TON Strategy Posts $13.1M Q3 Revenue as GRAM Losses Hit $24M

TON Strategy Company (Nasdaq: TONX) reported $13.1 million in revenue for the third quarter of 2026, earned almost entirely from staking rewards on its GRAM holdings, while posting a net loss of $24 million for the same period. The gap between the two figures stems from a $27.2 million unrealized loss on the firm's token positions, a sharp reversal from the $82.8 million unrealized gain recorded in Q2.

The treasury firm held approximately 235.1 million GRAM tokens as of September 30, 2026, valued at $348.5 million, according to the quarterly report. Of that total, roughly 232.9 million tokens were actively staked, generating an annualized gross yield of approximately 16%.

Why did revenue fall despite a stable staking operation?

The staking operation produced about 9.4 million GRAM in rewards during the quarter, a volume roughly consistent with the prior quarter. Revenue nonetheless declined from $15 million in Q2 to $13.1 million in Q3. The cause was price, not volume: GRAM traded lower over the period, shrinking the dollar value of an unchanged reward stream.

The comparison is straightforward. The staking engine ran at the same speed in both quarters; the value of its output fell with the token's price. TONX's revenue therefore tracks two variables — staked token count and GRAM's market price — and only the first is under the company's operational control.

Alongside the results, TONX disclosed that it repurchased $5.7 million of its own shares during the quarter. The buyback reduces shares outstanding and functions as a capital-allocation counterweight while the stock trades under pressure.

How did TONX become a GRAM treasury?

The company was not always a digital asset treasury. TONX rebranded from Verb Technology in 2025 after completing a $560 million capital raise, deploying the proceeds to build a position in the TON ecosystem as a major GRAM holder and network validator. The pivot converted a software company into a single-asset treasury whose income statement now depends on staking yields and token marks.

The token itself was rebranded too. Toncoin was renamed GRAM in June 2026, restoring the original branding tied to Telegram's early vision for a blockchain-native payment network.

Telegram's integration push advanced with the launch of its native Gram Wallet, which reportedly recorded over 700,000 self-custodial wallets created in the first 48 hours after launch. The wallet handles payments, advertising transactions and creator monetization directly inside the Telegram platform, which counts more than a billion registered users. TONX CEO Kevin Wilson cited the wallet launch as a meaningful signal for GRAM's utility trajectory, arguing that Telegram's product moves give the token demand drivers beyond speculation.

What does the $24 million loss actually represent?

The headline loss overstates the cash impact. Unrealized losses are mark-to-market accounting entries, not cash outflows, and TONX still holds its approximately 235.1 million GRAM tokens. If prices recover, the unrealized loss reverses mechanically, just as the Q2 unrealized gain appeared when prices rose. Symmetrically, further GRAM weakness would produce larger paper losses on a position now valued at $348.5 million.

For investors, the operational signal sits in the staking data: 232.9 million staked tokens at roughly 16% annualized yield produced 9.4 million GRAM in a quarter where token prices still dragged the bottom line $24 million negative. The buyback added $5.7 million of shareholder-directed spending on top.

The next quarterly report will show whether Gram Wallet-driven transaction activity translates into sustained GRAM demand — and whether the mark-to-market line reverses or deepens.