Telegram's cryptocurrency holdings exceed $1.3 billion
Telegram’s cryptocurrency holdings have seen massive growth, rising from $400 million at the end of 2023 to $1.3 billion in the first half of 2024. According to the Financial Times, this sharp rise is due to several factors, including increased investments in digital assets and profits from TON sales and deals related to the Open Network (TON). Despite the legal challenges facing its founder, Telegram has managed to strengthen its financial presence in the cryptocurrency world.
Telegram saw massive revenue growth in the first half of 2024, reaching $525 million, up 190% year-over-year. Cryptocurrency sales accounted for about $353 million of the total. A deal with an undisclosed entity also brought in an additional $225 million, with TON digital actresses becoming the only way to buy ads on the platform until October 1.
Telegram owns a large amount of TON, making it vulnerable to price fluctuations. The price of TON fell by 25% to $5.24 during the period when Telegram founder Pavel Durov faced legal challenges. This drop reflected concerns about the impact of these cases on the future of the project. However, the coin saw a significant recovery in the following weeks, supported by the general improvement in the cryptocurrency market, reaching a new high of $6,657.
