TONX Cash-Secured Put Strategy
TONX (TON Strategy Co.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
TONX is the pioneering, publicly traded company on NASDAQ that functions as a dedicated treasury for Toncoin ($TON), the core cryptocurrency powering The Open Network (TON). This entity strategically acquires and stakes $TON tokens, cultivating a robust, long-term asset reserve. By employing disciplined capital allocation and generating returns from staking, TONX offers investors a regulated pathway to gain exposure to the Toncoin market.
TONX (TON Strategy Co.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $162.2M, a beta of 0.70 versus the broader market, a 52-week range of 1.75-22.91, average daily share volume of 410K, a public-listing history dating back to 2014, approximately 25 full-time employees. These structural characteristics shape how TONX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.70 indicates TONX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a cash-secured put on TONX?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
TONX snapshot
As of August 14, 2026, spot at $2.71, ATM IV 161.50%, IV rank 30.16%, expected move 46.30%. The cash-secured put on TONX below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this cash-secured put structure on TONX specifically: TONX IV at 161.50% is mid-range versus its 1-year history, so the credit collected on a TONX cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 46.30% (roughly $1.25 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TONX expiries trade a higher absolute premium for lower per-day decay. Position sizing on TONX should anchor to the underlying notional of $2.71 per share and to the trader's directional view on TONX stock.
TONX cash-secured put setup
The TONX cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TONX at $2.71 on that close, the first option leg uses a $2.57 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TONX chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 TONX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $2.57 | N/A |
TONX cash-secured put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
TONX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on TONX. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use cash-secured put on TONX
Cash-secured puts on TONX earn premium while a trader waits to acquire TONX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TONX.
TONX thesis for this cash-secured put
The market-implied 1-standard-deviation range for TONX extends from approximately $1.46 on the downside to $3.96 on the upside. A TONX cash-secured put lets a trader earn premium while waiting to acquire TONX at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current TONX IV rank near 30.16% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on TONX should anchor more to the directional view and the expected-move geometry. As a Technology name, TONX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TONX-specific events.
TONX cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. TONX positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TONX alongside the broader basket even when TONX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on TONX carry tail risk when realized volatility exceeds the implied move; review historical TONX earnings reactions and macro stress periods before sizing. Always rebuild the position from current TONX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on TONX?
- A cash-secured put on TONX is the cash-secured put strategy applied to TONX (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With TONX stock at $2.71 on the most recent close, the strikes shown on this page are snapped to the nearest listed TONX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are TONX cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the TONX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 161.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TONX cash-secured put?
- The breakeven for the TONX cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The TONX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 46.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on TONX?
- Cash-secured puts on TONX earn premium while a trader waits to acquire TONX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TONX.
- How does current TONX implied volatility affect this cash-secured put?
- TONX ATM IV is at 161.50% with IV rank near 30.16%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.