Telegram revenue rises 65% to $870 million thanks to Toncoin Boost, despite $500 million bond freeze: report

Telegram’s finances are increasingly shaped by its growing ties to crypto, although legal pressure and geopolitical risks complicate the situation.

A Financial Times report showed an unaudited financial statement that the messaging platform recorded a sharp increase in operating revenue in the first half of 2025.

Telegram achieved total revenue of 870 million in the first half of 2025, an increase of 65% from 525 million in the previous year.

Nearly a third of this sum, or around $300 million, was obtained through so-called exclusivity agreements, strongly linked to Toncoin, the cryptocurrency of the Telegram ecosystem.

The figures show how revenue from TON-related activities now rivals more traditional revenue streams such as advertising and subscriptions.

Toncoin decline sends Telegram to net loss despite revenue gains

The revenue growth occurred despite Telegram posting a net loss of approximately $222 million for the period.

That compares to a net profit of $334 million in the first half of 2024. The move was largely driven by a depreciation in the value of the company’s Toncoin holdings after the token lost about 69% of its value in 2025, according to CoinGecko data.

Telegram still made an operating profit of almost $400 million, indicating that the underlying business remained profitable before factoring in crypto-related losses.

Toncoin’s role in Telegram’s finances has continued to grow over the past two years.

Premium subscriptions, which reached $223 million in revenue in the first half of 2025, and various in-app purchases through Telegram’s Fragment marketplace rely heavily on TON for settlement.

Advertising revenue grew more modestly to $125 million over the same period, with Telegram telling investors it had sold more than $450 million worth of Toncoin in the year to date.

At the time of writing, this amount represented approximately 10% of TON’s total market capitalization of nearly $4.6 billion.

At the end of June, the company’s total digital asset holdings decreased to $787 million from $1.3 billion a year ago, driven by sales volumes and falling token prices.

Toncoin is also trading at around $1.93, which is low from its all-time high of $8.25, but still up over 60% over the last year.

Frozen bonds cast shadow over Telegram’s financial gains

Along with its improving revenue, Telegram faces distinct financial pressure related to its debt.

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

Telegram has launched several bond offerings in recent years, including a $1.7 billion issue in May, in part to buy back existing debt.

Although the company has repurchased most of the bonds maturing in 2026, the frozen tranche reflects its continued exposure to Russian capital markets.

Telegram has told bondholders that it intends to repay the affected bonds at maturity, leaving it to intermediaries to determine whether payments can reach Russian holders.

The disclosure comes as founder Pavel Durov explores a possible IPO, a process that has been slowed by legal proceedings in France.

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

Bondholders are closely watching the outcome, as Telegram’s recent debt offerings include options to convert the bonds into shares at a discounted price if an IPO occurs.

Telegram’s revenue growth is supported by scale, as the platform has surpassed 1 billion monthly users, or around 500 million per day, while paid subscriptions have increased from 4 million at the end of 2023 to 15 million.

Post Telegram Revenue Rises 65% to $870M on Toncoin Boost, Despite $500M Bond Freeze: The report appeared first on Cryptonews.

Source link