Telegram Sells $450M In Toncoin As Token Plunges: Report

Replace (Jan. 6, 1:20 pm UTC): This text has been up to date with a press release from Telegram.

Cryptocurrency-friendly messenger Telegram boosted its working income in 2025 because it explores a possible preliminary public providing (IPO).

Telegram’s revenues hit $870 million within the first half of 2025, up 65% from $525 million a yr earlier, the Monetary Occasions reported on Tuesday, citing unaudited monetary statements.

A few third of that, or $300 million, got here from “exclusivity agreements,” linked to earnings associated to Telegram-connected cryptocurrency Toncoin (TON).

The report additionally mentioned that $500 million of Telegram’s bonds have been frozen in Russia’s central securities depository resulting from Western sanctions, the FT mentioned, citing nameless sources.

Telegram reportedly sells $450 million in TON

Telegram posted a internet lack of greater than $220 million in H1 2025, in contrast with a $334 internet revenue within the first half of the earlier yr. The corporate targets $2 billion in income in 2025.

The loss reportedly got here from Telegram having to jot down down the worth of its holdings in Toncoin, which misplaced 69% of its worth in 2025, in keeping with CoinGecko.

“The corporate informed buyers it had offered greater than $450 million in Toncoin within the yr up to now,” the report mentioned.

By publishing time, the quantity would account for about 10% of TON’s market capitalization of $4.6 billion, in keeping with CoinGecko information.

Telegram denies publicity to Russia

Addressing the bond freeze in Russia, a spokesperson for Telegram mentioned that $500 million determine refers to a bond subject from 2021. The consultant famous that Telegram’s newest bond providing in 2025 excluded participation by Russian buyers.

“Telegram shouldn’t be depending on Russia or Russian capital and doesn’t face bond-related points resulting from sanctions,” the spokesperson mentioned, including:

“Sanctions don’t create dangers for Telegram: underneath normal observe, funds for bond compensation are transferred to a world middleman, and subsequent funds to bondholders are exterior the corporate’s accountability, even when some holders are unable to obtain them.”

Telegram launched a number of bond choices lately, together with a $1.7 billion convertible bond providing issued in Might 2025. The sale reportedly featured current backers, together with funding large BlackRock and Abu Dhabi’s funding agency Mubadala.

In line with FT sources, Telegram purchased again many of the bonds maturing in 2026.

Associated: ‘Blended yr for IPOs’ as crypto pulls down US IPO efficiency

The report comes amid Telegram CEO Pavel Durov remaining underneath formal investigation in France over the platform’s alleged failure to deal with criminality, together with youngster abuse content material.

In a current name with some bondholders, Telegram reportedly mentioned it continued to cooperate with authorities relating to Durov’s case and that it wanted extra decision earlier than the corporate might proceed with a public market itemizing.

Cointelegraph additionally sought remark from Telegram on its 2025 financials and TON holdings, however the firm didn’t handle both in its response.