TON Strategy earned $15 million staking Gram while operations burned $10.6 million in cash

TON Strategy reported a 17% annualized gross staking yield for the second quarter, but its new filing also revealed a mismatch between token-denominated income and operating cash flows.The company recognized over $15 million of staking revenue after receiving 9,438,177 Gram, the TON blockchain’s native token formerly known as Toncoin.Yet its $83.5 million in pre-tax income from continuing operations was driven by an $82.8 million net fair value gain on its digital assets. Operating income from continuing operations was $479,000.For the first half of 2026, continuing operations used $10.6 million of operating cash. TON Strategy ended June with nearly $29 million of cash and restricted cash, and its SEC-filed earnings release said it had no debt.The debt-free balance sheet reduced near-term liquidity pressure, yet staking had not covered the company’s cash requirements across the verified period.Protocol issuance lifted token revenueTON Strategy said its second quarter rewards equated to an approximately 17% annualized gross staking yield. The figure extrapolates one quarter and is neither a net shareholder return nor a measure of company-wide costs.The filing records the Gram receiv...