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TON Strategy Company reported $13.1 million in third-quarter revenue, primarily from staking rewards on its GRAM treasury, down from $15 million in the second quarter. The Nasdaq-listed company held approximately 235.1 million GRAM worth $348.5 million at quarter-end, with 232.9 million deployed in staking at an annualized gross yield of approximately 16%.
Why it matters
The results show how a corporate treasury can generate revenue from a token while remaining exposed to changes in its market value. Telegram has begun rolling out its native Gram Wallet, which TON Strategy CEO Kevin Wilson said could make GRAM easier to use for payments and transfers.
Wilson said GRAM is already integrated into Telegram advertising payments and creator monetization, while TON supports blockchain-based ownership and transfers of usernames and gifts. Telegram CEO Pavel Durov said more than 700,000 self-custodial wallets were created on the platform in 48 hours.
Market impact
TON Strategy posted a $24 million net loss, including a $27.2 million unrealized loss on its GRAM holdings. That reversed an $82.8 million unrealized gain in the prior quarter, illustrating how token valuations can outweigh staking revenue in reported results.
The company repurchased $5.7 million of its shares and said it had made progress toward a more efficient cost structure after winding down inherited VERB operations. TONX shares rose 2.4% in Tuesday's session, bringing their year-to-date gain to nearly 25%.
Frequently asked questions
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How much of TON Strategy's GRAM treasury was staked?
The company had 232.9 million GRAM deployed in staking out of approximately 235.1 million GRAM held at quarter-end. The staked holdings generated an annualized gross yield of approximately 16%.
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Why did TON Strategy report a net loss despite staking revenue?
The company reported a $24 million net loss that included a $27.2 million unrealized loss on its GRAM holdings. That reversed an $82.8 million unrealized gain in the prior quarter.
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How is GRAM used within Telegram?
TON Strategy CEO Kevin Wilson said GRAM is integrated into Telegram advertising payments and creator monetization. TON also supports blockchain-based ownership and transfers of Telegram usernames and gifts.
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How many Telegram self-custodial wallets were created in 48 hours?
Telegram CEO Pavel Durov said more than 700,000 self-custodial wallets were created on the platform in 48 hours.
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How did TONX shares perform in Tuesday's session?
TONX shares rose 2.4% in Tuesday's session, bringing their year-to-date gain to nearly 25%.
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