The 2023 financial report reveals that Telegram’s cryptocurrency assets currently surpass the company’s cash reserves.
According to the Financial Times, Telegram, the popular messaging app, holds a significant portion of its assets in cryptocurrency, with an estimated value of up to $400 million.
In the 2023 financial report, Telegram disclosed that much of its revenue is derived from cryptocurrency-related activities, including "integrated wallets" and "collectible item sales." This indicates that, starting in 2023, Telegram began supporting cryptocurrency wallets directly within the app and started selling services such as usernames, custom stickers, and verification badges. Payments for these services can be made using fiat currencies or Toncoin (TON), the official cryptocurrency of the TON blockchain.
These activities have contributed approximately $148 million to Telegram’s revenue, making up 40% of the total.
By the end of last year, Telegram reported holding up to $400 million in cryptocurrency, a figure that exceeds the company's cash reserves, which stood at only $170.8 million.
However, the company had previously sold a substantial amount of cryptocurrency, generating $243.5 million before a significant drop in prices.
A segment of Telegram’s 2023 financial report. Source: Financial Times
Telegram remains fully owned by its founder and CEO, Pavel Durov, who was recently arrested by French authorities and is awaiting trial on multiple charges. In the past, Telegram raised $2.3 billion by issuing corporate bonds to investors, including sovereign wealth funds, hedge funds, and institutions interested in the tech sector.
Earlier this year, Durov revealed that he has long been a believer in the decentralized nature of cryptocurrency and has held Bitcoin for the past 10 years.
