TON Strategy Posts $13.1M Q3 Revenue, $24M Net Loss on GRAM Markdowns

TON Strategy reported $13.1 million in third-quarter revenue and a $24 million net loss, as an unrealized markdown on its GRAM token holdings outweighed staking income. The Nasdaq-listed company disclosed the figures on November 10, according to The Block, in its first full quarter as a TON-based digital-asset treasury company.

Revenue fell from $15 million in the previous quarter, with staking rewards on GRAM supplying most of it. The decline is modest in context: annualized, the quarterly run rate equates to roughly $52 million, a meaningful stream for a company that only pivoted from its legacy software business months ago.

What drove the loss?

The balance sheet, not operations, produced the red ink. TON Strategy recorded a $27.2 million unrealized loss on its GRAM holdings in the quarter, a sharp reversal from the $82.8 million unrealized gain it booked in the prior period. That swing — more than $110 million in paper value across two quarters — illustrates the accounting exposure a single-token treasury accepts when its asset is marked to market.

At quarter-end the company held about 235.1 million GRAM, valued near $348.5 million. Roughly 232.9 million of those tokens — close to 99 percent of the position — were staked, generating an annualized gross yield of about 16 percent. GRAM is the renamed version of Toncoin, the native asset of The Open Network. In plain terms: nearly the entire treasury is deployed, and income depends on token price holding up better than it did this quarter.

How is the company managing costs and capital?

Management moved to tighten the cost structure as it wound down the legacy VERB Technology business, the software operation that preceded the crypto pivot. The company repurchased $5.7 million of its own shares and supported technology upgrades on the TON network.

The pivot itself dates to August 2025, when the company raised roughly $560 million in financing led by Kingsway Capital to convert itself into a TON-focused treasury vehicle. That capital raise — more than 40 times the company's current quarterly revenue — signals investor appetite for the strategy, though the Q3 markdown shows the risk embedded in it.

What did management say about Telegram integration?

Chief Executive Officer Kevin Wilson said GRAM is already in use across several Telegram services, including advertising payments and monetization for content creators. Broader access to Telegram's built-in wallet, he added, would make payments and transfers more convenient and open new opportunities for TON-based consumer services. The claim is directional rather than quantified; Wilson offered no timeline for expanded wallet access.

Telegram's founder and CEO, Pavel Durov, wrote in a recent post on X that more than 700,000 self-custodial wallets had been created on Telegram within the previous 48 hours. Telegram is also activating wallets automatically when users receive GRAM, lowering the barrier to entry for its user base. If sustained, that onboarding pace would translate to more than 10 million wallets per month, though a 48-hour snapshot may not represent a durable trend.

How did the market respond?

Investors looked past the accounting loss. TON Strategy shares rose 2.4 percent in New York trading on November 10, extending the stock's year-to-date gain to nearly 25 percent. The market, it appears, is pricing the treasury strategy and Telegram distribution story rather than quarterly mark-to-market volatility.

Whether that holds depends on the next quarter's GRAM valuation and on Telegram converting wallet activations into sustained transaction volume.