# TON Articoli collegati

Il Centro Notizie HTX fornisce gli articoli più recenti e le analisi più approfondite su "TON", coprendo tendenze di mercato, aggiornamenti sui progetti, sviluppi tecnologici e politiche normative nel settore crypto.

Telegram's 'Crypto Accounting': Surging Revenue Behind Net Losses and the $450 Million Token Sale Controversy

Telegram's recent unaudited financials reveal a paradox: soaring revenues accompanied by net losses. In H1 2025, revenue surged 65% year-over-year to $870 million, driven by an 88% jump in premium subscriptions ($223 million) and a key partnership with the TON blockchain, which contributed nearly $300 million. Despite an operating profit of nearly $400 million, the company reported a net loss of $222 million. This was primarily due to a significant write-down of its TON token holdings, whose value fell over 73% during the crypto market downturn. A major point of controversy was Telegram's sale of over $450 million worth of TON tokens, representing more than 10% of the token's circulating supply. Community concerns about a cash grab were addressed by TONStrategy Chairman Manuel Stotz, who clarified that the sales were to long-term investors like his NASDAQ-listed firm TONX. The tokens are subject to a four-year vesting period to prevent immediate selling pressure. Founder Pavel Durov framed this as part of a strategy to decentralization, aiming to keep Telegram's ownership of TON below 10% to avoid centralization concerns. Telegram's path to a potential IPO is being watched closely. The company has raised significant capital through bonds, including a recent $1.7 billion convertible note with terms favorable to investors if an IPO occurs before 2030. However, an ongoing legal investigation in France involving Durov presents a potential obstacle. With nearly 1 billion monthly active users, Telegram's deep integration with the volatile crypto ecosystem remains a double-edged sword—a major growth driver but also a source of financial risk—that investors must weigh.

链捕手01/10 14:46

Telegram's 'Crypto Accounting': Surging Revenue Behind Net Losses and the $450 Million Token Sale Controversy

链捕手01/10 14:46

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