Telegram's first half of 2025 revenue reaches $870 million, behind the 69% plunge of the ecosystem token TON

RektRecovery · 2026-01-06T13:22:13+00:00

Telegram disclosed that during the preparation for its IPO, it projected revenue of $870 million in the first half of 2025, a 65% year-over-year increase. However, due to a significant devaluation of its Toncoin assets, net losses exceeded $220 million. At the same time, factors such as bond freezes and legal investigations involving the CEO have increased the uncertainty of going public.

RektRecovery

2026-01-06 13:22:13

Abstract generation in progress

【BlockBeats】According to the latest financial disclosures, crypto-friendly communication platform Telegram has delivered an impressive growth report during its preparations for an IPO. In the first half of 2025, revenue reached $870 million, a 65% increase year-over-year (compared to $525 million in the same period last year), with an annual revenue target set at $2 billion.

Behind this growth, the crypto ecosystem has contributed significantly. About $300 million comes from ecosystem partnership agreements, mainly related to the platform’s native token Toncoin (TON). Interestingly, despite nearly $400 million in operating profit in the first half of the year, Telegram recorded a net loss of over $220 million.

What is the key reason? The holdings of TON assets have severely depreciated. Data shows that TON’s price plummeted approximately 69% in 2025, and Telegram paid the price for this. To cut losses, the company has sold over $450 million worth of TON tokens this year, accounting for about 10% of TON’s current market cap, highlighting the severity of its risk exposure.

There are also other risk factors. About $500 million in Telegram bonds have been frozen at the Central Securities Depository of Russia due to Western sanctions, highlighting the company’s vulnerability in certain geopolitical environments. In recent years, the company has actively raised funds, including a $1.7 billion convertible bond issued in May 2025, attracting institutional investors such as BlackRock and Abu Dhabi’s sovereign fund Mubadala.

However, the path to an IPO is not smooth. CEO Pavel Durov is currently under investigation in France, and related legal uncertainties are seen as a major obstacle to going public. These factors combined make this fundraising story quite complex.

TON-0,68%

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GweiWatcher

· 01-09 13:17

TON plummeted 69%, truly astonishing. The earning potential is so strong that it was actually hit by its own coin.

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FancyResearchLab

· 01-09 12:31

Oh no, another classic case—maximized earning ability, minimized asset management ability. The hedging strategy that should theoretically work was actually slapped in the face by TON.

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Whale_Whisperer

· 01-06 13:51

The 69% drop of TON is truly astonishing; even Telegram can't handle it. Making 300 million and then losing 220 million in return—this is the fate of holding coins. Before the IPO, this ledger needs a thorough cleanup. Can TON make a comeback, everyone? A hard-earned lesson from losing money by force.

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LiquiditySurfer

· 01-06 13:48

Oops, this wave of TON was directly cut in half, and the brothers on Telegram are just realizing their paper losses... Operating profit of 400 million was swallowed up by asset devaluation, losing 220 million. This is the risk of holding coins. When a bearish wave comes, if you don't run, you can only cut your losses and sell, a typical liquidity dilemma. Speaking of which, ecological revenue reached 300 million USD, but the token plummeted 69%. Isn't this the culmination of DeFi tricks? Tokenomics once again teaches a lesson. Releasing such a financial report before an IPO... institutional investors must have felt very uncomfortable, haha. Holders should learn a lesson this time; risk management is always the top priority. No matter how strong the fundamentals are, they can't withstand a price crash. Definitely "only earning from revenue, not from coins." Studying this case thoroughly can be very enlightening for market making and position management. Forget it, it's another old story in the crypto world. Behind prosperity are always these hidden rules.

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ForeverBuyingDips

· 01-06 13:45

Caught the bottom at the top, haha, that's too awesome TON's recent performance was indeed disappointing, looks like TG isn't a god either Another "ecosystem dad" crash site, who dares to buy this bottom Revenue looks great, but losses are the real reflection 450 million in shipment volume, how long does it take to achieve that...

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GweiTooHigh

· 01-06 13:34

Haha, TON was directly cut in half. This is what you call strong earning ability, even when losing money. Even revenue can't save the situation, indicating that the ecosystem is indeed having problems. $450 million spent and still bleeding, how desperate must that be? Telegram's earnings were all eaten by TON, causing investors' blood pressure to soar. Damn, this is the fate of holding coins. No matter how optimistic you are, you can't withstand a 69% drop. Basically, it was a wrong bet. Net loss before IPO, this data must be very uncomfortable for institutions to see. Ecosystem tokens should be avoided; they all look the same.

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