Foresight News reported on November 11, 2026, that Nasdaq-listed TON Strategy (TONX) recorded third-quarter total revenue of $13.1 million, mainly from GRAM staking rewards. Second-quarter revenue was $15 million. The quarter-on-quarter decline was attributed mainly to a lower GRAM price.
The same report said an unrealized loss of $27.2 million on the fair value of GRAM holdings contributed to a third-quarter net loss of about $24 million.
As of September 30, in the figures carried with that report, the company held about 235.1 million GRAM, of which about 232.9 million were staked. The fair value of the digital assets was about $348.5 million, and the annualized staking yield was about 16%. In the third quarter TON Strategy also repurchased about 1.8 million shares for about $5.7 million.
What the reported numbers support
On the notice as written, both the revenue and the loss are tied to GRAM. Staking rewards supplied most of the $13.1 million in third-quarter revenue, and the drop from $15 million was attributed mainly to a weaker GRAM price. A separate $27.2 million unrealized fair-value loss on the GRAM position was cited as a factor in the roughly $24 million net loss. The report does not itemize other income or expenses, so that unrealized loss is not a full account of how the net result was reached.
Of the about 235.1 million GRAM held on September 30, about 232.9 million were already staked. The quarter’s reported revenue therefore came mostly from rewards on a holding the company was also carrying at fair value—and that fair-value change was a $27.2 million unrealized loss, larger than the quarter’s revenue.
What the notice does not show
The item does not describe other operating lines, customers, or how the roughly 16% annualized staking yield is set—whether the rate is fixed, variable, or dependent on token price and emissions. The share repurchase, about $5.7 million for roughly 1.8 million shares, is stated without a rationale. Beside the other figures in the same notice, that outlay is small relative to the about $348.5 million fair value of the digital-asset holdings and to the $27.2 million unrealized loss.
The report contains no allegation of misconduct. The loss it describes is an unrealized fair-value result associated with the GRAM price, not a finding about how the tokens were obtained or how the staking program operates.
Source: Foresight News, November 11, 2026
