What TenX does

TenX Protocols Inc. is a Toronto-based blockchain infrastructure company that operates validator nodes on high-throughput proof-of-stake networks including Solana, Sui, Sei, Tezos, and BONK, generating recurring revenue from two streams: proprietary staking (rewards earned by staking the company's own digital asset treasury) and hosted/delegated staking (commissions earned when outside token holders delegate assets to TenX validators). The company emerged in December 2025 through a Qualifying Transaction on the TSX Venture Exchange (symbol TNX.V) that amalgamated Iocaste Ventures Inc. with private TenX Labs Inc. and raised approximately CA$29.9 million in gross proceeds (roughly $6.36 million in cash and $23.56 million in crypto assets), and subsequently listed on the Frankfurt Stock Exchange in June 2026.

The core technology stack consists of proprietary validator infrastructure for Solana and Sui acquired from Blade Labs in December 2025, plus organic validator operations on Sei and Tezos supported by foundation delegations (notably approximately 7.8 million XTZ from the Tezos Foundation). TenX builds and manages a diversified digital asset treasury (Solana, SEI, Sui, Tezos, BONK, and USDC), acquired through fundraising proceeds and strategic ecosystem partnerships such as the BONK Contributors partnership. The company also operates a public Treasury Dashboard (launched April 2026) that provides real-time transparency into holdings and validator metrics.

The business model is asset-light on the software side and capital-intensive on the treasury side: revenue is denominated in crypto assets, with pricing not publicly disclosed and contracts structured as ongoing delegation relationships rather than fixed-fee subscriptions. Go-to-market combines enterprise B2B partnerships with blockchain foundations and institutional token holders, community-led engagement (Substack, X, LinkedIn, Tezdev 2026, AlphaNorth Capital Event 2026), and a public market vehicle for institutional investors. The founding team (Mat Cybula, Filip Cybula, Geoff Byers) previously built Cryptiv Inc., a custodial wallet provider acquired by Coinsquare in 2019, and the CTO previously led Tetra Trust, Canada's first qualified crypto custodian, providing institutional-grade custody and security credibility.

Name

TenX

Legal name

TenX Protocols Inc.

Website

https://tenx.inc

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

TenX Protocols Inc. operates validator infrastructure on high-throughput proof-of-stake blockchains (Solana, Sui, Sei, Tezos) to generate staking revenue from proprietary and delegated token staking, while building a diversified digital asset treasury. The company is publicly listed on TSX Venture Exchange and Frankfurt.

Ownership category

akta.pro rank

Product category

Blockchain Infrastructure

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro primary industry

Staking Validators (PoS) & Delegation Services (FSADAKAC)

akta.pro secondary industries

Proof-of-Stake (PoS) Validator Operations (FSADAOAI), Staking-as-a-Service Platforms (Non-Custodial) (FSADAHAF), Staking Infrastructure & Validator Enablement (Middleware, Slashing Protection, MEV Relays) (FSADAHAJ)

Keywords

• Blockchain validator services
• Proof of stake staking
• Digital asset treasury
• Validator node operations
• Crypto staking infrastructure

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Proprietary Staking Revenue: TenX operates its own validator infrastructure on high-throughput blockchains. By running validators and committing its own digital assets, it earns staking rewards directly into its treasury. This is a recurring revenue stream generated from blockchain network incentives.
2. Hosted Staking (Delegation) Revenue: TenX makes its validators available to outside token holders who delegate their assets to TenX nodes. TenX earns a commission on the staking rewards generated by delegated assets. This creates recurring fee income while reinforcing the networks TenX supports.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

TenX operates validator infrastructure on high-throughput proof-of-stake blockchains (Solana, Sui, Sei, Tezos) to earn staking rewards on its own assets and to provide hosted/delegated staking services to outside token holders for a commission. The company also maintains a public treasury dashboard exposing real-time holdings and validator metrics, and manages a diversified digital asset treasury across its supported networks.

Product overview

TenX is a blockchain infrastructure company offering two core staking products: Proprietary Staking (operating their own validator infrastructure on high-throughput blockchains to generate staking rewards) and Hosted Staking (making their validators available to outside token holders for a commission). The company also provides a Treasury Dashboard for public transparency into treasury holdings and validator metrics. The company operates across multiple blockchain networks including Solana, Sui, Sei, Tezos, and supports the BONK ecosystem, building a digital asset treasury through staking operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Proprietary Staking Operating TenX's own validator infrastructure on high-throughput proof-of-stake blockchains (Solana, Sui, Sei, Tezos) by committing the company's own digital assets to help secure networks and earn staking rewards, which are recycled into the digital asset treasury.
• Hosted Staking Commission-based delegation service that makes TenX's validator infrastructure available to outside token holders who delegate their assets to TenX nodes and receive a share of staking rewards, with TenX retaining a commission on rewards generated.
• TenX Treasury Dashboard Public transparency tool providing real-time views of TenX's treasury holdings, cash and stablecoin positions, and validator operations metrics, accessible to investors, token holders, and the general public.

