Coaxial to Optical with Sonos Ray?

Hi

Our Kitchen TV is a 32” JVC and the Ray is on offer for £218 on Amazon vs the Beam Gen 2 for almost twice that, plus the Beam is bigger so the Ray would fit better under the TV/

Anyway, my TV has no Optical out natively but it does have a Coaxial port called Digital Audio Output (Coaxial).

Could I use this? If I am forced to spend another £200 on a beam, I will probably stick with the Ray option and just upgrade the TV to a newer model as its not Smart anyway.

Thanks