The link between Telegram’s financial performance and cryptocurrencies is growing stronger. According to unaudited financial statements cited by the Financial Times, the messenger’s operating revenue surged sharply in the first half of 2025. During this period, Telegram generated $870 million in revenue—up 65% from $525 million in the same period a year earlier.
Nearly one third of that total, around $300 million, came from exclusive deals directly tied to Toncoin, the native cryptocurrency of Telegram’s ecosystem.
These figures clearly demonstrate that revenue from TON-related activities is already rivaling traditional monetization channels such as advertising and paid subscriptions.
Toncoin’s Decline Led to Net Losses Despite Rising Revenue
Despite the strong top-line growth, the company still reported net losses of approximately $222 million in the first half of 2025. By comparison, Telegram posted a net profit of $334 million in the same period of 2024. This sharp reversal is largely explained by write-downs on Toncoin holdings after the token lost about 66% of its value in 2025.
At the same time, Telegram maintained operating profit of nearly $400 million, underscoring the resilience of its core business even amid crypto-related losses. Over the past two years, the impact of Toncoin’s price movements on the company’s financials has only intensified.
Premium subscriptions generated $223 million in the first half of 2025, while in-app purchases via the Fragment marketplace are heavily reliant on TON. Advertising revenue grew more modestly, reaching $125 million. Telegram also told investors that it has sold more than $450 million worth of Toncoin since the beginning of the year.
At the time the report was published, this amount represented roughly 10% of TON’s total market capitalization, which is approaching $4.6 billion. By the end of June, the company’s total digital asset holdings had fallen to $787 million, down from $1.3 billion a year earlier, due to both token sales and declining prices.
Toncoin is currently trading at around $1.93—well below its all-time high of $8.25, but still about 60% higher than a year ago.
Frozen Bonds Cloud the Picture
While Telegram continues to grow revenue, it is also grappling with significant financial challenges related to its debt obligations. Roughly $500 million worth of the company’s bonds have been frozen in Russia’s Central Securities Depository as a result of Western sanctions. In recent years, Telegram has actively issued new bonds, including a $1.7 billion offering in May, part of which was used to refinance existing debt.
Although the platform has redeemed most of the bonds maturing in 2026, the frozen tranche highlights its ongoing exposure to Russian capital markets. Telegram has informed bondholders of its intention to redeem the affected securities at maturity, leaving intermediaries to determine whether payments will ultimately reach Russian investors.
This disclosure comes as Telegram founder Pavel Durov considers a potential initial public offering, although the process has slowed significantly due to legal proceedings in France. Since 2024, Durov has been under formal investigation over allegations that the platform failed to adequately address criminal content.
Bondholders are closely monitoring developments, as Telegram’s recent debt instruments include options to convert bonds into equity at a discount in the event of an IPO. The platform’s revenue growth is directly tied to its scale: monthly active users have surpassed 1 billion, daily active users are nearing 500 million, and the number of paid subscriptions has grown from 4 million at the end of 2023 to 15 million today.
