Kingsway Capital Partners Limited Urges TON Strategy Buybacks, Citing 44% Discount

What happened

Kingsway Capital, whose funds hold about 22% of TON Strategy, sent a letter to the company's board. It wants aggressive share buybacks, citing a roughly 44% discount to estimated treasury asset value per share, and says the board engaged inadequately. It also calls for a more shareholder-aligned board.

Global impact / market context

When a company buys back its own shares, there are fewer shares in the market, which can help the price of the remaining shares. Kingsway says the stock trades well below the estimated value of the company's assets per share, so buying now could help ordinary holders. Board choices also affect how the company spends its money.

What to watch

1. Whether TON Strategy responds to the letter or announces any buyback. A real buyback plan is the concrete action Kingsway is asking for.
2. Whether other large shareholders back Kingsway's call for board changes. Wider support could raise pressure on the board.
3. Whether the company addresses the roughly 44% discount to estimated treasury asset value per share. This is the key number behind Kingsway's argument that the stock is undervalued.

Affected assets

• TON Strategy Company

Evidence

• Infoway News — Kingsway Capital Writes Letter To Ton Strategy'S Board 2026-10-27T12:08:05+00:00
• Infoway News — Kingsway Capital Writes Letter to TON Strategy's Board 2026-10-27T12:00:00+00:00
• Infoway News — Kingsway Capital Partners Limited Urges TON Strategy Buybacks, Citing 44% Discount 2026-10-27T12:00:00+00:00
• Incident timeline — Kingsway Capital Writes Letter To Ton Strategy'S Board
• Incident timeline — Kingsway Capital Writes Letter to TON Strategy's Board
• Incident timeline — Kingsway Capital Partners Limited Urges TON Strategy Buybacks, Citing 44% Discount