Summary

  • TON Strategy said it posted $13.1 million in third-quarter revenue and a $24 million net loss for the quarter as the value of its GRAM token holdings declined.
  • The company said it holds about 235.1 million GRAM, with 232.9 million of those tokens staked, generating an annualized 16% gross yield.
  • TON Strategy shares rose 2.4% in New York trading that day, bringing the stock's year-to-date gain to nearly 25%.

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TON Strategy, a Nasdaq-listed U.S. company, posted a third-quarter loss as a decline in the value of its cryptocurrency holdings outweighed revenue from staking.

The company reported third-quarter revenue of $13.1 million, down from $15 million in the previous quarter, The Block reported on November 10. Most of that revenue came from staking rewards on its GRAM tokens.

TON Strategy held about 235.1 million GRAM tokens at the end of the third quarter, valued at about $348.5 million. Of that total, about 232.9 million tokens were staked, generating an annualized gross yield of about 16%. GRAM is the renamed version of Toncoin, or TON.

Crypto-price volatility, however, weighed on results. TON Strategy posted a net loss of $24 million in the third quarter, reflecting an unrealized loss of $27.2 million on its GRAM holdings. In the previous quarter, the company had recorded an $82.8 million unrealized gain on the same asset.

The company also moved to improve its cost structure as it wound down its legacy VERB Technology business. It repurchased $5.7 million of its own shares and supported technology upgrades on the TON network. TON Strategy pivoted into a TON-based digital-asset treasury company after raising about $560 million in financing led by Kingsway Capital in August 2025.

Chief Executive Officer Kevin Wilson said GRAM is already being used across several Telegram services, including ad payments and monetization for content creators. Broader access to Telegram's built-in wallet would make payments and transfers more convenient and open new opportunities for TON-based consumer services, he added.

Telegram's expansion of its native wallet service is also drawing attention. Pavel Durov, Telegram's founder and CEO, wrote in a recent post on X that more than 700,000 self-custodial wallets had been created on Telegram over the previous 48 hours. Telegram is improving accessibility by activating wallets when users receive GRAM.

TON Strategy shares rose 2.4% in New York trading on November 10. That brought the stock's year-to-date gain to nearly 25%.

Suehyeon Lee