2026-01-06 17:37:21

Telegram showed a typical contradiction between growth and dilemma in the first half of 2025. On one hand, there was rapid revenue expansion — revenue reached $870 million in the first half of the year, a 65% increase year-over-year, reflecting active platform ecology. On the other hand, the decline of Toncoin completely offset this achievement. The project token plummeted 69% within half a year, directly leading to a net loss of $220 million for the company.

What's more interesting is that the management remains optimistic about the future. The company is still progressing as planned, aiming to surpass $2 billion in revenue by the end of the year. Meanwhile, the IPO proposal has been brought back onto the agenda. This means that Telegram is using growing revenue data to hedge against the risk of falling coin prices — a typical game of "growth versus devaluation."

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

12 Likes

Reward
12
9
Repost
Share

Comment

0/400

LayerZeroJunkie

· 01-09 13:01

This is just outrageous. Revenue doubled, yet there's still a loss of 220 million. Ton is really messing around. --- A 69% drop—who can withstand that? No matter how high the revenue, it can't save this. --- IPO? Ha, let's stabilize Ton's situation first. --- The growth data looks good, but the coin's price crashing completely negates that—typical of covering ears to steal a bell. --- $870 million in revenue sounds impressive, but then they report a loss of 220 million. You have to be really good at accounting to make that work. --- The management is still bragging. I just want to see how deep this rabbit hole goes. --- Instead of chasing 2 billion in revenue, why not save this worthless coin first? --- No wonder things are unmanageable now. No matter how high the revenue, if the coin price isn't supportive, it's all useless. --- This "growth hedging against devaluation" theory is truly brilliant. The fundraising game is top-notch.

View OriginalReply0

MevTears

· 01-09 05:27

Revenue increased by 65%, but was wiped out by TON. This is the daily routine in the crypto world... Before the IPO, the token price must be saved first. TON's performance is so poor that even with more revenue, it's useless. Still aiming for $2 billion in income? Let's stabilize the token price first, my friend. Promised optimism, but ended up with a loss of $220 million. How long can this game of revenue on one hand and token price on the other last? Honestly, I believe in Telegram's user base, but the TON token should have been cut loose long ago. The IPO is still nowhere in sight. Let's see if TON can recover first... Even with impressive revenue, if the token is worthless, it's all pointless. That's why I don't really believe in Telegram's story.

View OriginalReply0

Degen4Breakfast

· 01-07 02:59

Revenue doubles and earnings soar, yet the coin price plummets all the way down. This is the true picture of Telegram... --- Wait, is the IPO back on the schedule? Are they trying to shed the TON baggage and switch to traditional financing? --- $870 million in revenue but a loss of $220 million. This ledger is a bit shaky. --- The coin price drops 69%, directly wiping out all achievements. Is the management still holding optimistic expectations? Wake up. --- Basically, the revenue looks good but can't cover the mess of TON. This hand can't be played. --- Target of $2 billion, but can TON's baggage be carried on? Feels a bit unrealistic. --- So Telegram is actually betting that revenue growth can cover the decline in coin price? That's a bit刺激啊

View OriginalReply0

TopBuyerForever

· 01-06 18:06

Revenue up 65%, crypto down 69%, this is almost my daily routine haha --- IPO? Let’s save TON first, or going public is just giving it away --- What’s so optimistic about the management? They’re $220 million in the red... Is this what you call "growth"? --- Wait, relying on revenue to offset the crypto price plunge? That logic is a bit ridiculous --- TON’s 69% drop is incredible, I choose to ignore it --- Trying to hit $2 billion in revenue by the end of the year, can the crypto price stop killing me? Please --- What’s the highlight? I only see a numbers game --- This so-called "battle between growth and devaluation" sounds nice, but it’s really just gambling on whether they can fool the next round of investors

View OriginalReply0

LazyDevMiner

· 01-06 18:06

Revenue up 65% but dragged down by TON, losing 220 million? That’s the magic of crypto. --- IPO is already on the agenda, it seems Pavel has truly bet everything on this. --- May I ask where the management got the courage to say they’ll hit 2 billion by the end of the year? With TON in such a mess, how can there be a turnaround? --- Having impressive growth data is useless when the coin’s price drops so much that you’re directly losing money. It sounds absurd. --- Really, the money earned has been wiped out by the falling coin price. The loss in this business is because of choosing the wrong coin. --- It’s ridiculous—revenue skyrockets on one hand, yet losses still occur. Only in crypto can things be so magical. --- Honestly, this TON coin has never really been successful since its inception, and this time won’t be an exception.

View OriginalReply0

WalletDetective

· 01-06 18:05

TON this coin is really amazing, earning revenue while losing coin value. How do you solve this math problem? IPO has been proposed so many times but there's still no movement, it's a bit disappointing... A 65% increase sounds great but can't compare to TON's 69% plunge, hilarious—one makes money, the other burns money. Can it really break 2 billion next year? Let's first keep TON alive and see. Want to go public but not daring to actually list, Telegram's chess game is a bit chaotic.

View OriginalReply0

TokenomicsTinfoilHat

· 01-06 18:01

TON plummeted 69% is really brutal, no matter how strong the revenue is, it can't withstand such a drop in the coin price --- IPO proposal? Ha, is this the last wave of cutting before fleeing? --- A typical case of revenue in the left hand and coin price in the right hand, the on-paper data looks great, but the problem is TON holders are bleeding --- 2 billion revenue target? First, save TON. With the current situation, confidence is completely shattered --- Management still optimistic? I only see them brainwashing with positive data; the coin price says everything

View OriginalReply0

MetaverseVagabond

· 01-06 17:54

TON's 69% decline... it's really incredible. No matter how high the revenue is, it can't save it. --- $870 million in revenue sounds good, but then TON hits a 69% death spiral. This is the current state of Web3, right? --- IPO on the agenda? Ha, let's stabilize TON first. --- It feels like management is just promising investors the moon using revenue data. Who would believe in a bright future when TON has fallen like this? --- Classic case: revenue soars, coin price plummets, net loss of $220 million. This move is truly extraordinary. --- $2 billion revenue target... but with TON's current downward trend, it seems a bit uncertain.

View OriginalReply0

SchroedingersFrontrun

· 01-06 17:49

Revenue looks good, but the nature of TON really can't be saved. The $220 million loss is right there. IPO? Ha, is this passing the buck to retail investors? It's politely called "hedging risk," but basically, when the coin price crashes, they can only survive by raising funds. What's the point of management being optimistic? I think they're just betting on a rebound later. This is the common problem in Web3: the business revenue is garbage, and the ecosystem tokens smell worse than shit.

View OriginalReply0