Replace (Jan. 6, 1:20 pm UTC): This text has been up to date with a press release from Telegram.
Cryptocurrency-friendly messenger Telegram boosted its working income in 2025 because it explores a possible preliminary public providing (IPO).
Telegram’s revenues hit $870 million within the first half of 2025, up 65% from $525 million a 12 months earlier, the Monetary Instances reported on Tuesday, citing unaudited monetary statements.
A few third of that, or $300 million, got here from “exclusivity agreements,” linked to earnings associated to Telegram-connected cryptocurrency Toncoin (TON).
The report additionally mentioned that $500 million of Telegram’s bonds have been frozen in Russia’s central securities depository as a consequence of Western sanctions, the FT mentioned, citing nameless sources.
Telegram reportedly sells $450 million in TON
Telegram posted a web lack of greater than $220 million in H1 2025, in contrast with a $334 web revenue within the first half of the earlier 12 months. The corporate targets $2 billion in income in 2025.
The loss reportedly got here from Telegram having to put in writing down the worth of its holdings in Toncoin, which misplaced 69% of its worth in 2025, in accordance to CoinGecko.
“The corporate advised buyers it had offered greater than $450 million in Toncoin within the 12 months to this point,” the report mentioned.
By publishing time, the quantity would account for about 10% of TON’s market capitalization of $4.6 billion, in keeping with CoinGecko information.
Telegram denies publicity to Russia
Addressing the bond freeze in Russia, a spokesperson for Telegram mentioned that $500 million determine refers to a bond situation from 2021. The consultant famous that Telegram’s newest bond providing in 2025 excluded participation by Russian buyers.
“Telegram is just not depending on Russia or Russian capital and doesn’t face bond-related points as a consequence of sanctions,” the spokesperson mentioned, including:
“Sanctions don’t create dangers for Telegram: underneath customary apply, funds for bond reimbursement are transferred to a world middleman, and subsequent funds to bondholders are outdoors the corporate’s accountability, even when some holders are unable to obtain them.”
Telegram launched a number of bond choices lately, together with a $1.7 billion convertible bond providing issued in Could 2025. The sale reportedly featured current backers, together with funding large BlackRock and Abu Dhabi’s funding agency Mubadala.
In response to FT sources, Telegram purchased again many of the bonds maturing in 2026.
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The report comes amid Telegram CEO Pavel Durov remaining underneath formal investigation in France over the platform’s alleged failure to deal with criminality, together with little one abuse content material.
In a latest name with some bondholders, Telegram reportedly mentioned it continued to cooperate with authorities relating to Durov’s case and that it wanted extra decision earlier than the corporate may proceed with a public market itemizing.
Cointelegraph additionally sought remark from Telegram on its 2025 financials and TON holdings, however the firm didn’t deal with both in its response.
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