TON Strategy reported $13.1 million in third-quarter revenue, driven largely by staking rewards on its Gram token holdings, as Telegram's limited native wallet rollout progressed. The company held about 235.1 million GRAM on September 30, with approximately 232.9 million tokens deployed in staking, generating an annualized gross yield of 16%.
Gross profit came in at $12.4 million, or 95% of revenue, while operating expenses declined 39% quarter-over-quarter to $8.4 million. Operating income reached $4 million. However, TON Strategy still recorded a $22.9 million pretax loss from continuing operations, pressured by a $27.2 million unrealized loss on GRAM holdings. Digital assets fell to $348.5 million from $369.5 million, and the company ended September with $25.3 million in cash and restricted cash and no debt.
Telegram began a limited rollout of its native Gram Wallet on August 31, allowing users to send GRAM directly to Telegram contacts. Two network upgrades supported the expansion: Config -123 introduced shared smart contract architecture to enable wallet improvements without address migration, while Config 30 aimed at a potential 30% increase in network throughput.
On X, Telegram founder Pavel Durov highlighted Gram as a rare gainer during a broad crypto sell-off, claiming only Gram was up 8%. Market data showed Gram trading near $1.15, up about 4.5% over 24 hours, with a market cap near $3.28 billion and a rank around 29th. Durov argued Gram benefits from its direct integration with Telegram and called the token “ridiculously undervalued,” repeating his view that it should rank among the top three digital assets. He also said more than 700,000 self-custodial wallets were created in 48 hours as of Nov. 9.
Still, the market picture was broader than Durov's claim: Bitway rose 18.8%, Lighter gained 10.8%, and Internet Computer added 8.2% over the same period. The TON token was renamed Gram in June after a community vote with 81.22% approval, without requiring token swaps. The financial impact of wallet adoption remains uncertain while the rollout is limited.
