TON Strategy's Gram Fair-Value Loss Flips Pretax Result

The Tip Desk · November 14, 2026 · 3 min read

Staking revenue was $13.07 million in the three months ended September 30, 2026, after a $27.23 million fair-value loss on Gram holdings produced a $22.88 million pretax loss from continuing operations.

TON Strategy Company (TONX), a digital asset treasury focused on Gram, the native token of The Open Network, reported staking revenue of $13.07 million for the three months ended September 30, 2026, down 13% from $15.02 million in the prior quarter. The company attributed the sequential decline to a lower Gram price after a 400% sequential jump in the second quarter.

Gross profit was $12.36 million, with the gross margin unchanged at 95%. Cost of revenue was $0.70 million.

Gross staking yield slipped to 4.09% from 4.27% in the three months ended June 30, 2026. Both quarters followed April upgrades to the TON Virtual Machine and Catchain 2.0, which had lifted yield from 0.99% in the three months ended March 31, 2026. As of September 30, 2026, the company had 232,865,523 units of GRAM staked, up from 229,860,889 at June 30. Staking rewards received were 9,430,881 GRAM, versus 9,438,177 GRAM in the prior quarter.

General and administrative expenses fell to $8.38 million from $13.77 million, a 39% drop after a $7.24 million sequential increase in the prior quarter. Excluding share-based compensation, G&A was $4.91 million, down 41% from $8.32 million. The company said the decline was driven primarily by a $3.44 million reduction in Kingsway advisory fees, with smaller decreases in personnel costs and professional services, partly offset by higher legal fees tied to outstanding litigation and software costs.

Operating income from continuing operations rose to $3.98 million from $0.48 million as the G&A decline more than offset the revenue drop.

Other income (expense), net flipped to a $26.86 million expense from $83.06 million of income. The company recorded a $27.23 million net loss on fair value of Digital Assets on its GRAM holdings, versus an $82.78 million gain in the prior quarter, which it said resulted from a decrease in the fair value of GRAM during the period. Pretax loss from continuing operations was $22.88 million, versus pretax income of $83.54 million.

Modified EBITDA was $9.55 million, including $1.73 million of other non-recurring costs described as severance and legal litigation and $3.48 million of share-based compensation.

On August 10, 2026, the company terminated the Kingsway advisory services agreement without a settlement after failing to reach a negotiated outcome. Monthly payments had already ceased in March 2026, with the last payment on March 18, 2026. The company said it cannot estimate any loss or gain from the termination and does not expect the termination to affect its TON Treasury Strategy or day-to-day operations. Kingsway is controlled by Manuel Stotz, the company’s Executive Chairman, and is a significant stockholder.

Unrestricted Gram holdings were $171.95 million at September 30, 2026, versus $89.63 million at December 31, 2025. Cash and cash equivalents were $25.30 million. For the nine months ended September 30, 2026, the company sold Gram for $8.61 million of proceeds. The company said it expects existing cash and cash equivalents to be sufficient to fund operating plans for at least twelve months from the date of the quarterly report.