TON Strategy records Gram tokens as non-cash consideration — meaning the company books revenue when it earns the tokens, not when it sells them for cash. Gram Holdings and Custody SetupAs of June 30, TON Strategy held 230.5 million Gram tokens in total. The Cash Flow Problem Isn’t Going AwayHere’s the core tension: TON Strategy earns most of its revenue in Gram tokens, not dollars. TON Strategy earned $15 million in staking revenue during Q2 2026, generated by staking 9,438,177 Gram tokens at a 17% annualized gross yield. As of June 30, TON Strategy held 230.5 million Gram tokens, with 229.9 million staked — about 4.4% of total supply and roughly 35% of all staked Gram on the network.