Telegram‘s cryptocurrency assets experienced a remarkable increase, soaring to $1.3 billion in the first half of 2024, a significant rise from $400 million at the end of 2023. This growth was highlighted in a recent report by the Financial Times on November 26.
Initially, Telegram disclosed that its digital asset holdings were around $400 million. However, recent updates reveal that the company’s cryptocurrency investments have now exceeded the billion-dollar mark. The Financial Times detailed that Telegram’s financial statements indicated a threefold increase in the value of its cryptocurrency holdings.
Revenue and Cryptocurrency Sales
During the first six months of 2024, Telegram reported generating $525 million in revenue, marking a 190% increase from the same period in 2023. A substantial portion of this revenue, approximately $353 million, stemmed from cryptocurrency transactions.
Telegram’s Financial Gains
- Revenue from January to June 2024: $525 million
- Increase from H1 2023: 190%
- Income from selling cryptocurrency: $353 million
- Additional earnings from exclusivity deal: $225 million
A significant contributor to Telegram’s income was a now-concluded exclusivity agreement. This deal, which ended on October 1, designated TON tokens as the sole currency for ad purchases on the platform, bringing in an additional $225 million.
Telegram holds a considerable amount of TON tokens and is sensitive to market fluctuations. During the arrest of Telegram’s founder, Pavel Durov, the price of TON dropped by 25% to $5.24 but later recovered, reaching $6.32 on November 24, amidst a broader cryptocurrency market rally.
Pavel Durov’s Legal Ordeal
Durov faced legal difficulties when he was detained by French police on August 24 for alleged violations related to the encrypted messaging service. Charged with criminal offenses, he was required to post a $5.5 million bail. Despite these challenges, Durov expressed his willingness to exit markets that do not align with Telegram’s principles.
As of 2024, Telegram ranks among the top five most downloaded applications globally, boasting over 950 million monthly active users. The Dubai-based company continues to expand its reach and influence in the digital communication space.
| Data Point | H1 2023 | H1 2024 | Change |
|---|---|---|---|
| Total Revenue | $181 million | $525 million | 190% |
| Revenue from Crypto Sales | Not disclosed | $353 million | Significant |
| Price of TON (lowest) | Not applicable | $5.24 | N/A |
| Price of TON (highest) | Not applicable | $6.32 | N/A |
| User Base | Not disclosed | 950 million | Substantial growth |
Telegram’s strategic navigation through regulatory challenges and market fluctuations illustrates a robust approach to leveraging opportunities within the digital currency landscape. The company’s significant growth in cryptocurrency holdings and user base not only underscores its financial acumen but also reflects a broader trend of tech companies integrating digital assets into their economic frameworks. As Telegram continues to adapt and thrive, it sets a precedent for other tech entities looking to explore the potential of cryptocurrencies.
