stable coins
By Bruce Buterin
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What Catchain 2.0 Changed. A lot of the staking revenue story runs through one protocol upgrade: Catchain 2.0.
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Gram Holdings and Custody Setup. As of June 30, TON Strategy held 230.5 million Gram tokens in total. Of those, 229.
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The Cash Flow Problem Isn't Going Away. Here's the core tension: TON Strategy earns most of its revenue in Gram tokens, not dollars.
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TON Strategy pulled in $15 million from staking in Q2. But the cash burn tells a different story.
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The company staked 9,438,177 Gram tokens — the native currency of the TON blockchain — and posted a 17% annualized gross staking yield for the quarter.
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Pre-tax income came in at $83.5 million. That sounds huge. Most of it, $82.8 million, was a net fair value gain on digital assets — basically an accounting mark on tokens the…
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A lot of the staking revenue story runs through one protocol upgrade: Catchain 2.0. The update cut the TON mainnet block interval down to roughly 400 milliseconds, which works…
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The upgrade also complicated the financials a bit. Protocol changes like Catchain 2.0 affected token issuance rates, which fed into income recognition.
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As of June 30, TON Strategy held 230.5 million Gram tokens in total. Of those, 229.9 million were actively staked. That's roughly 4.
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BitGo and Blockchain.com manage those holdings through dedicated pools. Both use third-party infrastructure to handle validator operations.
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Related: eToro Pays Up to $231 Million for TradeZero in Its Biggest 2026 U.S. Equities Bet
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The company carries no debt right now. Cash and restricted cash together came to nearly $29 million as of the period end, which takes some of the immediate pressure off. But $10.
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Here's the core tension: TON Strategy earns most of its revenue in Gram tokens, not dollars. The amount of Gram staked matters. The market price of Gram matters.
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If Gram's price drops, the dollar value of staking rewards drops with it — even if the token volume stays the same. And the operating expenses don't adjust automatically.
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The company's filing was pretty direct about this. The value of Gram rewards and how network conditions evolve will be central to whether staking income can actually cover…
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