According to a report from CoinWorld, shared by Telegram ecosystem builder Howard, TON Strategy has over $660 million in TON on-chain, accounting for approximately 4.40% of the total supply, making it the fourth largest holder of TON. The top five TON holders include TON Believer Fund (1.3 billion TON), Elector Contract (PoS) (716 million TON), ecosystem reserves (431 million TON), TON Strategy (198 million TON), and Telegram (165 million TON).