Telegram’s revenue rose 65% year-on-year to $870 million in the first half of 2025, according to unaudited financial statements cited by the Financial Times.
The cryptocurrency-friendly messaging platform is targeting $2 billion in full-year revenue as it explores the possibility of a future initial public offering.
Around $300 million of H1 revenue came from exclusivity agreements linked to earnings associated with Toncoin, the report said.
Telegram recorded a net loss of more than $220 million in H1 2025, compared with a $334 million profit in the same period last year.
The loss was largely attributed to a write-down in the value of Toncoin holdings after the token fell 69% during 2025, according to CoinGecko data.
The company told investors it had sold more than $450 million in Toncoin in the year to date.
The report said.
The reported Toncoin sales would represent roughly 10% of the token’s $4.6 billion market capitalisation at the time of publication.
The Financial Times also reported that $500 million of Telegram’s bonds have been frozen in Russia’s central securities depository due to Western sanctions.
Telegram is not dependent on Russia or Russian capital and does not face bond-related issues due to sanctions.
A Telegram spokesperson said.
Sanctions do not create risks for Telegram.
The spokesperson added, citing standard bond repayment practices via international intermediaries.
Telegram has issued several bond offerings in recent years, including a $1.7 billion convertible bond sale in May 2025 involving BlackRock and Mubadala.
The company reportedly bought back most bonds maturing in 2026 as its chief executive Pavel Durov remains under formal investigation in France.
At the time of reporting, Toncoin price was $1.88.