Update (January 6, 1:20 p.m. UTC): This article has been updated with an announcement from Telegram.
Cryptocurrency-friendly messenger Telegram increased its operating revenue in 2025 because it explores a possible initial public offering (IPO).
Telegram's revenue reached $870 million in the primary half of 2025, up 65% from $525 million a 12 months earlier, the Financial Times reported on Tuesday, citing unaudited financial reports.
About a 3rd of that, or $300 million, got here from “exclusivity agreements” tied to revenue related to the Telegram-linked cryptocurrency Toncoin (TON).
The report also said that $500 million price of Telegram bonds were frozen in Russia's central securities depository as a consequence of Western sanctions, the Financial Times said, citing anonymous sources.
Telegram is reportedly selling $450 million in TON
Telegram posted a net lack of greater than $220 million in the primary half of 2025, in comparison with a net profit of $334 in the primary half of last 12 months. The company is targeting revenue of $2 billion in 2025.
The loss was reportedly as a consequence of Telegram having to write down down the worth of its shares in Toncoin, which lost 69% of its value in 2025, in line with CoinGecko.
Toncoin (TON) price chart in 2025. Source: CoinGecko
“The company told investors that it has sold greater than $450 million in Toncoin 12 months thus far,” the report said.
According to CoinGecko, this amount would represent about 10% of TON's $4.6 billion market cap on the time of publication.
Telegram denies contact with Russia
Regarding Russia's bond freeze, a Telegram spokesperson said the $500 million figure refers to a 2021 bond issue. The representative noted that Telegram's recent bond issuance in 2025 excluded participation from Russian investors.
“Telegram shouldn’t be depending on Russia or Russian capital and doesn’t have any bond issues as a consequence of sanctions,” the spokesperson said, adding:
“Sanctions don’t pose a risk to Telegram: in usual practice, the funds for bond repayment are transferred to a world intermediary, and subsequent payments to bondholders are outside the corporate’s responsibility, even when some holders cannot receive them.”
Telegram has launched several bond offerings in recent times, including a $1.7 billion convertible note issued in May 2025. The sale reportedly involved existing backers, including investment giant BlackRock and Abu Dhabi investment firm Mubadala.
According to FT sources, Telegram has bought back a lot of the bonds due 2026.
The report comes as Telegram CEO Pavel Durov continues a proper investigation in France into the platform's alleged failure to combat crime, including child abuse content.
Telegram reportedly said in a recent call with some bondholders that it continues to cooperate with authorities on the Durov case and that further resolution is required before the corporate can proceed with the listing.
Cointelegraph also asked Telegram for comment on its 2025 financials and its TON holdings, but the corporate didn’t address either in its response.
