Telegram’s crypto holdings rose to $1.3B in H1 2024: Report

The value of digital assets held by instant messaging platform Telegram has risen to $1.3 billion in the first half of 2024 from $400 million at the end of 2023. 

Telegram previously disclosed that it holds about $400 million in digital assets. However, new information suggests that the company’s cryptocurrency holdings have surpassed a billion dollars.

On Nov. 26, the Financial Times (FT) reported that the company’s financial statements reflected that its crypto holdings have increased in value almost threefold. 

The FT report suggested that the rise in digital asset holdings, profit from selling Toncoins (TON) and a deal related to The Open Network (TON) have given the company a buffer as its founder faced legal challenges. 

Cointelegraph reached out to Telegram for comments but did not get an immediate response. 

Telegram made $525M in revenue in the H1 2024

According to the report, the instant messaging platform generated $525 million in revenue from January to June. This represents a 190% increase compared to the same period in 2023. The report highlighted that the company made $353 million from selling crypto in the first half 2024. 

The report revealed that about $225 million came from a deal with an undisclosed entity. Telegram reportedly received compensation for allowing TON tokens to be the exclusive way businesses buy ads on the messaging app. The exclusivity deal was reportedly terminated on Oct. 1. 

Telegram also holds a “significant” amount of TON and is exposed to the changes in the TON markets. During 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, Telegram founder Pavel 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. The executive was also required to post bail of $5.5 million before being released from custody. 

On Sept. 5, Durov said that he was surprised that 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 expressed that Telegram is willing to “leave markets that aren’t compatible” with their principles. 

Telegram is one of the Top-5 most downloaded applications. The Dubai-based company said it had passed 950 million monthly active users in 2024. 

Magazine: Did Telegram’s Pavel Durov commit a crime? Crypto lawyers weigh in