Master, L.P.?

Aristeia Master, L.P. holds 3,383,218 shares of TON Strategy Co common stock. These shares are reported as indirectly associated with Aristeia Capital, L.L.C., reflecting an indirect ownership position through Aristeia Master rather than direct personal holdings.

How is Aristeia Capital, L.L.C. related to TON Strategy Co (TONX) share holdings?

Aristeia Capital, L.L.C. is the investment adviser to Aristeia Master, L.P., which directly holds TON Strategy Co shares. Aristeia Capital may be deemed to have voting and investment power over those shares through this advisory relationship with Aristeia Master.

What kind of ownership interest does Aristeia Capital have in TON Strategy Co (TONX)?

Aristeia Capital has an indirect asset-based fee tied to feeder funds in Aristeia Master and a performance-based fee for one feeder fund. It disclaims beneficial ownership in the shares except to the extent of its deemed indirect pecuniary interest.

Who is reported as directly holding TON Strategy Co (TONX) common stock in this disclosure?

The disclosure states that Aristeia Master, L.P. directly holds the TON Strategy Co common stock. Aristeia Capital, L.L.C. is connected through its role as investment adviser, rather than as the direct registered holder of the common shares.

Does Aristeia Capital, L.L.C. claim full beneficial ownership of TON Strategy Co (TONX) shares?

No. Aristeia Capital, L.L.C. disclaims beneficial ownership of the TON Strategy Co shares held by Aristeia Master, L.P., except to the extent of its deemed indirect pecuniary interest arising from advisory and performance-based fee arrangements.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/10/2026 - 08:00 PM EDT Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

ARISTEIA CAPITAL, L.L.C.

(Last) (First) (Middle)

ONE GREENWICH PLAZA, SUITE 300

(Street)

GREENWICH CONNECTICUT 06830

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/31/2026

3. Issuer Name and Ticker or Trading Symbol
TON Strategy Co [ TONX ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,383,218	I	By Aristeia Master, L.P.(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of common stock of TON Strategy Co (the "Issuer") directly held by Aristeia Master, L.P. ("Aristeia Master"). Aristeia Capital, L.L.C. ("Aristeia") may be deemed to have voting and investment power over the shares of common stock of the Issuer directly held by Aristeia Master as the investment adviser of Aristeia Master. Aristeia has an indirect asset-based fee relating to the feeder funds in Aristeia Master and a fee related to the performance of one of the feeder funds in Aristeia Master. Aristeia disclaims beneficial ownership of the shares held by Aristeia Master except to the extent of its deemed indirect pecuniary interest.

Remarks:

Potential Member of 10% Beneficial Owner Group Certain individuals affiliated with Aristeia have an indirect interest in Aristeia Master. Each such individual disclaims beneficial ownership of the shares of common stock of the Issuer held by Aristeia Master except to the extent of his potential deemed indirect pecuniary interest therein, and this report shall not be deemed an admission that any such individual or Aristeia is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

	Andrew B. David	04/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)