Telegram’s cryptocurrency holdings surged from $400 million at the end of 2023 to $1.3 billion in the first half of 2024, fueled by profits from Toncoin (TON) sales and strategic agreements related to The Open Network (TON), according to a report by the Financial Times (FT) on November 26. This growth positions Telegram as a significant player in the digital asset market amid a challenging year for its founder, Pavel Durov.
Key Highlights: Telegram’s Financial Growth in H1 2024
Crypto Holdings Surge: Telegram’s crypto assets nearly tripled, reaching $1.3 billion, as reflected in the company’s financial statements.
Revenue Growth: Telegram generated $525 million in revenue in H1 2024, marking a 190% increase compared to the previous year.
Toncoin Sales: The platform earned $353 million from selling Toncoin in the first six months of 2024.
Ad Exclusivity Deal: Telegram received $225 million from an exclusivity deal, which made TON tokens the sole currency for purchasing ads on the platform. This arrangement, which ended on October 1, provided a substantial financial buffer.
Toncoin Performance and Market Impact
Telegram holds a “significant” amount of Toncoin, making it vulnerable to TON market fluctuations. Following the arrest of founder Pavel Durov in France, Toncoin’s price temporarily dropped by 25% to $5.24. However, the asset rebounded alongside a broader cryptocurrency rally, reaching $6.32 on November 24, according to Cointelegraph Markets Pro.
Future Prospects and Crypto Integration
Telegram’s rapid revenue and crypto asset growth highlight its resilience and innovation in monetizing its platform through cryptocurrency. The rise in Toncoin-related profits and strategic deals have provided a solid financial foundation, even amid legal scrutiny.
With its significant Toncoin holdings and active role in the crypto ecosystem, Telegram is poised to remain a key player in the blockchain and digital assets space. Analysts view its crypto-driven growth as a model for other tech firms exploring blockchain integration.
