TON Strategy pulls in $15M staking Gram; H1 ops burn $10.6M

TON Strategy recorded $15.019 million in staking revenue for the second quarter after receiving 9,438,177 Gram tokens, the company’s SEC filing shows. The filing extrapolates those rewards to an approximately 17% annualized gross staking yield for the quarter, a figure based on token accruals rather than cash receipts.

The company reported $83.535 million in pre-tax income from continuing operations for the period, of which about $82.8 million was a net fair-value gain on digital-asset holdings. Operating income from continuing operations was $479,000. Despite the reported profit on paper, continuing operations used $10.64 million of operating cash in the first half of 2026, according to the cash-flow reconciliation.

In its cash-flow statement, the firm deducted nearly $19 million of non-cash Gram consideration from net income. The filing records the Gram received as non-cash consideration, allowing revenue recognition before any cash proceeds are realized. Converting those token accruals into cash requires selling tokens at market prices and matching sales to the company’s cash needs.

TON Strategy attributed the rise in token rewards mainly to an April network upgrade called Catchain 2.0, which reduced the TON mainnet block interval from about 2.5 seconds to roughly 400 milliseconds. Because the protocol issues creation rewards per block, the faster cadence produced about 6.25 times more blocks per second and increased issuance to validators. How much of those additional tokens translate into cash depends on protocol settings, the amount of Gram staked and the token’s market price.

As of June 30, the company held 230.5 million Gram and had 229.9 million staked. The filing, citing network data, reported that position represented roughly 4.4% of total supply and about 35% of all staked Gram. Custodians BitGo and Blockchain.com manage and stake the holdings through dedicated pools and may use third parties to operate validator infrastructure.

TON Strategy ended June with nearly $29 million of cash and restricted cash and reported no debt. The filing separates token accruals and fair-value marks from operating cash, leaving the company’s immediate cash position dependent on market conditions and on the firm’s ability to generate or conserve cash from operations.