Telegram’s cryptocurrency assets soared to $1.3 billion in the first half of 2024, marking a significant leap from $400 million at the close of 2023, according to a report from the Financial Times (FT). This increase was fueled by Toncoin sales, strategic deals, and favorable market conditions.
Rapid Growth in Digital Assets
Telegram’s financial statements revealed a near tripling of its crypto holdings in just six months. While the company had previously disclosed $400 million in digital assets, new data confirmed its holdings exceeded the $1 billion mark by mid-2024.
Key contributors to this growth include:
- Toncoin Sales: Telegram earned $353 million by selling Toncoin during this period.
- Strategic Agreements: The company also benefited from a $225 million exclusivity deal related to The Open Network (TON), which designated Toncoin as the sole currency for purchasing advertisements on Telegram until the agreement ended in October.
These gains have provided financial stability for the company, particularly amid ongoing legal challenges faced by its founder.
Revenue Soars Amid Crypto Sales
From January to June 2024, Telegram reported $525 million in revenue—a remarkable 190% increase compared to the previous year. Crypto-related activities, including Toncoin sales and the terminated exclusivity deal, played a pivotal role in this financial upswing.
Despite a 25% dip in Toncoin’s price during founder Pavel Durov’s arrest, the asset rebounded, reaching $6.32 by late November, aligning with a broader cryptocurrency market recovery. Telegram retains a significant stake in Toncoin, remaining highly exposed to its market fluctuations.
Legal Troubles for Founder Pavel Durov
In August 2024, Telegram founder Pavel Durov faced legal issues in France, where he was detained at Le Bourget airport for alleged regulatory violations. After posting $5.5 million bail, Durov was released but barred from leaving France.
Expressing his frustration, Durov stated that Telegram adheres to compliance measures through a European Union representative and would consider withdrawing from markets incompatible with the platform’s principles.
Telegram’s Expanding Reach
Despite legal setbacks, Telegram continues its global ascent, with over 950 million active users reported in 2024. As one of the top five most downloaded apps worldwide, the Dubai-based company remains a major player in the tech landscape.
