Nasdaq-listed digital asset treasury firm TON Strategy Company, which trades under the ticker TONX, reported third-quarter revenue of $13.1 million for 2026, generated almost entirely by staking rewards on its $GRAM holdings. On its own, the figure sounds respectable. But the company also reported a net loss of $24 million, making the results more complicated.
The loss was driven largely by accounting: an unrealized loss of $27.2 million on its $GRAM holdings, reversing the $82.8 million unrealized gain recorded in Q2. Markets giveth, and markets taketh away.
Staking keeps running, but the price is falling
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, producing an annualized gross yield of approximately 16%.
That yield generated about 9.4 million $GRAM during the quarter, a volume roughly in line with Q2. Revenue nevertheless declined from $15 million in the previous quarter to $13.1 million as the price of $GRAM fell over the period. The staking engine continued at the same pace, but the value of its output dropped.
TONX also repurchased $5.7 million worth of its own shares during the quarter.
How TONX got here
TONX did not begin as a digital-asset staking business. It changed its name from Verb Technology in 2025, after completing a $560 million capital raise, and used the proceeds to pivot into the TON ecosystem as a major $GRAM holder and network validator.
The token was also rebranded. Formerly known as Toncoin, it was renamed $GRAM in June 2026, restoring the original branding associated with Telegram’s early vision of a blockchain-native payment network.
Telegram’s launch of its native Gram Wallet marked a tangible step in that integration. The wallet reportedly saw more than 700,000 self-custodial wallets created in its first 48 hours. It is designed to support payments, advertising transactions, and creator monetization directly on Telegram, which has more than a billion registered users. TONX CEO Kevin Wilson described the wallet launch as a meaningful signal of $GRAM’s potential utility, arguing that Telegram’s product developments create real-world sources of demand for the token beyond speculation.
What the numbers mean for investors
The $24 million headline loss will attract attention, but how it arose matters. Unrealized losses are mark-to-market accounting entries; they do not represent cash leaving the company. TONX continues to hold approximately 235.1 million $GRAM tokens. If prices recover, the unrealized loss would reverse just as mechanically as the unrealized gain in Q2 appeared.
The share repurchase program provides a partial counterbalance. Spending $5.7 million on buybacks while the stock is under pressure is a capital-allocation choice that reduces the number of shares outstanding and, in theory, supports the share price.
Source: cryptobriefing.com. Adapted by NBTC.
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