Telegram 2025年上半年营收8.7亿美元，生态代币TON暴跌69%背后

【BlockBeats】According to the latest financial disclosure, crypto-friendly messaging platform Telegram delivered impressive growth results while preparing for an IPO. In the first half of 2025, revenue reached 870 million, a year-over-year increase of 65% (compared to 525 million in the same period last year), with a full-year revenue target set at 2 billion.

Behind this growth, the crypto ecosystem contributed significantly. Approximately 300 million came from ecosystem cooperation agreements, primarily related to the platform’s native token Toncoin (TON). Interestingly, despite operating profit approaching 400 million in the first half, Telegram recorded a net loss exceeding 220 million.

What’s the key reason? The held TON assets suffered severe depreciation. Data shows that TON price plummeted approximately 69% within 2025, and Telegram paid the price for this. To cut losses, the company sold over 450 million in TON tokens within the year, a volume representing approximately 10% of TON’s current market value, clearly demonstrating the severity of its risk exposure.

Additionally, there are other risk factors. Approximately 500 million in Telegram bonds were frozen at Russia’s central securities depository due to Western sanctions, highlighting the company’s vulnerability in specific geopolitical environments. The company has been aggressively fundraising in recent years, including the issuance of 1.7 billion in convertible bonds in May 2025, attracting institutional investors such as BlackRock and Abu Dhabi’s sovereign wealth fund Mubadala.

However, the IPO path is not smooth. CEO Pavel Durov is currently under investigation in France, and the associated legal uncertainty is viewed as a major obstacle in the listing process. These factors combined make this financing story quite complex.