Telegram revenue reaches $870 million despite losses from Toncoin and bond freezing

Telegram recorded $870 million in revenue in the first half of 2025, a 65% increase compared to the same period, mainly driven by the Toncoin ecosystem, although $500 million in bonds remain frozen in Russia. Approximately $300 million of revenue comes from activities related to Toncoin such as exclusive agreements, in-app purchases, and premium subscription packages.

Advertising revenue reached $125 million, while the subscription segment brought in $223 million. However, Telegram still posted a net loss of $222 million, due to a 69% decrease in Toncoin value, despite the company maintaining an operating profit of nearly $400 million.

During the period, Telegram sold over $450 million worth of TON, causing the digital asset value to drop to $787 million. TON is currently trading around $1.93, significantly below its all-time high. The company is also considering an IPO, but it has been delayed due to legal issues and the bonds remaining frozen.