Ton Strategy Earns $15M Staking Revenue on Gram Amid Cash Burn

Ton Strategy reported a significant staking revenue of $15 million for the second quarter, translating to an annualized gross staking yield of 17%. The company's strategy has been driven by its participation in the TON blockchain's native token, Gram. According to the company's filing, it received over 9.4 million Gram tokens and recognized a net fair value gain of $82.8 million on its digital assets.

The operating income from continuing operations was a mere $479,000, while the company used $10.6 million in cash during the first half of 2026. Despite this, Ton Strategy's debt-free balance sheet has reduced near-term liquidity pressure. The company attributed the increase in rewards to Catchain 2.0, which upgraded TON's mainnet block interval from 2.5 seconds to roughly 400 milliseconds.

The faster cadence allows for more blocks per second to be produced, resulting in increased token issuance to validators. As of June 30, Ton Strategy held 230.5 million Gram and had 229.9 million staked. This represented approximately 4.4% of the total supply and about 35% of all staked Gram.