Nasdaq-listed TON Strategy Company (TONX) reported $13.1 million in third-quarter revenue, primarily from staking rewards on its GRAM treasury. This figure compares to $15 million in the second quarter. The company held approximately 235.1 million GRAM, formerly Toncoin, worth $348.5 million at the quarter’s end. With 232.9 million GRAM deployed in staking, the holdings generated an annualized gross yield of approximately 16%.
Financial Performance and Network Integration
The firm posted a $24 million net loss, which includes a $27.2 million unrealized loss on its GRAM holdings. This loss reversed an $82.8 million unrealized gain recorded in the prior quarter. Management stated that the company made progress toward a more efficient cost structure following the wind-down of inherited VERB operations. In a deal led by Kingsway Capital, the former Verb Technology Company raised about $560 million in August 2025 to rebrand into a treasury company for The Open Network’s native token. CEO Kevin Wilson noted that "GRAM is integrated into several existing Telegram services, including advertising payments and creator monetization." He added that expanded native wallet access can make GRAM easier to use for payments and transfers while opening additional opportunities for consumer applications built on TON.
Market Reaction and User Adoption
Telegram founder and CEO Pavel Durov posted to X that "700K+ self-custodial wallets created on Telegram in the last 48 hours alone." He claimed that adoption spreads virally because a wallet activates the moment someone receives Grams. TONX shares were up 2.4% in Tuesday’s session, putting their year-to-date gains near 25%. Earlier this year, TON was renamed to Gram, reviving the original branding outlined in Telegram’s white paper. The network also supported upgrades as Telegram began rolling out its native Gram Wallet. These developments suggest strong momentum for the asset despite the recent financial losses reported by the treasury company.
