TON Strategy reported a 17% annualized gross staking yield for the second quarter, though its filings highlighted a key discrepancy: token-denominated income significantly outpaced operating cash flows.
The firm generated over $15 million in staking revenue by accumulating 9,438,177 Gram tokens (formerly Toncoin) during Q2.
The $83.5M pre-tax income from continuing operations stemmed almost entirely from an $82.8M net fair value gain on digital assets, while core operating income remained modest at $479K.
For H1 2026, continuing operations consumed $10.6M in cash. Despite ending June with $29M in cash reserves and no debt, staking income alone failed to offset operational expenditures.
Protocol Upgrades Boosted Token Inflows
The firm attributed the 17% yield to Catchain 2.0, which accelerated TON’s mainnet block production from 2.5 seconds to ~400 milliseconds – a sixfold increase in block issuance rate.
Token rewards, recognized as non-cash consideration, allowed revenue accounting before cash conversion. The cash-flow statement separated token accruals from eventual cash generation.
The speed of Gram rewards distribution increased due to higher block frequency, though net gains depend on staked amounts and token pricing fluctuations.