Telegram has emerged as a major player in the cryptocurrency market, with its crypto holdings skyrocketing to $1.3 billion in the first half of 2024 from $400 million at the end of 2023.
Financial disclosures from the Financial Times reveal that the company’s gains in crypto holdings, revenue from Toncoin sales, and a terminated exclusivity deal with Toncoin have significantly bolstered its finances.
Durov’s detainment in August over allegations tied to criminal activities on Telegram’s platform briefly shook investor confidence. Still, the company insists the episode has had no material impact on its operations.
Despite this growth, the Dubai-based messaging giant faces turbulence as its founder and CEO, Pavel Durov, contends with legal challenges in France.
This growth is majorly attributed to Telegram selling $353 million worth of digital assets in the first six months of 2024. The company further monetized Toncoin by securing a $225 million exclusivity deal that made the cryptocurrency the sole method for small businesses to purchase ads on its platform.
According to the disclosures, the platform’s cryptocurrency holdings tripled in value during the first half of 2024, reaching $1.3 billion.
Advertising revenue nearly doubled to $120 million, while premium subscriptions contributed $119 million, up from $32 million the previous year.
In total, Telegram recorded $525 million in revenue for the first half of the year, marking a 190% increase from the same period in 2023.
Sources familiar with the matter disclosed that Telegram tactically capitalized on favorable market conditions to sell portions of its crypto reserves, enhancing its revenue without compromising its long-term financial strategy focused on ads and subscriptions.