Telegram significantly increased its operating revenue in 2025 as the company continues to explore a potential initial public offering, according to a report by the Financial Times.Â
The cryptocurrency-friendly messaging platform generated $870 million in revenue during the first half of 2025, representing a 65% increase from $525 million recorded over the same period last year, based on unaudited financial statements reviewed by the newspaper.
The report highlights the growing importance of crypto-related income to Telegram’s business model. Roughly $300 million, or about one-third of total revenue, was attributed to so-called “exclusivity agreements.” These earnings are closely tied to Telegram’s relationship with the Toncoin ecosystem, which has become a central pillar of the platform’s monetization strategy.
Toncoin is associated with The Open Network (TON), a blockchain originally developed by Telegram and now supported by a broader developer community.
Telegram has increasingly positioned itself as a hub for crypto communities, payments, and mini-apps built on TON, allowing developers and businesses to reach its more than 900 million global users.
This integration has enabled the company to generate revenue through partnerships, infrastructure access, and blockchain-based services without relying heavily on traditional advertising models.
However, the Financial Times report also noted ongoing financial and geopolitical challenges. Approximately $500 million worth of Telegram-issued bonds are currently frozen in Russia’s central securities depository due to Western sanctions, according to anonymous sources cited by the newspaper.
The frozen assets add complexity to Telegram’s balance sheet as it evaluates an IPO, particularly amid heightened scrutiny of cross-border financial exposure.
Telegram has long been viewed as a potential public-market candidate, but founder Pavel Durov has previously said that an IPO would depend on market conditions and regulatory clarity. The sharp revenue growth reported for 2025 could strengthen the company’s case with investors, especially as profitable or near-profitable tech firms regain favor in equity markets.
Still, analysts caution that reliance on crypto-linked revenue introduces volatility, given the cyclical nature of digital asset markets and regulatory uncertainty in multiple jurisdictions.
As Telegram balances rapid growth, sanctions-related constraints, and IPO ambitions, its deepening ties to the crypto economy remain both a key opportunity and a potential risk factor.