Aristeia reports 4.85M TON Strategy (TONX) shares under passive 13G

Rhea-AI Filing Summary

TON Strategy Company reported a significant shareholder disclosure from Aristeia Capital, L.L.C., which filed a Schedule 13G as a passive investor. Aristeia beneficially owns 4,849,363 shares of TON Strategy common stock, representing 8.21% of the outstanding shares.

This ownership percentage is based on 59,091,521 shares outstanding as of November 5, 2025, as reported in TON Strategy’s Form 10-Q. Aristeia has sole voting and sole dispositive power over all 4,849,363 shares and certifies that the position is held in the ordinary course of business, not for the purpose of changing or influencing control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

TON Strategy Company

(Name of Issuer)

Common Stock, par value $0.0001

(Title of Class of Securities)

92337U302

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 92337U302

1

Names of Reporting Persons

Aristeia Capital, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,849,363.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,849,363.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,849,363.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.21 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TON Strategy Company
(b)	Address of issuer's principal executive offices: 3024 Sierra Juniper Court, Las Vegas, Nevada 89138
Item 2.
(a)	Name of person filing: Aristeia Capital, L.L.C.
(b)	Address or principal business office or, if none, residence: One Greenwich Plaza, Suite 300, Greenwich, CT 06830
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock, par value $0.0001
(e)	CUSIP No.: 92337U302
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,849,363 The Reporting Person may be deemed the beneficial owner of 4,849,363 shares of common stock, par value $0.0001 per share, which is approximately 8.21% of the outstanding shares. This percentage was determined by dividing 4,849,363 by 59,091,521, which is the number of shares outstanding as of November 5, 2025, as reported in the Issuer's Form 10-Q filed with the SEC on November 12, 2025.
(b)	Percent of class: 8.21%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,849,363
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4,849,363
	(iv) Shared power to dispose or to direct the disposition of: o
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Aristeia Capital, L.L.C.

Signature:	/s/ Andrew B. David
Name/Title:	Andrew B. David / Chief Operating Officer, Aristeia Capital, L.L.C.
Date:	02/17/2026

FAQ

What does the TONX Schedule 13G filing disclose about Aristeia Capital?

The Schedule 13G shows that Aristeia Capital, L.L.C. holds a passive stake in TON Strategy Company. It reports beneficial ownership of 4,849,363 common shares, giving Aristeia 8.21% of the company based on the latest outstanding share count.

How many TON Strategy (TONX) shares does Aristeia Capital own?

Aristeia Capital beneficially owns 4,849,363 TON Strategy common shares. This figure reflects shares over which it has sole voting and sole dispositive power, making Aristeia a major institutional holder of the company’s equity.

What percentage of TON Strategy’s stock does Aristeia Capital hold?

Aristeia Capital holds 8.21% of TON Strategy’s outstanding common stock. The percentage is calculated using 59,091,521 shares outstanding as of November 5, 2025, as reported in TON Strategy’s Form 10-Q filed on November 12, 2025.

Is Aristeia Capital seeking control of TON Strategy (TONX)?

The filing states Aristeia’s shares were acquired and are held in the ordinary course of business. It explicitly certifies they were not acquired to change or influence control of TON Strategy and are not part of any control-related transaction.

Does Aristeia Capital have sole voting power over its TON Strategy shares?

Yes. Aristeia Capital reports sole voting power and sole dispositive power over all 4,849,363 TON Strategy shares. It lists zero shared voting and zero shared dispositive power, indicating full decision authority over how these shares are voted and disposed.

When did Aristeia’s reportable ownership in TON Strategy (TONX) occur?

The event triggering the filing is dated December 31, 2025. The ownership percentage is tied to TON Strategy’s outstanding share count as of November 5, 2025, which was disclosed in the company’s Form 10-Q filed on November 12, 2025.

Who signed the TONX Schedule 13G on behalf of Aristeia Capital?

The Schedule 13G was signed by Andrew B. David, Chief Operating Officer of Aristeia Capital, L.L.C. He certified, as of February 17, 2026, that the information provided about Aristeia’s TON Strategy holdings is true, complete, and correct.