Update (Jan. 6, 1:20 pm UTC): This article has been updated with a statement from Telegram.
Cryptocurrency-friendly messenger Telegram boosted its operating revenue in 2025 as it explores a potential initial public offering (IPO).
Telegram’s revenues hit $870 million in the first half of 2025, up 65% from $525 million a year earlier, the Financial Times reported on Tuesday, citing unaudited financial statements.
About a third of that, or $300 million, came from “exclusivity agreements,” linked to earnings related to Telegram-connected cryptocurrency Toncoin (TON).
The report also said that $500 million of Telegram’s bonds have been frozen in Russia’s central securities depository due to Western sanctions, the FT said, citing anonymous sources.
Telegram reportedly sells $450 million in TON
Telegram posted a net loss of more than $220 million in H1 2025, compared with a $334 net profit in the first half of the previous year. The company targets $2 billion in revenue in 2025.
The loss reportedly came from Telegram having to write down the value of its holdings in Toncoin, which lost 69% of its value in 2025, according to CoinGecko.
“The company told investors it had sold more than $450 million in Toncoin in the year to date,” the report said.
By publishing time, the amount would account for about 10% of TON’s market capitalization of $4.6 billion, according to CoinGecko data.
Telegram denies exposure to Russia
Addressing the bond freeze in Russia, a spokesperson for Telegram said that $500 million figure refers to a bond issue from 2021. The representative noted that Telegram’s latest bond offering in 2025 excluded participation by Russian investors.
“Telegram is not dependent on Russia or Russian capital and does not face bond-related issues due to sanctions,” the spokesperson said, adding:
“Sanctions do not create risks for Telegram: under standard practice, funds for bond repayment are transferred to an international intermediary, and subsequent payments to bondholders are outside the company’s responsibility, even if some holders are unable to receive them.”
Telegram launched several bond offerings in recent years, including a $1.7 billion convertible bond offering issued in May 2025. The sale reportedly featured existing backers, including investment giant BlackRock and Abu Dhabi’s investment firm Mubadala.
According to FT sources, Telegram bought back most of the bonds maturing in 2026.
Related: ‘Mixed year for IPOs’ as crypto pulls down US IPO performance
The report comes amid Telegram CEO Pavel Durov remaining under formal investigation in France over the platform’s alleged failure to address criminality, including child abuse content.
In a recent call with some bondholders, Telegram reportedly said it continued to cooperate with authorities regarding Durov’s case and that it needed more resolution before the company could proceed with a public market listing.
Cointelegraph also sought comment from Telegram on its 2025 financials and TON holdings, but the company did not address either in its response.
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