TON Strategy reported $13.1 million in third-quarter revenue. The result came as staking rewards continued to support its treasury operations. The company holds and stakes $GRAM, and it is watching Telegram’s native wallet rollout as a possible driver of everyday use. That link is still early, I think, but it gives the token a direct path to Telegram’s large user base.
Telegram Wallet Rollout
Telegram began a limited rollout of its native Gram Wallet on August 31. The wallet lets users send $GRAM directly to Telegram contacts. Two network upgrades also improved infrastructure for the expansion. Config -123 introduced shared smart contract architecture, which allows wallet improvements without address migration. Config 30 aimed at a potential 30% increase in network throughput. As a result, TON may handle more transaction activity if adoption grows. The wallet is not fully live for everyone. The limited rollout means usage data will matter more than early announcements.
Staking Holdings and Yield
On September 30, TON Strategy reported about 235.1 million $GRAM holdings. About 232.9 million tokens were deployed in staking. The company said that generated an annualized gross yield of 16%. Staking remains a major part of its treasury plan. It also ties the company’s finances to $GRAM price moves, perhaps more than investors sometimes expect.
Mixed Financial Results
The company recorded $12.4 million in gross profit. That was 95% of revenue. Operating expenses fell 39% to $8.4 million from the previous quarter. Operating income reached $4 million. Still, TON Strategy reported a $22.9 million pretax loss from continuing operations. A $27.2 million unrealized loss on $GRAM holdings was a big factor. Its digital assets declined to $348.5 million from $369.5 million. The company ended September with $25.3 million in cash and restricted cash, and no debt.
The numbers show a split picture. Revenue and staking yield look strong on a gross basis, but unrealized token losses weighed on the bottom line. Telegram’s wallet could add real utility over time. For now, the rollout is limited and the financial effect is not clear. TON Strategy’s next reports will show whether staking income and wallet adoption can offset token price swings.
