TON Strategy reported $13.1 million in third-quarter revenue, with staking rewards doing much of the work. The company holds and stakes $GRAM, and that setup supported treasury operations during the quarter. The timing matters because Telegram has started a limited rollout of its native Gram Wallet. If the wallet catches on, it could bring simple crypto transfers to a much wider audience inside Telegram.
Wallet rollout and network changes
Telegram began the limited rollout on August 31. The wallet lets users send $GRAM directly to Telegram contacts. That sounds basic, but it removes several steps that often confuse newcomers. Two network upgrades also landed to support the expansion. Config -123 introduced shared smart contract architecture, which should let wallet improvements happen without forcing users to migrate addresses. Config 30 aimed at a potential 30% jump in network throughput. I think the throughput target is worth watching, but it is a target, not a guarantee. Still, more capacity could help TON handle heavier transaction activity if adoption grows.
Staking position remains large
On September 30, TON Strategy reported about 235.1 million $GRAM. Roughly 232.9 million tokens were deployed in staking. That produced an annualized gross yield of 16%. The numbers show how central staking is to the company’s current model. They also show the risk. A large token position can generate yield, but its value can swing sharply.
Mixed financial results
Revenue was not the whole story. TON Strategy recorded $12.4 million in gross profit, or 95% of revenue. Operating expenses fell 39% from the previous quarter to $8.4 million. That helped operating income reach $4 million.
The bottom line was less clean. The company posted a $22.9 million pretax loss from continuing operations. A $27.2 million unrealized loss on its $GRAM holdings was a major factor. Its digital assets declined to $348.5 million from $369.5 million. TON Strategy ended September with $25.3 million in cash and restricted cash. It reported no debt. For now, the company has revenue from staking and a possible boost from Telegram’s wallet push. The next test is whether everyday users actually adopt the wallet, and whether TON can turn that attention into steadier demand.
