Telegram sees crypto holdings surge to $1.3 Billion in first half of 2024

Telegram's digital asset holdings increased from $400 million in late 2023 to $1.3 billion by mid-2024.
Telegram generated $525 million in revenue in the first half of 2024, marking a 190% increase from the previous year.
Pavel Durov, founder of Telegram, encountered arrest and legal issues in France for alleged violations, which briefly affected the TON market before it recovered.

Telegram's cryptocurrency holdings rose sharply to $1.3 billion in the first half of 2024, up from $400 million at the end of 2023. The messaging platform previously revealed it held $400 million in digital assets. Telegram’s crypto portfolio exceeds $1 billion, marking a significant growth.

According to a Financial Times report, Telegram’s crypto holdings have tripled, highlighting the platform’s strong footings in the crypto space. The report shows Telegram has strengthened its finances with more digital asset holdings, profits from Toncoin sales and a deal related to The Open Network (TON), even as its founder encounters legal challenges.

Telegram’s revenue soars 190%

The report shows that the instant messaging platform generated $525 million in revenue from January to June 2024, a significant 190% increase compared to the same period in 2023. In the first half of the year, $353 million of this income came from cryptocurrency sales.

The report revealed about $225 million of Telegram's revenue was generated from a deal with an unnamed entity. TON tokens became the sole method for businesses to buy ads on the platform. The exclusivity arrangement ended on October 1.

Telegram possesses a large quantity of TON, making the company susceptible to changes in the token's market value. The price of TON fell by 25% to $5.24 during Telegram founder Pavel Durov’s legal issues.

The token rebounded in the following weeks, supported by a broader cryptocurrency market rally, hitting a high of $6.657 on Saturday.

Source: TONUSDT 3-day chart

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.