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.

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