Telegram’s cryptocurrency holdings reached $1.3 billion in the first half of 2024, up from $400 million at the end of 2023, according to a report by the Financial Times (FT) on Nov. 26.
Telegram previously disclosed holdings of about $400 million in digital assets, with new information suggesting that the company’s cryptocurrency holdings have now surpassed a billion dollars.
The FT reported that the company’s financial statements showed its crypto holdings have increased in value about threefold.
The FT report suggested that the rise in digital asset holdings, profit from selling Toncoin (TON) and a deal related to The Open Network (TON) have given the company a buffer as its founder has faced legal challenges.
Cointelegraph reached out to Telegram for comments but did not get an immediate response.
Telegram made $525 million in revenue in H1 2024
According to the report, the instant messaging platform generated $525 million in revenue from January to June, representing a 190% increase compared to the first half of 2023. The report highlighted that the company made $353 million from selling crypto in the first half of 2024.
Additionally, Telegram received $225 million from a now-terminated exclusivity deal that made TON tokens the sole currency for purchasing ads on the platform. This arrangement ended on Oct. 1, but the financial gains significantly boosted the company’s income during the first half of the year.
TON’s 1-month price chart. Source: Cointelegraph Markets Pro
Telegram also holds a “significant” amount of TON and is exposed to the changes in the TON markets. During founder Pavel Durov’s arrest, TON’s price dropped by 25%, slipping to $5.24. However, the asset recovered, and a broader crypto market rally followed. On Nov. 24, the crypto asset reached a high of $6.32.
Related: Pavel Durov and partner reveal miscarriage following arrest
Telegram founder Pavel Durov’s arrest in France
On Aug. 24, Durov was detained by French police over alleged violations by the encrypted messaging platform. French media outlets reported that the Telegram founder was arrested at the Le Bourget airport after landing in his private jet.
On Aug. 28, the Telegram founder was charged with criminal offenses and was prohibited from leaving France. He was also required to post bail of $5.5 million before being released from custody.
On Sept. 5, Durov said that he was surprised French authorities arrested him, saying that Telegram has a representative in the European Union for regulatory requests and law enforcement inquiries. The tech entrepreneur also said Telegram is willing to “leave markets that aren’t compatible” with their principles.
Telegram is one of the top five most downloaded applications. The Dubai-based company said it had passed 950 million monthly active users in 2024.
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