PANews reported on November 26 that according to the Financial Times, according to unaudited financial statements, Telegram reported a huge increase in the value of its digital assets in the first half of 2024, from nearly $400 million at the end of last year to $1.3 billion. The documents show that this growth, coupled with its gains from the sale of its closely related cryptocurrency Toncoin and another Toncoin-related transaction, provided the Dubai-based company with a financial buffer after its founder Durov encountered legal troubles; Durov is still on bail in France awaiting trial.
According to financial statements, Telegram generated $525 million in revenue in the six months to the end of June, up 190% from the same period in 2023. According to the documents, nearly half of the revenue, or $225 million, came from a one-time deal with an unnamed company. Under the terms of the deal, Telegram allowed the cryptocurrency Toncoin to be the only way for small businesses to buy ads on the app in exchange for "remuneration." The exclusive agreement was terminated on October 1, the documents said. Telegram said in its disclosure that it "holds a large amount of Toncoin and is exposed to the risk of changes in the market value of Toncoin," and acknowledged that its price has been volatile since Durov was detained. In the first half of the year to June, the company received $353 million in proceeds from the sale of digital assets, and has since sold another $348 million in Toncoin. The company also achieved a profit of $335 million after tax in the first half of this year. These figures far exceed the $342 million in revenue and $173 million in losses for the full year of 2023, indicating that Telegram was on track to achieve its first annual profit before Durov was detained.
