Nasdaq-listed TON Strategy Company reported third-quarter revenue of $13.1 million, driven primarily by staking rewards generated from its substantial GRAM treasury. The figure reflects a slight sequential decline from the $15 million posted in the second quarter. By the close of the period, the company held approximately 235.1 million GRAM, the asset formerly known as Toncoin, valued at roughly $348.5 million. Most of those holdings were actively generating yield, with 232.9 million GRAM deployed in staking mechanisms to deliver an annualized gross return of about 16%.

Despite steady staking income, TON Strategy posted a net loss of $24 million for the quarter. The downturn was largely shaped by a $27.2 million unrealized loss on the value of its GRAM reserves, marking a sharp contrast to the $82.8 million unrealized gain recognized in the preceding quarter. The firm also committed $5.7 million to share repurchases and noted improvements in its operational cost structure following the wind-down of legacy assets tied to the former Verb Technology business.

The financial results coincide with expanding consumer adoption of the underlying ecosystem, fueled by Telegram’s broader deployment of its integrated native Gram Wallet. TON Strategy Chief Executive Officer Kevin Wilson highlighted the strategic synergies, noting that GRAM is embedded across core Telegram features including creator monetization and ad payments, alongside support for blockchain-based transfers of digital gifts and usernames. Wilson expressed optimism that direct, frictionless wallet access within the messaging application will bolster utility for consumer transactions and emerging decentralized applications.

Momentum behind the native infrastructure appears to be accelerating rapidly, according to Telegram leadership. Founder and Chief Executive Officer Pavel Durov announced on social media that more than 700,000 self-custodial wallets were activated within a 48-hour window, pointing to frictionless viral onboarding where wallets automatically initialize upon receiving funds. The network recently returned to its roots by restoring the original “Gram” moniker from Telegram’s inaugural blockchain white paper.

Originally operating as Verb Technology Company, the entity pivoted its corporate mission in August 2025 after securing approximately $560 million in a transaction spearheaded by Kingsway Capital, establishing itself as a dedicated corporate treasury vehicle for the network. Public equity markets appeared receptive to the long-term roadmap, with shares of TONX advancing 2.4% during Tuesday trading to lift the stock’s year-to-date gain to nearly 25%.