The messaging platform Telegram has disclosed to investors that its chief executive Pavel Durov’s detention by French authorities has not significantly impacted operations, whilst revealing substantial gains from cryptocurrency holdings that are increasingly supporting its financial foundation.
Unaudited financial statements indicate Telegram’s digital assets surged to £1.3 billion in the first half of 2024, marking a remarkable increase from £400 million at the end of 2023. The Dubai-based company’s financial position has been bolstered by profitable sales of Toncoins and a strategic cryptocurrency-related agreement.
The company’s revenue reached £525 million in the first six months of 2024, representing a 190% increase compared to the same period in 2023. A significant portion of this revenue—£225 million—originated from a single transaction with an undisclosed party, granting Toncoin exclusive rights for small business advertising on the platform until October 2024.
Despite Durov’s legal challenges in France, where he faces preliminary charges related to alleged platform misconduct, Telegram has maintained operational stability. The company generated a post-tax profit of £335 million in the first half of 2024, showcasing a dramatic improvement from its £173 million loss in 2023.
The messaging service’s monetisation strategy has evolved, with advertising revenue doubling to £120 million and premium subscriptions contributing £119 million in the first half of 2024. Market experts note that while Telegram has successfully capitalised on favourable cryptocurrency market conditions, its long-term focus remains on traditional revenue streams through advertising and subscriptions.
Durov, who maintains complete ownership of Telegram, has previously indicated potential plans for a public listing in 2026. The company’s recent financial performance and strategic positioning suggest a promising trajectory, despite ongoing regulatory scrutiny and legal challenges.
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