Tenx Protocols hires ITG for market-making services

Executive Summary

• Tenx Protocols Inc. has engaged Independent Trading Group (ITG) to provide market-making services for its common shares on the TSX Venture Exchange, with a monthly fee of $6,500.
• The company has elected to pay the first installment of its $600,000 advisory agreement with DeFi Technologies via the issuance of 326,086 shares at $0.46 per share, subject to regulatory approval.
• Tenx announced a strategic expansion of its digital asset treasury, identifying BONK and Tezos (XTZ) as target assets for up to $4.4 million in purchases each, integrated with its validator and staking infrastructure operations.

Key Details

• Market-Making Agreement:

  • Provider: Independent Trading Group (ITG) Inc., an arm's-length party.
  • Objective: Maintain a reasonable market and improve liquidity of Tenx common shares.
  • Term: Initial one-month term, automatically renewing for subsequent one-month terms unless 30 days' written notice is provided.
  • Fee Structure: $6,500 per month plus applicable taxes, payable on the first business day of each month.
  • Compensation: ITG receives no shares or options; all capital for market making is provided by ITG.
  • Regulatory: Subject to TSX-V acceptance for filing and compliance with TSX-V policies and securities laws.

• Advisory Agreement Update (DeFi Technologies Inc.):

  • Original Agreement Date: August 18, 2025.
  • Total Fees: $600,000 payable in four equal installments of $150,000 at 3, 6, 9, and 12-month anniversaries.
  • Payment Method: Cash or Tenx shares at the company's election.
  • First Installment Execution:
    • Shares Issued: 326,086 Tenx shares.
    • Price: $0.46 per share (based on 10-day VWAS as of Dec. 23, 2025).
    • Hold Period: Four months and one day post-issuance per Canadian securities laws.
    • Conditions: Subject to regulatory approvals, including TSX-V.
  • Additional Incentives: DeFi Technologies may be entitled to success fees for qualifying transactions introduced to the company.

• Digital Asset Treasury Strategy:

  • Target Assets: BONK (BONK) and Tezos (XTZ).
  • Purchase Intent: Up to $4.4 million of BONK and up to $4.4 million of XTZ.
  • Strategic Rationale:
    • Integration with core business of operating validator infrastructure and staking.
    • Tezos: Selected for established proof-of-stake blockchain, fully diluted supply, on-chain governance, and attractive staking economics.
    • BONK: Selected for community-driven Solana ecosystem maturity, revenue-generating applications, deflationary mechanics, and infrastructure-level integrations.
  • Execution: Timing, pricing, and final allocation undetermined; subject to market conditions and treasury management policies.

Notable Quotes

• None explicitly quoted in the text, though the company states: "Tenx prioritizes assets where it can deploy capital productively by running validators, earning staking or protocol-level rewards, and aligning its economic interests with the long-term security and growth of the underlying networks."