Telegram’s Financial Report Reveals $400 Million in Cryptocurrency Holdings

By the end of 2023, the popular messaging platform Telegram had approximately four million premium users.

Overview of Telegram’s Financial Performance

The financial results shared by Telegram indicate that as of December 31, 2023, the company held around $400 million in digital assets. This insight was drawn from their annual financial statement.

Telegram reported an operating loss of $108 million for the year, while their revenue for the same period was approximately $342.5 million. Notably, around 40% of this revenue was sourced from activities related to digital assets, categorized under “integrated wallet” and “sale of collectibles.”

According to Statista, Telegram achieved in-app revenue amounting to $11.66 million during the first two months of 2024. The platform has generated over $4 billion since its inception.

Details on Crypto Transactions from Telegram’s 2023 Financial Statement

Telegram’s report elaborated on the functionalities of its integrated wallet, which allows users to store, send, receive, and trade cryptocurrency. Additionally, the financial statement highlighted the company’s offerings in the collectibles market, including usernames and virtual phone numbers. Telegram facilitates transactions for these collectibles and earns a commission for their services.

As noted by Statista, India was the leader in Telegram downloads in 2023, with 83.85 million users, followed by the United States with 29.92 million downloads.

The Arrest of CEO Pavel Durov

On August 24, CEO Pavel Durov was apprehended upon landing at Le Bourget Airport near Paris. He reportedly faces several serious charges, including terrorism and money laundering. Subsequently, he was presented in court on August 28.

Toncoin (TON), the native cryptocurrency of The Open Network initially developed by Telegram, experienced increased trading activity following Durov’s arrest. Although TON was valued at approximately $5.30 at the time of reporting, it had decreased by over 21% within a week.

Despite these fluctuations in price and market sentiment, various indicators suggest that TON may be on the verge of recovery. If the market interprets Durov’s arrest as an isolated event not significantly impacting the Toncoin ecosystem, traders may view the price drop as a potential buying opportunity amidst the uncertainty.