The company TON Strategy, which specializes in managing the cryptocurrency treasury of The Open Network (TON) ecosystem, reported its Q2 results. Over the three months, the company earned $15 million in revenue from Gram staking, increased its reserve to 230.5 million tokens, and reduced legacy operating expenses by approximately $4 million per year. The results indicate TON Strategy's shift towards a model focused on accumulating Gram and developing the TON ecosystem.
TON Strategy Earned $15 Million from Gram Staking
As of June 30, 2026, the company owned about 230.5 million Gram, of which approximately 229.9 million were staked. According to TonStat data from August 4, this constituted about 4.4% of the total Gram supply and about 35% of all tokens staked on the network.
Recall that in June, the native asset underwent a rebranding: Toncoin was renamed Gram with the ticker GRAM. TON Strategy stated that it supported this decision, as Gram is the original name of the asset, established back at the white paper writing stage.
For capital allocation, the company uses the "Own, Promote, Amplify" strategy. It involves evaluating the Gram position, liquidity, potential share buybacks, and ecosystem investments from the perspective of their potential to increase long-term value per share.
"We selectively evaluate initiatives that can strengthen the TON ecosystem, improve market access to Gram, or provide attractive financial returns, prioritizing opportunities where strategic initiatives and shareholder interests mutually reinforce each other," said TON Strategy CEO Kevin Wilson.
The fair value of TON Strategy's digital assets at the end of the quarter was about $369.5 million compared to $272 million on March 31.
In Q2, the company received approximately 9.4 million Gram from staking compared to 2.2 million in the first quarter. Accordingly, revenue from staking amounted to $15 million, and the quarterly annualized gross yield was about 17%.
TON Strategy attributed the growth in rewards to the Catchain 2.0 consensus update. It reduced block creation time from approximately 2.5 seconds to 400 milliseconds, which increased validator reward issuance and boosted staking yields.
Against this backdrop, the company's total quarterly revenue also amounted to $15 million compared to $3 million in Q1. Gross profit reached $14.3 million, or 95% of revenue.
At the same time, the financial result included a significant effect from the revaluation of crypto assets. Net profit from continuing operations before taxes was $83.5 million, whereas in Q1 the company recorded a loss of $91.3 million.
Specifically, in Q2, TON Strategy realized $82.8 million in net profit from the change in the fair value of Gram.
Company Reduced Costs and Focused on TON
TON Strategy also reported the completion of most measures to wind down legacy operations. The company terminated a number of supplier contracts, reduced staff and contractor expenses, and discontinued certain low-margin services.
These measures are expected to reduce annual cash operating expenses by approximately $4 million.
Furthermore, on August 10, TON Strategy terminated its consulting services agreement with Kingsway Capital Partners. The company noted it had already ceased monthly payments under this agreement back in March.
Wilson stated that after the first three months of operation, the company now has a more focused business model.
"Our Gram treasury demonstrated strong staking rewards during the quarter, and we have largely completed the measures needed to wind down legacy operations. We enter the second half of the year with a more focused business and greater freedom to direct our resources towards the TON ecosystem."
According to him, the company views Gram's potential not only through the profitability of staking.
TON Bets on Payments and AI Agents
Separately, Wilson emphasized the technological development of TON and its integration with Telegram. In his words, the network is becoming faster, cheaper, and more user-friendly, with blockchain functionality being integrated into the Telegram platform with over a billion users.
This, in the CEO's opinion, could strengthen TON's role in payments, digital ownership, and the work of AI agents, which will be able to act and conduct transactions on behalf of users.
Earlier, the network's development was already accompanied by significant technical changes. In April, Pavel Durov announced a significant speed-up of TON after an update: block creation speed increased approximately sixfold, and transactions began to be processed in less than a second.
In May, Durov also reported a roughly sixfold reduction in network fees, almost to zero, and announced Telegram's plans to become the largest validator on TON.
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