The Financial Times (FT) received Telegram’s financial statements, which reveal how intertwined digital assets are for the company’s revenues and worth.
A Financial Times report dived into the financial health of Telegram, as the company has been the talk of news cycles with the arrest of its founder, Pavlov Durov, in France. It revealed the importance crypto plays in the firm’s financial health through various methods, including asset appreciation and revenues.
Crypto Runs Deep in Telegram’s Gains, Revenues, and Net Worth
For starters, Telegram’s profit and loss (PnL) statement from 2023, signed by Durov and audited by PwC, showed gains of $500,000. While that is modest, it does not account for the gains made via the revaluation of digital assets due to accounting guidelines. Telegram made a significant $86 million through crypto gains.
With its revenues, Telegram made $342.5 million and incurred an operational loss of $108 million. 40% of those revenues are tied to items labeled “integrated wallet” and “sale of collectibles” on its financials. Those items are undoubtedly linked to digital assets—specifically, Toncoin-facilitated payments for services on the platform. Toncoin (TON) operates on the TON Chain, a blockchain developed in-house at Telegram but taken over by an open-source community.
Source: Financial Times
“The Integrated wallet is a software program that allows users to store, send, receive and trade crypto assets,” mentioned the FT report. Regarding the earnings from the sale of collectibles, it said, “The Group sells different collectibles (usernames, virtual phone numbers) to its users.” Telegram also acts as the middleman between parties transacting these collectibles, taking a portion for fees.
Telegram’s balance sheet further displays the key role crypto plays in its finances, as the firm holds close to $400 million in digital assets. Crypto tokens exceed the value the company holds in cash and cash equivalent.
“Cryptocurrency matters as much to Telegram’s bottom line as messaging,” the FT said.
