PANews reported on November 26 that, according to unaudited financial statements, Telegram reported a massive increase in the value of its digital assets in the first half of 2024, rising from nearly $400 million at the end of last year to $1.3 billion. These documents indicate that this growth, along with the proceeds from the sale of the cryptocurrency Toncoin, closely related to itself, and another Toncoin-related transaction, provided financial cushioning for the Dubai-based company after its founder Durov encountered legal troubles; Durov is currently on bail in France.
According to financial statements, Telegram achieved $525 million in revenue in the six months ending in June, a 190% increase compared to the same period in 2023. The documents reveal that nearly half of the revenue (i.e., $225 million) came from a one-time transaction with an unnamed company. Under the terms of the deal, Telegram allowed the cryptocurrency Toncoin to be the sole method for small businesses to purchase advertising on the app in exchange for 'compensation.' The documents state that the exclusive agreement was terminated on October 1. Telegram stated in its disclosure that it 'holds a large amount of Toncoin and faces risks associated with fluctuations in the market value of Toncoin,' acknowledging that its price has been volatile since Durov's detention. In the first half of the year until June, the company generated $353 million from selling digital assets, followed by an additional $348 million in Toncoin sales. The company also achieved $335 million in after-tax profits in the first half of this year. These figures far exceed the full-year revenue of $342 million and a loss of $173 million in 2023, indicating that before Durov's detention, Telegram was on track to achieve its first annual profit.
