TON Strategy reports $13.1M in Q3 revenue from GRAM staking as net loss hits $24M

The digital asset treasury firm earned staking rewards on roughly 232.9 million staked GRAM tokens, but an unrealized loss on its holdings wiped out the gains and then some. TON Strategy Company, the Nasdaq-listed digital asset treasury firm trading under the ticker TONX, posted $13.1 million in revenue for the third quarter of 2026, driven almost entirely by staking rewards on its GRAM holdings. The number sounds decent in isolation. Then comes the net loss of $24 million, and the picture gets more complicated. The loss was largely accounting-driven: a $27.2 million unrealized loss on its GRAM positions, a sharp reversal from the $82.8 million unrealized gain the company recorded in Q2. Markets giveth, markets taketh away. The staking machine is working, the price is not TONX held approximately 235.1 million GRAM tokens as of September 30, 2026, valued at $348.5 million. Of those, roughly 232.9 million were actively staked, generating an annualized gross yield of approximately 16%. In practical terms, that yield translated to about 9.4 million GRAM earned during the quarter, a volume roughly consistent with Q2. The revenue figure still fell from $15 million in the prior quarter to...