TONX Collar Strategy
TONX (TON Strategy Co.), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The first NASDAQ‑listed publicly traded treasury for Toncoin ($TON), the native cryptocurrency of The Open Network (TON). The company accumulates and stakes $TON to build a long-term treasury, offering regulated market exposure to TON through structured capital deployment and staking rewards.
TONX (TON Strategy Co.) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $212.0M, a beta of 0.42 versus the broader market, a 52-week range of 1.75-29.77, average daily share volume of 422K, a public-listing history dating back to 2014, approximately 18 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 0.42 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 collar on TONX?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current TONX snapshot
As of May 15, 2026, spot at $3.71, ATM IV 151.80%, IV rank 26.07%, expected move 43.52%. The collar on TONX below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this collar structure on TONX specifically: IV regime affects collar pricing on both sides; compressed TONX IV at 151.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 43.52% (roughly $1.61 on the underlying). The 34-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 $3.71 per share and to the trader's directional view on TONX stock.
TONX collar setup
The TONX collar 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 near $3.71, the first option leg uses a $3.90 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 34-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) |
|---|---|---|---|
| Buy 100 shares | Stock | $3.71 | long |
| Sell 1 | Call | $3.90 | N/A |
| Buy 1 | Put | $3.52 | N/A |
TONX collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
TONX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on TONX
Collars on TONX hedge an existing long TONX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
TONX thesis for this collar
The market-implied 1-standard-deviation range for TONX extends from approximately $2.10 on the downside to $5.32 on the upside. A TONX collar hedges an existing long TONX position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current TONX IV rank near 26.07% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on TONX at 151.80%. As a Financial Services 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 collar positions are structurally neutral (protective); 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 Financial Services 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. Always rebuild the position from current TONX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on TONX?
- A collar on TONX is the collar strategy applied to TONX (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With TONX stock trading near $3.71, the strikes shown on this page are snapped to the nearest listed TONX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TONX collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the TONX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 151.80%), 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 collar?
- The breakeven for the TONX collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current TONX market-implied 1-standard-deviation expected move is approximately 43.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on TONX?
- Collars on TONX hedge an existing long TONX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current TONX implied volatility affect this collar?
- TONX ATM IV is at 151.80% with IV rank near 26.07%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.