TON Strategy Co (Nasdaq: TONX) reported its Q3 2026 results on 10 November, posting a net loss of roughly $24m as unrealised losses on its crypto holdings outweighed staking income, CryptoBriefing reported.
The loss included a $27.2m unrealised hit on the company’s crypto investments, the outlet said, even as the firm’s core treasury kept growing: TON Strategy held approximately 235.1 million GRAM as of 30 September 2026, according to the company’s earnings release.
GRAM staking revenue falls from second-quarter high
Of the 235.1 million GRAM on the balance sheet, 232.9 million – 99% of the stack – was deployed in staking at quarter-end, the company said on its earnings call, as transcribed by Benzinga.
That staking generated the bulk of revenue, which came in at $13.1m for the quarter, down from $15.0m in the second quarter, The Block reported. GRAM is the renamed version of Telegram’s Toncoin (TON), rebranded in June 2026; the underlying asset and the company’s exposure to it are unchanged.
TON Strategy itself is the rebrand of Verb Technology, which raised $558m through a private placement to fund the Toncoin treasury strategy, making it one of the first Nasdaq-listed firms to run a dedicated crypto-treasury playbook in the mould of MicroStrategy.
Earnings read like a crypto scoreboard
The Q3 loss extends a pattern visible in the company’s own regulatory filings. Net income swung from a loss of $91.0m in the first quarter of 2026 to a gain of $76.8m in the second, figures filed with the SEC show. A roughly $24m loss in the third quarter continues that volatility rather than breaking it.
For a company whose balance sheet is dominated by a single crypto asset marked to market each quarter, the headline profit or loss line tends to track GRAM’s price moves more closely than any operating metric. Revenue has climbed steadily – from $1.3m in the first quarter of 2025 to $15.0m by the second quarter of 2026 – even as net income has oscillated between nine-figure gains and losses.
Shares and short positioning into the print
TONX shares closed at $3.21 as of the earnings announcement, up 5.94% on the day and 12.24% over the preceding 20 sessions, trading within a range of $2.58 to $3.46 over that period, with volume running 1.22 times the 20-day average.
Short-sale activity had built into the report. FINRA data put the daily short-volume ratio for TONX as high as 0.801 on 4 November, before it fell to 0.395 on the day of the release itself, a pattern that typically draws attention from traders watching for post-earnings covering.
Separately, a Form 4 filing for Sarah Josephine Olsen at TON Strategy Co was lodged with the SEC on the same day as the results, a routine insider disclosure that accompanied the earnings release.
The broader rate backdrop offered little direction either way. The 10-year Treasury yield stood at 4.88% on 9 November against a 2-year yield of 4.56%, keeping the 10y-2y spread at a modestly positive 0.25 points, according to Federal Reserve data – a macro picture that has neither clearly helped nor hindered appetite for speculative crypto-treasury stocks this autumn.
The next test for TON Strategy comes with GRAM’s price action itself: another sharp swing in the token would show up directly in the company’s fourth-quarter mark-to-market line, long before any change in staking volumes or revenue.
This article is for information only and is not investment advice or a recommendation to buy or sell any asset. Markets move quickly; figures are correct as sourced at the time of writing. Always do your own research before making financial decisions.
