TON Strategy Company, the Nasdaq-listed digital asset treasury firm trading under the ticker TONX, reported $13.1 million in revenue for the third quarter of 2026, driven almost entirely by staking rewards on its GRAM holdings. The company also posted a net loss of $24 million for the quarter.
The loss was largely accounting-driven, reflecting a $27.2 million unrealized loss on its GRAM positions. That marked a sharp reversal from the $82.8 million unrealized gain the company recorded in the second quarter.
Staking operations
As of September 30, 2026, TONX held approximately 235.1 million GRAM tokens valued at $348.5 million. Roughly 232.9 million of those tokens were actively staked, generating an annualized gross yield of approximately 16%.
That yield translated to about 9.4 million GRAM earned during the quarter, a volume roughly consistent with the prior quarter. Revenue fell from $15 million in the second quarter to $13.1 million, which the company attributed to a lower GRAM price over the period.
Alongside its quarterly results, TONX repurchased $5.7 million of its own shares during the quarter.
Background
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 was renamed GRAM in June 2026, having previously been known as Toncoin. The change reclaimed the original branding tied to Telegram's early vision for a blockchain-native payment network.
Telegram's native Gram Wallet 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 within Telegram, 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
The $24 million net loss will draw attention, but its structure 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 second-quarter 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.
