On November 26, the Financial Times reported that Telegram’s crypto holdings have nearly tripled in value, exceeding $1 billion. This increase is attributed to profits from selling Toncoins (TON) and a deal related to The Open Network (TON). These developments provide Telegram with financial stability as its founder faces legal challenges. Previously, the platform had reported around $400 million in crypto.
In the first half of 2024, Telegram generated $525 million in revenue, representing a 190% increase from the same period in 2023. A significant portion, $353 million, was earned from selling cryptocurrency. Additionally, $225 million came from an undisclosed deal related to TON tokens being the exclusive payment method for ads, which was terminated on October 1.
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Telegram possesses a significant amount of TON, which makes the company vulnerable to market fluctuations. Recently, the price of Toncoin (TON) saw a sharp decline of 15%, dropping to $5.48 following the arrest and detention of CEO Pavel Durov in France for a preliminary investigation into Telegram’s alleged involvement in criminal activities. This incident triggered a swift reaction from traders, resulting in a 32% increase in open interest, which reached $303.09 million.
This news aligns with a report from Bitget’s research arm, highlighting The Open Network (TON) as a growing competitor to Ethereum. The report notes that TON has experienced impressive growth, with daily transactions increasing from 100,000 to 1.2 million and its total value locked (TVL) rising 18-fold to $350 million. Additionally, the launch of the Dogs (DOGS) token on TON, inspired by a sketch of a dog from Telegram co-founder Pavel Durov, attracted over 53 million users, with 42.2 million deemed eligible for the token.
TON’s role expanded beyond Telegram’s balance sheet
In 2025, several publicly traded companies began adopting TON treasury strategies, effectively treating the token as a corporate reserve asset.
TON Strategy Company, for example, began accumulating and staking TON in August 2025. By December 31, 2025, it held approximately 219.7 million TON, valued at about $356.8 million at the time.
By June 2026, its holdings had grown to approximately 230.5 million units, with around 229.9 million staked. The company reported $15 million in staking revenue for the second quarter alone.
The development shows how TON’s role has grown from being closely associated with Telegram to becoming an asset that outside investors and treasury companies are also building strategies around.
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