TON Strategy earns $13.1 million from GRAM staking in Q3 as Telegram rolls out native wallet

Nasdaq-listed TON Strategy Company (TONX) reported $13.1 million in third-quarter revenue, primarily from staking rewards on its GRAM treasury, compared with $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 and generating an annualized gross yield of approximately 16%.

The company also repurchased $5.7 million of its shares and supported TON network upgrades as Telegram began rolling out its native Gram Wallet.

TON Strategy posted a $24 million net loss, including a $27.2 million unrealized loss on its GRAM holdings, reversing an $82.8 million unrealized gain in the prior quarter. The firm said it made progress toward a more efficient cost structure following the wind-down of inherited VERB operations.

"GRAM is integrated into several existing Telegram services, including advertising payments and creator monetization, and TON supports blockchain-based ownership and transfer of Telegram usernames and gifts," CEO Kevin Wilson said in a release. "We believe expanded native wallet access can make GRAM easier to use for payments and transfers, while opening additional opportunities for consumer applications built on TON."

In a deal led by Kingsway Capital, the now-former Verb Technology Company raised about $560 million in August 2025 to rebrand into a treasury company for The Open Network's native token.

Earlier this year, TON was renamed to Gram, reviving the original branding outlined in Telegram's white paper.

"700K+ self-custodial wallets created on Telegram in the last 48 hours alone. Adoption spreads virally: a wallet activates the moment someone receives Grams. The crypto revolution is going strong," Telegram founder and CEO Pavel Durov posted to X on Monday.

TONX shares were up 2.4% in Tuesday's session, putting their year-to-date gains near 25%.