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Telegram Revenue Surges 65% to $870M on Toncoin Boost, Despite $500M Bond Freeze: Report

Telegram’s funds are more and more being formed by its deepening ties to crypto, whilst authorized stress and geopolitical dangers complicate the image.

A Financial Times report showed an unaudited monetary assertion that the messaging platform registered a steep improve in working income within the first half of 2025.

Telegram earned income of a complete of 870 million through the first half of 2025, a 65% improve in contrast to the earlier 12 months’s 525 million.

Almost a 3rd of that sum, roughly $300 million, was obtained by means of so-called exclusivity offers, that are strongly tied to Toncoin, the cryptocurrency of the Telegram ecosystem.

The figures present how income tied to TON-related exercise is now rivaling extra conventional revenue streams corresponding to promoting and subscriptions.

Toncoin Decline Drags Telegram to Net Loss Despite Revenue Gains

The income progress got here regardless of Telegram posting a internet lack of roughly $222 million for the interval.

That compares with a internet revenue of $334 million within the first half of 2024. The swing was largely pushed by a write-down within the worth of the corporate’s Toncoin holdings after the token misplaced about 69% of its worth throughout 2025, data from CoinGecko exhibits.

Source: CoinGecko

Telegram nonetheless achieved an working revenue of almost $400 million, indicating that the underlying enterprise remained worthwhile earlier than accounting for crypto-related losses.

Toncoin’s position in Telegram’s funds has expanded steadily over the previous two years.

Premium subscriptions, which reached $223 million in income within the first half of 2025, and varied in-app purchases by means of Telegram’s Fragment market rely closely on TON for settlement.

Advertising income rose extra modestly to $125 million over the identical interval as Telegram advised traders that it offered greater than $450 million value of Toncoin through the 12 months to date.

At the time of reporting, that quantity represented roughly 10% of TON’s whole market capitalization, which stands close to $4.6 billion.

At the tip of June, the entire holdings of digital belongings of the corporate decreased to $787 million towards $1.3 billion a 12 months in the past, due to the sale volumes and the discount in token costs.

Toncoin additionally trades at an approximate of $1.93, which is low in contrast to its all-time high of $8.25 however continues to be up over 60% during the last 12 months.

Frozen Bonds Cast Shadow Over Telegram’s Financial Gains

Alongside its bettering income, Telegram is contending with a separate monetary pressure tied to its debt.

About $500 million of the corporate’s bonds have been frozen in Russia’s central securities depository due to Western sanctions imposed after Russia’s invasion of Ukraine.

Telegram has launched a number of bond choices lately, including a $1.7 billion issuance in May, partly to purchase again present debt.

While the corporate has repurchased most bonds maturing in 2026, the frozen tranche displays ongoing publicity to Russian capital markets.

Telegram has advised bondholders it intends to repay the affected bonds at maturity, leaving it to intermediaries to decide whether or not funds can attain Russian holders.

The disclosure comes as founder Pavel Durov explores a possible preliminary public providing, a course of that has been slowed by legal proceedings in France.

Durov has been under formal investigation since 2024 over allegations that Telegram failed to adequately handle prison content material on the platform.

Bondholders are intently watching the end result, as Telegram’s latest debt choices embrace choices to convert bonds into fairness at a reduction if an IPO goes forward.

Source: Backlinko

Telegram’s income progress is underpinned by scale, because the platform has surpassed 1 billion month-to-month customers, round 500 million each day, whereas paid subscriptions rose to 15 million from 4 million in late 2023.

The submit Telegram Revenue Surges 65% to $870M on Toncoin Boost, Despite $500M Bond Freeze: Report appeared first on Cryptonews.

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