Nasdaq-listed TON Strategy (TONX), a treasury company built around the TON network, posted its third-quarter results with revenue almost entirely from staking rewards on its GRAM (formerly Toncoin) holdings.

The company held about 235.1 million GRAM worth $348.5M at September 30, with 232.9 million staked. It earned roughly 9.4 million GRAM in the quarter, flat versus Q2, but revenue fell to $13.1M from $15.0M on lower GRAM prices.

Annualized gross staking yield reached about 16%, lifted by higher validator rewards after TON's Catchain 2.0 upgrade in April.

A $27.2M unrealized loss on GRAM holdings pushed the quarter to a $22.9M pre-tax loss from continuing operations. The company has no debt, $25.3M in cash, and bought back $5.7M of stock, while Telegram began a limited rollout of its native Gram Wallet on August 31.