Core Insights - Telegram's financial performance is increasingly influenced by its connections to cryptocurrency, particularly Toncoin, amidst legal and geopolitical challenges [1][6] Revenue Growth - Telegram reported operating revenue of $870 million in the first half of 2025, marking a 65% increase from $525 million in the same period last year [1] - Approximately $300 million of this revenue came from exclusivity deals linked to Toncoin, indicating a shift towards crypto-related income streams [2] Net Loss and Operating Profit - Despite the revenue growth, Telegram experienced a net loss of roughly $222 million, contrasting with a net profit of $334 million in the first half of 2024, primarily due to a write-down in Toncoin holdings [3] - The company achieved an operating profit of nearly $400 million, suggesting that the core business remains profitable before accounting for crypto-related losses [3] Toncoin's Financial Impact - Toncoin's significance in Telegram's finances has increased over the past two years, with premium subscriptions generating $223 million and in-app purchases heavily relying on TON for transactions [4] - Advertising revenue rose to $125 million, while Telegram sold over $450 million worth of Toncoin during the year to date [4] Digital Asset Holdings - As of the end of June, Telegram's total digital asset holdings decreased to $787 million from $1.3 billion a year ago, attributed to sales and declining token prices [5] - Toncoin is currently trading at approximately $1.93, significantly lower than its all-time high of $8.25, but still up over 60% year-over-year [5] Debt and Financial Strain - Telegram faces additional financial pressure due to approximately $500 million of its bonds being frozen in Russia's central securities depository as a result of Western sanctions following the invasion of Ukraine [6]