In the first half of 2025, Telegram’s revenue soared to an impressive $870 million, marking a 65% surge compared to $525 million during the same period last year.
The core driver behind this growth comes from its in-ecosystem cryptocurrency, Toncoin (TON). Exclusive agreements related to TON contributed approximately $300 million in revenue, accounting for one-third of Telegram’s total earnings.
01 Revenue Surge and Annual Targets
Telegram’s financial performance is experiencing unprecedented acceleration. According to unaudited financial data reported by the Financial Times, this crypto-friendly messaging platform generated $870 million in revenue during the first half of 2025.
This figure represents a staggering 65% increase compared to the $525 million reported in the first half of 2024.
The company, wholly owned by founder Pavel Durov, has set an ambitious goal of $2 billion in revenue for the full year of 2025. With $870 million already achieved in the first half, Telegram must generate an additional $1.13 billion in the second half to reach its annual target.
Telegram’s commercialization efforts appear to be accelerating. In contrast to $1.4 billion in revenue and $540 million in net profit for 2024, the platform reported a $173 million net loss in 2023. This dramatic shift from heavy losses to substantial profitability marks the successful execution of its monetization strategy.
02 Growth Engine: Commercialization of the Crypto Ecosystem
Financial data shows that Telegram’s growth is largely fueled by its deep integration with the crypto ecosystem. Of the $870 million in first-half revenue, about $300 million came from so-called "exclusive partnership agreements" closely tied to Telegram’s native cryptocurrency, Toncoin (TON).
This means revenue generated from TON-related activities now rivals traditional income sources such as advertising and subscription services.
Beyond exclusive agreements, Telegram’s other business lines have also shown robust growth. Premium subscription services contributed $223 million in revenue, while advertising income climbed to $125 million.
Notably, Telegram’s Fragment marketplace and various in-app purchases rely heavily on TON for settlement, further deepening the company’s connection to the crypto ecosystem.
The platform’s user base continues to expand, now boasting over 1 billion monthly active users, with around 500 million daily active users. Paid subscribers have surged from 4 million at the end of 2023 to 15 million, reflecting strong demand for value-added services.
03 Net Losses: The Crypto Logic
Despite strong revenue performance, Telegram posted a net loss of over $220 million in the first half of 2025, a stark contrast to the $334 million net profit reported for the same period in 2024.
This dramatic swing from profit to loss is primarily attributed to the impairment of Telegram’s Toncoin holdings.
According to CoinGecko, Toncoin’s price fell by roughly 69% during 2025. This sharp depreciation forced Telegram to write down its crypto assets, resulting in significant financial losses.
Ironically, Telegram’s own large-scale sell-off may have contributed to the decline in TON prices. The company disclosed to investors that it sold over $450 million worth of TON tokens during the year. Based on market data at the time of reporting, this sell-off accounted for about 10% of TON’s total market capitalization of $4.6 billion.
By the end of June, Telegram’s total digital assets had dropped from $1.3 billion a year earlier to $787 million, with the decline mainly due to token sales and falling prices.
04 Risks and IPO Outlook
While Telegram continues to benefit from its crypto ecosystem, it also faces a series of risk challenges. Approximately $500 million in company bonds have been frozen at Russia’s central securities depository due to Western sanctions against Russia.
Although a Telegram spokesperson stated that these bonds were issued in 2021 and the company "does not rely on Russia or Russian capital," the situation highlights Telegram’s exposure to risks in Russia.
Telegram has issued several bonds in recent years, including $1.7 billion in convertible bonds in May 2025. Current backers include investment giant BlackRock and Abu Dhabi’s sovereign wealth fund Mubadala. Reports indicate the company has repurchased most of the bonds due to mature in 2026.
Founder Pavel Durov is also facing a formal investigation by French authorities, who allege the platform has not adequately addressed criminal content. This legal uncertainty is considered a key obstacle to Telegram’s potential IPO process.
Partnerships with xAI—integrating the Grok chatbot and sharing revenue—may offer new growth opportunities for Telegram, although specific terms have not been disclosed.
05 Gate’s Perspective: Crypto Ecosystem and Trading Market Dynamics
For traders and investors on Gate, Telegram’s financial report offers a prime example of how the crypto ecosystem is merging with traditional business models. As one of the world’s leading crypto-friendly social platforms, Telegram’s path to commercialization directly influences the broader direction of the crypto market.
Currently, Toncoin (TON) trades at around $1.93. Although this is a sharp drop from its all-time high of $8.25, it still represents an increase of more than 60% compared to a year ago. These price swings highlight the high volatility inherent in the crypto market.
Telegram’s financials also underscore a common challenge for crypto projects: overreliance on a single asset. When one-third of a company’s total revenue is directly tied to TON’s price performance, market fluctuations have an outsized impact on financial health—a warning for any project deeply linked to its own token.
For those monitoring this space, tracking TON and related ecosystem projects in real time on Gate is especially important. The platform’s up-to-date data and analytical tools can help investors make more informed decisions.
Telegram’s commercialization journey also validates the vast potential of the "social + finance" model. As more social platforms explore similar monetization strategies, cryptocurrencies will continue to strengthen their role as vehicles for value transfer, potentially creating new trading opportunities and market trends.
06 Conclusion
Telegram’s financial performance in the first half of 2025 presents a complex but thought-provoking picture. On one hand, $870 million in revenue and 65% year-over-year growth highlight the company’s remarkable success in monetization.
On the other hand, a net loss exceeding $220 million reveals the significant impact of crypto asset price volatility on emerging business models.
To achieve its full-year revenue target of $2 billion, Telegram must generate $1.13 billion in the second half, requiring the company to not only maintain its current growth momentum but also further diversify its revenue streams.
The challenges facing Telegram are substantial—from $500 million in frozen bonds, to founder Durov’s legal troubles in France, and its heavy dependence on the TON ecosystem. These intertwined risks make the company’s future IPO prospects highly uncertain.
For observers and participants in the crypto industry, Telegram’s story serves as a real-world lesson on balancing innovation, growth, and risk. As social platforms and crypto ecosystems become increasingly intertwined, similar business models may become more common, and Telegram’s successes and setbacks will offer valuable insights for the entire industry.
When exploring the crypto world, a diversified portfolio and thorough risk assessment remain the foundation for long-term participation in this innovative space.
