Catenaa, Saturday, January 10, 2026-Telegram reported $870 million in revenue for the first half of 2025, a 65% increase from the prior year, driven largely by its Toncoin ecosystem, even as a $500 million bond tranche remains frozen in Russia.
The surge reflects growing crypto integration, with about $300 million of revenue linked to Toncoin-related activity, including exclusivity deals, in-app purchases, and premium subscriptions.
Advertising revenue rose modestly to $125 million, while subscription income reached $223 million. Despite the revenue increase, Telegram posted a net loss of $222 million, primarily due to a 69% drop in Toncoin’s market value.
The company maintained an operating profit of nearly $400 million, signaling a profitable core business before crypto-related adjustments.
Toncoin continues to play a central role in Telegram’s finances. The platform sold over $450 million in TON during the period, representing roughly 10% of the token’s $4.6 billion market capitalization.
Holdings of digital assets declined to $787 million from $1.3 billion a year earlier, reflecting token sales and price reductions. TON currently trades near $1.93, down from its $8.25 all-time high but up over 60% year-on-year.
Alongside crypto volatility, Telegram faces debt challenges. Roughly $500 million in bonds are frozen in Russia due to sanctions, though the company has repurchased most other 2026-maturing debt.
Founder Pavel Durov is also exploring an IPO, delayed by ongoing legal scrutiny in France. The frozen bonds could affect conversion options tied to the offering.
Telegram’s revenue growth is supported by scale, with over 1 billion monthly users and 15 million paid subscribers, underscoring the company’s increasing reliance on digital assets as part of its business model.
