TON Strategy reported $83.5 million in pre-tax income in H1, but nearly all of that total, 99.1%, came from fair-value gains (mark-to-market increases) rather than operating cash flow. Its operations used $10.6 million in cash during the first half, while $15 million of staking (locking tokens to earn yield) revenue was recognized in tokens. The figures highlight a common tension in crypto-focused businesses: reported earnings can rise with token valuations and non-cash token income even as cash generation remains weak.