TON Strategy earned $15 million from staking Gram, but its underlying cash profile remained weak as continuing operations used $10.6 million in cash in the first half. Fair-value gains made up 99.1% of Q2 pre-tax profit, showing that reported profitability depended mainly on mark-to-market asset revaluations rather than operating cash generation. The figures highlight a familiar tension in crypto-focused balance sheets, where accounting gains can outpace cash earnings.