According to ChainCatcher, DeFi researcher Ignas posted on the X platform that 40% of Telegram's revenue comes from cryptocurrencies, including integrated wallets (storing, sending, receiving and trading cryptocurrencies) and selling digital collectibles (such as usernames and virtual phone numbers).

Overall, Telegram's revenue in 2023 was $342.5 million, but it still lost $108 million at the end of the year. However, its balance sheet shows that it has nearly $400 million in cryptocurrency holdings (TON), which is more than the cash they hold.