Telegram crypto assets reach $1.3B in H1 2024

Telegram's cryptocurrency holdings rose to $1.3 billion in the first half of 2024, up from $400 million at the end of 2023, according to the Financial Times on November 26.

This significant increase was attributed to Toncoin (CRYPTO:TON) sales and a terminated exclusivity deal linked to The Open Network (TON).

Telegram reported $525 million in revenue from January to June 2024, representing a 190% rise compared to the same period in 2023.

Of this revenue, $353 million came from selling digital assets, while $225 million was earned from an exclusivity arrangement where TON served as the sole currency for purchasing ads on the platform.

The agreement ended on October 1, but it provided a substantial boost to Telegram's financial results in the year’s first half.

Telegram retains a considerable amount of TON tokens, making it susceptible to market fluctuations.

Following founder Pavel Durov’s arrest in August, TON’s price dropped 25% to $5.24 but later rebounded, hitting $6.32 on November 24 during a broader crypto market rally.

Durov’s arrest by French authorities at Le Bourget airport was linked to alleged violations by Telegram.

He was released after posting a $5.5 million bail and stated that he was “surprised” by the detention, noting that Telegram complies with EU regulations and is prepared to leave markets incompatible with its principles.

The Dubai-based platform, one of the five most downloaded applications globally, reported over 950 million monthly active users in 2024.

As Telegram’s cryptocurrency holdings grow, the company continues to navigate legal and regulatory challenges while leveraging its position in the digital asset market.