TLDR
- TON Strategy earned over $15 million in staking revenue in Q2 2026.
- The company’s operations burned $10.6 million in cash during the first half of the year.
- Fair-value gains on digital assets made up 99.1% of pre-tax profit.
- TON Strategy holds 230.5 million Gram tokens, with 229.9 million of them staked.
- The company reported a 17% annualized gross staking yield for the quarter.
TON Strategy released its second quarter filing this week. The company reported a 17% annualized gross staking yield for the period.
The yield came from staking Gram, the native token of the TON blockchain. Gram was formerly known as Toncoin.
The company received 9,438,177 Gram tokens during the quarter. This translated into more than $15 million in staking revenue.
Despite the strong revenue number, the filing showed a different picture for cash flow. Continuing operations used $10.6 million in cash during the first half of the year.
Fair-Value Gains Drove Most of the Profit
TON Strategy posted $83.5 million in pre-tax income from continuing operations. Most of that came from an $82.8 million fair value gain on its digital assets.
That gain made up 99.1% of the company’s pre-tax profit for the quarter. Operating income from continuing operations was much smaller, at $479,000.
The filing treats the Gram tokens the company receives as non-cash consideration. This means revenue can be booked before the tokens turn into cash.
The company’s cash flow statement removed nearly $19 million in non-cash Gram consideration from net income. This shows the gap between token gains and the cash the company actually holds.
TON Strategy ended June with close to $29 million in cash and restricted cash. The company said it carries no debt.
Faster Blockchain Upgrade Boosted Token Rewards
TON Strategy said the rise in rewards came mainly from an upgrade called Catchain 2.0. The upgrade launched in April.
Catchain 2.0 cut TON’s block interval from about 2.5 seconds to close to 400 milliseconds. This let the network produce about 6.25 times more blocks each second.
Because TON issues rewards per block, a faster block time can mean more tokens paid to validators. The outcome still depends on network settings, the price of Gram, and how many tokens are staked.
As of June 30, TON Strategy held 230.5 million Gram tokens. Of that, 229.9 million were staked.
Citing TonStat data from Aug. 4, the company said its position equaled about 4.4% of the total Gram supply. It also represented close to 35% of all staked Gram tokens.
BitGo and Blockchain.com manage and stake TON Strategy’s holdings, according to the filing. These custodians may use outside firms to run validator infrastructure.
The company’s debt-free balance sheet lowers its short-term financial risk. Staking, however, has not yet produced enough cash to cover its expenses over the period reviewed.
For staking rewards to fully offset costs going forward, Gram would need to hold its value as network conditions change. The company would also need to reduce cash use from continuing operations.
That is the most recent information available from the quarterly filing released this week.
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