Telegram reported operating revenue of $870 million for the first half of 2025, reflecting a 65% increase from $525 million in the same period last year. Approximately $300 million of this total came from Toncoin-related exclusivity deals, highlighting the increasing contribution of cryptocurrency-linked income streams.
While advertising revenue grew modestly to $125 million and premium subscriptions reached $223 million, Toncoin transactions through Telegram’s Fragment marketplace now represent a significant share of the company’s financial performance. The messaging platform achieved an operating profit near $400 million, indicating profitability before accounting for cryptocurrency losses.
Impact of Toncoin Decline on Net Results
Despite strong revenue growth, Telegram posted a net loss of $222 million, compared with a net profit of $334 million in H1 2024. The swing is largely attributed to a write-down in Toncoin holdings after the token declined roughly 69% over 2025.
Telegram’s total digital asset holdings decreased to $787 million from $1.3 billion year-over-year due to both token depreciation and ongoing asset sales, which included more than $450 million worth of Toncoin. Toncoin remains near $1.93, well below its all-time high of $8.25, though up 60% over the past year.
Debt and Regulatory Considerations
Telegram’s growth comes alongside financial and regulatory pressures. Roughly $500 million of the company’s bonds are frozen in Russia’s central securities depository due to Western sanctions, though the firm plans repayment at maturity. Founder Pavel Durov’s exploration of an initial public offering has been delayed by legal proceedings in France related to platform content moderation.
The combination of rising Toncoin-linked revenue, subscription growth to 15 million, and ongoing user expansion (over 1 billion monthly users) demonstrates the firm’s scale, yet regulatory and market risks continue to influence strategic financial decisions.