Breaking: Telegram Revenue Jumps To $870m In H1 2025; $2b Full-year Target: Ft

Telegram’s H1 2025 revenue climbed 65% to $870 million, while Toncoin write-downs and $500 million in frozen bonds have added pressure.

Update (Jan. 6, 1:20 pm UTC): This article has been updated with a statement from Telegram.

Cryptocurrency-friendly messenger Telegram boosted its operating revenue in 2025 as it explores a potential initial public offering (IPO).

Telegram’s revenues hit $870 million in the first half of 2025, up 65% from $525 million a year earlier, the Financial Times reported on Tuesday, citing unaudited financial statements.

About a third of that, or $300 million, came from “exclusivity agreements,” linked to earnings related to Telegram-connected cryptocurrency Toncoin (TON).

The report also said that $500 million of Telegram’s bonds have been frozen in Russia’s central securities depository due to Western sanctions, the FT said, citing anonymous sources.

Telegram posted a net loss of more than $220 million in H1 2025, compared with a $334 net profit in the first half of the previous year. The company targets $2 billion in revenue in 2025.

The loss reportedly came from Telegram having to write down the value of its holdings in Toncoin, which lost 69% of its value in 2025, according to CoinGecko.

“The company told investors it had sold more than $450 million in Toncoin in the year to date,” the report said.

By publishing time, the amount would account for about 10% of TON’s market capitalization of $4.6 billion, according to CoinGecko data.

Source: CoinTelegraph