Telegram's 2025 Financial Boom Masks TON's Painful 70% Crash – What's Really Going On?

Telegram has delivered a stunning financial turnaround heading into 2025, but beneath the revenue surge lies a troubling story about its native blockchain asset Toncoin (TON). According to recent financial disclosures, the messaging giant reported $870 million in revenue for the first half of 2025 – a 65% jump from $525 million the previous year. Management is targeting $2 billion in annual revenue, yet the company simultaneously reported a net loss exceeding $220 million.

The puzzle becomes clear when you look at the numbers: Telegram generated roughly $300 million from “exclusive partnership agreements,” primarily tied to TON ecosystem integrations. However, the lion’s share of the loss stems from one brutal reality – TON’s price has collapsed approximately 70% through 2025, forcing significant balance sheet impairments.

TON’s Free Fall: How Telegram’s Blockchain Bet Became a Liability

The digital asset that Telegram positioned as a growth engine has become a major headache. The company holds substantial TON reserves and has been forced to liquidate positions to manage liquidity – offloading over $450 million worth of TON in 2025 alone, representing roughly 10% of the token’s current market cap. This selling pressure continues as Telegram faces ongoing liquidity management challenges.

Operating profit reached approximately $400 million in the first half, but once you factor in TON-related impairments and accounting adjustments, the picture darkens considerably. The collapse of TON’s value – dropping from significantly higher levels to current lows – represents one of the most painful chapters for Telegram’s blockchain aspirations.

Funding Ambitions and Executive Leadership During Turmoil

Despite operational headwinds, Telegram raised $1.7 billion through convertible bonds in May 2025, backed by heavyweight investors including BlackRock and Abu Dhabi’s Mubadala sovereign wealth fund. The fact that such institutional players remain committed underscores confidence in Telegram’s core business, even as TON struggles.

CEO Pavel Durov, whose net worth remains intertwined with Telegram’s fortunes, continues steering the company through these turbulent times. The executive’s role in maintaining investor confidence has been critical as Telegram prepares for potential public markets entry.

The IPO Question: Will Legal and Asset Challenges Stall Telegram’s Listing?

Telegram management has signaled intentions toward a potential initial public offering, yet significant obstacles remain. Beyond TON’s weakness, regulatory headwinds and legal complexities could delay or complicate IPO timelines. The company’s reliance on TON ecosystem revenue – while growing – now comes with the burden of managing massive asset impairments.

The contrast is stark: Telegram’s core messaging and advertising business is thriving with 65% revenue growth, yet the TON experiment demonstrates the volatility risks of corporate blockchain involvement. Whether the company can separate its blockchain ambitions from its profitable messaging operations will determine investor appetite for a public listing.

For now, Telegram faces a delicate balancing act – capitalizing on strong operational momentum while navigating the wreckage of a 70% crash in its signature digital asset.