X0202 SCHEDULE 13G/A 0001172661-26-000899 0001080171 XXXXXXXX LIVE 1 Common Stock, par value $0.0001 03/31/2026 0001566610 TON Strategy Co 92337U302 3024 Sierra Juniper Court Las Vegas NV 89138 Rule 13d-1(b) Rule 13d-1(c) Aristeia Capital, L.L.C. b DE 4895110 0 4895110 0 4895110 N 8.66 IA OO William R. Techar b X1 467928 0 467928 0 467928 N 0.83 IN HC Anthony M. Frascella b X1 467928 0 467928 0 467928 N 0.83 IN HC Robert H. Lynch, Jr. b X1 52576 0 52576 0 52576 N 0.09 IN HC Jonathan M. Hla b X1 10515 0 10515 0 10515 N 0.02 IN TON Strategy Co 3024 Sierra Juniper Court, Las Vegas, Nevada, 89138 Aristeia Capital, L.L.C., a Delaware limited liability company (the "Investment Adviser"), William R. Techar, Anthony M. Frascella and Robert H. Lynch, Jr., each individual a manager of the Investment Adviser, and Jonathan M. Hla (collectively with the Investment Adviser and the managers, the "Reporting Persons") . The address of the principal business office of each of the Reporting Persons is c/o Aristeia Capital, L.L.C., One Greenwich Plaza, Suite 300, Greenwich, CT 06830. Delaware for the Investment Adviser and United States for the other Reporting Persons N IA OO HC The Investment Adviser may be deemed the beneficial owner of 4,895,110 shares of Common Stock, par value $0.0001 ("Common Stock"), which is approximately 8.66% of the outstanding shares. Mr. Techar is the beneficial owner of 467,928 shares of Common Stock, which is approximately 0.83% of the outstanding shares. Mr. Frascella is the beneficial owner of 467,928 shares of Common Stock, which is approximately 0.83% of the outstanding shares. Mr. Lynch is the beneficial owner of 52,576 shares of common stock, which is approximately 0.09% of the outstanding shares. Mr. Hla is the beneficial owner of 10,515 shares of Common Stock, which is approximately 0.02% of the outstanding shares. The Reporting Persons may be deemed to be a "group" for the purposes of Section 13(d) of Securities Exchange Act of 1934, as amended, and such group would be deemed to be the beneficial owner of 5,894,057 shares of Common Stock, in the aggregate, which is approximately 10.43% of the outstanding shares. The above percentages were determined by dividing each Reporting Person's and the potentially deemed group's respective beneficial ownership by 56,530,617, which is the number of shares of Common Stock outstanding as of March 24, 2026, as reported in the Issuer's Form 10-K filed on March 31, 2026, with the Securities and Exchange Commission. The Investment Adviser: 8.66% Mr. Techar: 0.83% Mr. Frascella: 0.83% Mr. Lynch: 0.09% Mr. Hla: 0.02% The Investment Adviser: 4,895,110 Mr. Techar: 467,928 Mr. Frascella: 467,928 Mr. Lynch: 52,576 Mr. Hla: 10,515 Each of the Reporting Persons has shared power to vote or direct the vote of 0 shares of Common Stock. The Investment Adviser: 4,895,110 Mr. Techar: 467,928 Mr. Frascella: 467,928 Mr. Lynch: 52,576 Mr. Hla: 10,515 Each of the Reporting Persons has shared power to dispose or direct the disposition of 0 shares of Common Stock. Y Y Y N The Reporting Persons may be deemed to be a group pursuant to 240.13d-1(b)(1)(ii)(K). As stated in the cover pages, the Investment Adviser is a registered investment adviser. Each of Messrs. Techar, Frascella and Lynch are managers and control persons of the Investment Adviser. Y N 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. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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. Exhibit 99.1 - Joint Filing Agreement Aristeia Capital, L.L.C. /s/ Andrew B. David 04/02/2026 William R. Techar /s/ William R. Techar 04/02/2026 Anthony M. Frascella /s/ Anthony M. Frascella 04/02/2026 Robert H. Lynch, Jr. /s/ Robert H. Lynch, Jr. 04/02/2026 Jonathan M. Hla /s/ Jonathan M. Hla 04/02/2026