TON Strategy Held 221.9 Million TON in First Quarter, With 26.18% of Network Staked

TON Strategy, a corporate holder of Toncoin, said it held about 221.9 million TON as of March 31, making it the largest publicly listed company focused on TON treasury operations.

In a statement released on May 12, the company said about 221.2 million TON of its total holdings were staked at the end of the first quarter.

Tonstat data show the holdings amount to about 4.29% of total TON supply. The company's staking infrastructure also accounts for about 26.18% of all TON staked across the network.

The value of TON Strategy's digital assets was about $272 million at the end of the first quarter.

The company said it earned about 2.2 million TON in staking rewards during the quarter, generating about $3 million in staking revenue.

Institutional demand related to TON has been expanding recently, the market says, following growth in the Telegram-based TON ecosystem and a network upgrade.

TON Strategy said the latest network upgrade improved block generation speeds and transaction processing times, while lowering fees and increasing throughput. The company said those changes strengthened TON's use cases in payments, Telegram-based applications, gaming, developer tools and artificial intelligence agents.

The company also said TON is particularly well suited to AI agent use cases.

Chief Executive Officer Kevin Wilson said TON combines programmable accounts operating inside Telegram with fast, low-cost payment functions. He added that the structure could eventually support AI agents interacting directly with services and conducting transactions within the TON ecosystem.

TON Strategy posted first-quarter revenue of $5.3 million and gross profit of $4 million. It reported an operating loss of $3.9 million and a pretax net loss of $91 million due to mark-to-market losses on TON holdings. About $87.9 million of that was tied to valuation losses on its TON position.

The company held about $35 million in cash and restricted cash at the end of the quarter and had no debt.