TON Strategy reports $13.1M in Q3 revenue from GRAM staking as net loss hits $24M

TON Strategy Company, the Nasdaq-listed digital asset treasury firm trading under the ticker TONX, posted $13.1 million in revenue for the third quarter of 2026, driven almost entirely by staking rewards on its GRAM holdings. The number sounds decent in isolation. Then comes the net loss of $24 million, and the picture gets more complicated.

The loss was largely accounting-driven: a $27.2 million unrealized loss on its GRAM positions, a sharp reversal from the $82.8 million unrealized gain the company recorded in Q2. Markets giveth, markets taketh away.

The staking machine is working, the price is not

TONX held approximately 235.1 million GRAM tokens as of September 30, 2026, valued at $348.5 million. Of those, roughly 232.9 million were actively staked, generating an annualized gross yield of approximately 16%.

In practical terms, that yield translated to about 9.4 million GRAM earned during the quarter, a volume roughly consistent with Q2. The revenue figure still fell from $15 million in the prior quarter to $13.1 million, because GRAM’s price moved lower over the period. The staking engine kept running at the same speed; the value of its output just shrank.

Alongside the quarterly results, TONX also repurchased $5.7 million of its own shares during the quarter.

How TONX got here

The company was not always in the business of staking digital assets. TONX rebranded from Verb Technology in 2025 after completing a $560 million capital raise, using the proceeds to pivot into the TON ecosystem as a major GRAM holder and network validator.

The token itself also went through a rebrand. What was previously known as Toncoin was renamed GRAM in June 2026, reclaiming the original branding tied to Telegram’s early vision for a blockchain-native payment network.

That integration took a concrete step forward with the launch of Telegram’s native Gram Wallet, which reportedly saw over 700,000 self-custodial wallets created in the first 48 hours after launch. The wallet is designed to facilitate payments, advertising transactions, and creator monetization directly within the Telegram platform, which counts over 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 real-world demand hooks beyond speculation.

What the numbers mean for investors

The headline loss of $24 million will draw attention, but the structure of that loss matters. Unrealized losses are mark-to-market accounting entries, not cash leaving the building. TONX still holds its approximately 235.1 million GRAM tokens. If prices recover, the unrealized loss reverses just as mechanically as the Q2 unrealized gain appeared.

The share buyback program offers a partial counterweight. Spending $5.7 million on repurchases when the stock is under pressure is a form of capital allocation that reduces shares outstanding and, in theory, supports the stock price.