Telegram’s Digital Asset Portfolio Triples to $1.3 Billion, Boosted by Toncoin Sales
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Telegram’s digital asset holdings have surged to $1.3 billion in the first half of 2024, up from $400 million at the close of 2023.
On November 26, the Financial Times reported that Telegram’s crypto holdings have nearly tripled in value, exceeding $1 billion. This increase is attributed to profits from selling Toncoins (TON) and a deal related to The Open Network (TON). These developments provide Telegram with financial stability as its founder faces legal challenges. Previously, the platform had reported around $400 million in crypto.
In the first half of 2024, Telegram generated $525 million in revenue, representing a 190% increase from the same period in 2023. A significant portion, $353 million, was earned from selling cryptocurrency. Additionally, $225 million came from an undisclosed deal related to TON tokens being the exclusive payment method for ads, which was terminated on October 1.
Telegram possesses a significant amount of TON, which makes the company vulnerable to market fluctuations. Recently, the price of Toncoin (TON) saw a sharp decline of 15%, dropping to $5.48 following the arrest and detention of CEO Pavel Durov in France for a preliminary investigation into Telegram’s alleged involvement in criminal activities. This incident triggered a swift reaction from traders, resulting in a 32% increase in open interest, which reached $303.09 million.
This news aligns with a report from Bitget’s research arm, highlighting The Open Network (TON) as a growing competitor to Ethereum. The report notes that TON has experienced impressive growth, with daily transactions increasing from 100,000 to 1.2 million and its total value locked (TVL) rising 18-fold to $350 million. Additionally, the launch of the Dogs (DOGS) token on TON, inspired by a sketch of a dog from Telegram co-founder Pavel Durov, attracted over 53 million users, with 42.2 million deemed eligible for the token.
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