Telegram Boosts Profits Through Cryptocurrency AssetsThe Financial Times
reviewed Telegram's unaudited financial report, dated October 22, 2024, and addressed to investors.
Telegram reported a significant increase in the value of its digital assets during the first half of 2024, rising to
$1.3 billion from nearly
$400 million at the end of the previous year. This growth was largely driven by the sale of the cryptocurrency Toncoin.
The company's revenue for January to June 2024 reached
$525 million, nearly tripling compared to the same period last year. Of this,
$225 million came from a deal with an unnamed party, under which Telegram received compensation for making Toncoin the exclusive method for businesses to purchase advertising within the app. However, this agreement was terminated on October 1.
In the first half of the year, revenue from digital asset sales totaled
$353 million, with
$348 million coming from Toncoin sales alone.
Advertising revenue also saw growth, hitting
$120 million in the first six months of 2024—more than double compared to the previous year. Additionally, premium subscription sales surged to
$119 million, up from
$32 million.
Over its history, Telegram
has raised approximately
$2.4 billion in debt financing, which is due for repayment in 2026.
According to the documents, in September 2024, Telegram used a portion of its overall revenue to repurchase some of its bonds, amounting to
$124.5 million.
While Telegram’s bonds are still trading below face value, their prices have rebounded from the initial sell-off triggered by Pavel Durov’s detention. As of now, they are trading at 95 cents on the dollar, compared to 87 cents in August.
