Telegram’s Crypto Holdings Surge Amid Record Revenue Growth

Telegram’s cryptocurrency portfolio has seen remarkable growth, reaching $1.3 billion in the first half of 2024, according to a recent Financial Times report.

This marks a significant increase from the $400 million reported at the end of 2023. The company’s crypto assets nearly tripled in value during this period, with profits from selling Toncoin (TON) and a strategic deal involving The Open Network contributing to this surge.

Telegram’s financial performance also saw a substantial boost in 2024, with revenue hitting $525 million in the first half of the year. This represents a 190% increase from the previous year. A key factor in this jump was a $353 million gain from cryptocurrency sales, coupled with $225 million from an exclusivity deal that made TON tokens the primary currency for advertising purchases on the platform. Although the deal ended in October, the financial impact was still felt during the first half of the year.

The company’s holdings in TON have exposed it to market fluctuations. For instance, when Telegram founder Pavel Durov was arrested in August, TON’s price dipped by 25% but recovered swiftly following a broader crypto market rally. By late November, TON had risen to $6.32 from a low of $5.24.

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Durov’s legal issues also made headlines. In late August, he was arrested in France over alleged violations tied to the platform, with French authorities charging him with criminal offenses. Despite the arrest, Durov expressed surprise, noting that Telegram has a European Union representative for regulatory matters. Telegram remains one of the most popular apps globally, nearing 950 million monthly active users as of 2024.

Alexander Zdravkov