CoinShares has updated its exchange-traded product (ETP) previously known as the CoinShares Toncoin ETP (CTON). Backed by the Gram token and now featuring a 10% staking reward, the ETP remains one of the notable offerings for exposure to The Open Network’s ecosystem. This article explores the product’s transition, features, and user implications, as well as risks and transparency considerations.
CTON ETP Product Features and Token Transition
CoinShares’ CTON product is structured to be fully backed by Gram, providing investors direct exposure to the underlying token while offering a competitive 10% reported staking reward with no annual management fee. Despite keeping the branding as the CoinShares Toncoin ETP, CoinShares’ latest documentation clarifies that Gram is now the backing asset.
This update follows a significant governance decision within The Open Network community. According to official product sources and corroborated reporting, a community vote concluded on June 8, 2026, with over 80% of governance votes supporting the rebranding of the token and ticker from Toncoin (TON) to Gram (GRAM). The change officially took effect on June 15, 2026. Importantly, this rebrand was cosmetic; the underlying blockchain, smart contracts, and user balances remained entirely unaffected. As a result, holders of the CoinShares Toncoin ETP were not required to take any action. The transition avoided complex and potentially risky migration processes.
It's worth noting that this seamless transition also prevents typical phishing and scam risks that commonly accompany token swaps. When projects require users to migrate tokens or interact with new smart contracts, bad actors often exploit such changes with fraudulent schemes. CoinShares’ approach ensured continuity and safety for their users.
Users should be aware, however, that product literature might reference both old and new asset names—Toncoin and Gram—during the reporting period in which the change took place. Staying alert to these references can help prevent confusion when reviewing portfolio statements and product documents. The ISIN for the CTON ETP (GB00BVBM1L91) has not changed, ensuring that institutional identifiers remain consistent regardless of the token’s rebrand.
Details and Practical Implications for Users
The CoinShares Toncoin ETP began trading in October 2025 and was initially physically backed by Toncoin. Since the rebrand, all technical documentation now references Gram as the default asset. However, the “CoinShares Toncoin ETP” name is still used in product listings, meaning that investors may find the two names interchangeably featured in official CoinShares sources.
The technical backing of the ETP did not change in any substantial way aside from the nomenclature. No new wallets, smart contract addresses, or blockchain protocols were introduced. This means users continued to access their balances using the same processes as before the rebrand. Smart contract logic for staking and reward accrual remained unaltered, and DeFi protocol interactions continued seamlessly.
The fact that no migration was required removed a layer of stress for ETP holders. Unlike other digital asset transitions—which often require users to claim, swap, or bridge tokens—CoinShares’ process eliminated exposure to common phishing and fraud tactics. This frictionless adjustment ensured that neither institutional nor retail users were put at operational risk due to the rebrand.
For those looking to further research or monitor developments around The Open Network and related products, the Latest TON news portal remains a good source for ongoing updates.
Staking Rewards Transparency and Associated Risks
CoinShares advertises the CTON product with a fixed 10.00% staking reward and a 0.00% annual fee, making it an attractive staking ETP on paper. According to recent reporting, the ETP is “100% physically backed by Gram (GRAM), with a 0.00% annual fee and 10.00% staking rewards,” giving it a compelling risk-adjusted yield in the current digital asset market environment.
However, there are key points for investors to consider. The available documentation does not fully detail the mechanisms by which these staking rewards are generated. Important details—such as validator selection criteria, custody practices, or protections against staking slashing risks—are not thoroughly explained in public disclosures. As a result, end users may find it more difficult to independently verify the sustainability of the advertised yields or the robustness of custody solutions.
Furthermore, both pre- and post-rebrand product documentation may use different terminology for the same underlying asset, potentially resulting in confusion or misinterpretation when calculating staking rewards or assessing past performance. Investors are advised to closely review the origin and calculations of all reported rewards and seek clarifications from CoinShares or its partners if needed.
Key Takeaways
The CoinShares Toncoin ETP—now technically backed by Gram—remains a competitive product for those seeking exposure to The Open Network. The ETP offers a 10% staking yield with no annual fee, and its seamless transition following the June 2026 rebrand demonstrates a strong commitment to user safety and operational continuity. Holders were unaffected by the rebrand: no wallet migrations, token claims, or smart contract changes were necessary.
Despite these strengths, prospective investors should remain alert to documentation discrepancies and the limited details on staking mechanisms and custody practices. As always, confirm the ISIN, scrutinize reward disclosures, and consult original product documentation for the most accurate information.