Developing software for trading digital assets.
Tectona is building a broader regulated services platform around digital assets, but in 2025 its economics were still dominated by mark-to-market losses, an expanding cost base, and reliance on external financing.
The broader license, Staking services, and the agreement with the General Guardian can together create a plausible path toward recurring revenue for Tectona Custody, but for now each still sits at a different stage of the commercialization chain: regulatory approval, operational…
The end-2025 cash balance buys Tectona limited time while the dilution stack above the stock is still very large. The balance sheet looks relatively light, but in practice the company financed 2025 mainly through equity, warrants and exercises rather than through internal cash g…
