TON Strategy Q2 FY26 earnings call TONX

The company reported significant growth in its GRAM holdings and staking rewards. At June 30, 2026, total GRAM holdings reached approximately 230.5 million, with 229.9 million GRAM deployed in staking. In Q2 FY26, the company earned approximately 9.4 million GRAM, a substantial increase from 2.2 million in Q1 FY26, and recognized $15 million in staking revenue. Since staking operations began in August 2025, the Treasury has earned approximately 13.8 million GRAM and generated $22 million in cumulative staking revenue, demonstrating a powerful compounding effect.

TON Strategy Company largely completed actions to discontinue inherited VERB legacy operations in Q2 FY26. This involved terminating vendor agreements, reducing contractor and personnel expenses, and exiting lower-margin service contracts. These actions are expected to remove approximately $4 million to $5 million of inherited annual operating costs from the existing cost base, with the majority of savings anticipated to become visible in Q4 FY26. The simplification aims to focus the business around the GRAM Treasury and the TON ecosystem.

The TON network underwent several significant technical improvements and a rebrand during the quarter. On April 9th, the CACHEIN 2.0 consensus upgrade reduced blockchain times to ~400 milliseconds and transaction finality to ~1 second. Later in April, a validator software update reduced transaction fees approximately sixfold. Further upgrades in June improved validator communication and network traffic. Additionally, the TON community approved the rebrand of Toncoin to GRAM on June 8th, restoring its original identity and distinguishing the network from its native currency.

Management introduced a capital allocation framework centered on three pillars: 'own, advance, and compound.' 'Own' refers to maintaining the strategic GRAM position and participating in network security through staking, focusing on GRAM per share. 'Advance' reflects using their position to invest in, acquire, or partner with businesses that promote the TON ecosystem's growth. 'Compound' evaluates capital allocation decisions based on increasing long-term value per share, competing against alternatives like GRAM purchases, share repurchases, and maintaining liquidity.

The company articulated a long-term vision for TON as core infrastructure for asset ownership and transactions on the internet, particularly within Telegram. This includes supporting payments, financial services, and AI agent applications. Fast settlement, low transaction costs, and scalability make TON suitable for high-volume, always-on applications. AI agents, acting on behalf of users, could initiate a much larger number of small, recurring, and automated transactions, expanding transaction frequency across TON and strengthening the long-term opportunity of the company's substantial GRAM treasury position.