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Tezos FoundationcoreStrategic or Co-development Partner · 31 March 2026The Tezos Foundation delegated approximately 7.8 million XTZ to TenX for validator operations on the Tezos network. This delegation supports TenX's strategy of operating revenue-generating staking infrastructure across blockchain ecosystems and is expected to contribute to recurring revenue through validator-related fees. TenX also acquired approximately 5.5 million XTZ as part of the strategic partnership and aligned with Tezos governance model.
• BONK ContributorscoreStrategic or Co-development Partner · 7 January 2026TenX entered a broader ecosystem partnership with BONK Contributors, acquiring approximately 219.7 billion BONK tokens at an average cost of $0.00001138 as part of its treasury strategy. TenX is collaborating with BONK Contributors to expand the BONK ecosystem and promote blockchain infrastructure services across emerging networks. TenX also delegated approximately 10,000 SOL tokens to the BONK Solana validator to support ecosystem growth.
• DeFi TechnologiesminorStrategic or Co-development Partner · 31 December 2025TenX updated its advisory agreement with DeFi Technologies, expanding its advisory relationships in the digital asset and DeFi space as part of its broader strategy in blockchain infrastructure and staking.
• Alex TapscottminorStrategic or Co-development Partner · 31 December 2025TenX entered a 12-month advisory agreement with Alex Tapscott (effective December 31, 2025) as a strategic advisor. Tapscott, co-author of Blockchain Revolution and Wall Street Journal best-seller Web3, will provide guidance on corporate strategy, digital asset sector trends, and institutional adoption. Total advisory fees of C$160,000 with up to C$60,000 potentially paid in common shares, and 850,000 stock options at C$0.28 per share vesting over 21 months.
• Blade LabscoreTechnology or Integration · 17 December 2025TenX acquired proprietary blockchain validator infrastructure and intellectual property from Blade Labs to support validator development on Solana and Sui networks. This acquisition accelerates TenX's validator expansion while maintaining a strong balance sheet with no debt. The company holds substantial digital assets including Solana, Sei, and Sui tokens.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Marinade Finance: Solana-native liquid staking protocol that aggregates delegated SOL across many validators, including ecosystem-aligned validators like the BONK validator to which TenX has delegated stake. Represents an alternative delegation channel competing for the same Solana staking flow.
• Lido: Largest liquid staking protocol offering staked-asset derivatives across Ethereum and Solana. Competes indirectly with TenX for staked capital by providing a different (liquid) staking primitive on overlapping networks.

Direct peers

• P2P Validator: Institutional staking provider with validators across Solana, Sui, Tezos, and other PoS networks, providing delegated staking services to token holders and foundations. Directly comparable in target customer and chain coverage to TenX.
• Figment: Institutional-grade proof-of-stake validator and staking infrastructure provider operating across many of the same networks as TenX (Solana, Sui, Tezos, Sei). Both target institutional delegators and foundations seeking professional validator operators, making Figment a direct comparable in service scope and customer base.
• Everstake: Non-custodial staking-as-a-service platform running validators across 70+ PoS networks including Solana, Sui, and Tezos. Competes directly with TenX for delegated assets and offers similar hosted-staking commission economics.
• Chorus One: Operates validator nodes across multiple PoS networks including Solana, Sui, and Cosmos-family chains, and offers delegated staking services with a focus on institutional and foundation clients — directly comparable to TenX's hosted staking and multi-chain validator model.

Others

• Hut 8: Canadian publicly listed digital asset computing and infrastructure company. Relevant comparator as a TSX-listed Canadian digital-asset operator; TenX CFO Martin Bui previously led financial reporting and corporate finance at Hut 8 Mining.
• HIVE Digital Technologies: Canadian public crypto infrastructure company (TSXV/NASDAQ: HIVE) focused on Bitcoin mining and digital asset operations. Compares to TenX as a TSXV-listed Canadian crypto-infrastructure peer; Aydin Kilic, HIVE's CEO, also serves as a TenX director.

Broad incumbents

• Coinbase (Staking): Largest U.S.-based crypto exchange offering custodial staking across many PoS assets. While operating at vastly greater scale and as part of a broader exchange business, Coinbase competes for the same retail and institutional staking flow that TenX targets.
• Kraken (Staking): Major crypto exchange offering staking services across multiple PoS networks. Competes with TenX for token-holder staking demand, though as a broad incumbent serving many other products beyond staking infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TenXprotocols
• LinkedInlinkedin.com/company/layerxinc

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TenX