TON Strategy, also identified as $TONX, reported $13.1 million in third-quarter revenue, primarily from GRAM staking rewards, down from $15 million in the second quarter because of a lower GRAM price. The company posted an approximately $24 million net loss, largely reflecting a $27.2 million unrealized fair value loss on its GRAM holdings, compared with an $82.8 million unrealized GRAM gain in the previous quarter. As of Sept. 30, TON Strategy held about 235.1 million GRAM tokens, including roughly 232.9 million staked at an annualized yield of approximately 16%. Its digital assets had a fair value of about $348.5 million. The company also repurchased approximately 1.8 million shares for around $5.7 million during the quarter.