Telegram Community Ecosystem New Changes: The Truth Behind the Ledger Behind TON's Growth Halo

Platform revenue hits a new high, but the ledger lights up a red flag. The financial data recently disclosed by Telegram has once again sparked heated discussions within the community: revenue of $870 million in the first half of the year, a 65% increase year-over-year, but simultaneously a net loss of $222 million. Behind these seemingly contradictory figures lies the complex interaction between Telegram’s thriving community and the volatility of the crypto market.

Key variables point to a common focus—the TON token. This blockchain infrastructure, deeply integrated with Telegram, has driven rapid platform growth but also serves as a core risk factor for financial fluctuations. As Telegram users actively participate in mini-games, bots, and the ecosystem, the role of TON becomes increasingly critical. Recently, Telegram’s large-scale sale of over $450 million worth of TON tokens has further prompted the community to reconsider the future direction of this relationship.

Community-driven revenue surges, why are profits turning negative?

Financially, Telegram continued its strong growth in the first half of 2025: total revenue for the year reached $1.4 billion, more than tripling the $343 million in 2023. The $870 million revenue in the first half of 2025 already approaches double the amount from the entire previous year.

The contribution from Telegram groups and communities is evident in this growth. Advertising revenue increased by only 5% to $125 million, but premium subscription income soared 88% to $223 million. The most notable growth came from an exclusive agreement with the TON blockchain—TON became the sole blockchain infrastructure for Telegram’s mini-program ecosystem, contributing nearly $300 million in revenue.

Behind these figures is Telegram’s accelerated deployment in community gaming, bots, and small applications. However, the mismatch between revenue growth and profit loss also exposes new challenges the platform faces.

According to FT reports, although Telegram achieved nearly $400 million in operating profit in the first half of 2025, it ultimately recorded a net loss of $222 million. Insiders revealed that this was mainly due to the company’s need to revalue its holdings of TON tokens. As the crypto market remained under pressure in 2025, the price of TON tokens fell by over 73% at the lowest point. This meant that Telegram’s on-paper token assets shrank significantly, directly impacting its bottom-line performance.

Did Telegram’s large-scale TON sale backfire or is it an ecosystem adjustment?

When FT reported that Telegram had sold over $450 million worth of TON tokens, immediate differing opinions emerged within the community. This figure accounts for more than 10% of TON’s circulating market cap. Some questioned whether Telegram was cashing out at a high point, taking advantage of the market, while others worried about the impact on users holding TON within Telegram groups.

However, according to Manuel Stotz, Chairman of TON Strategy (NASDAQ: TONX), the situation is not as simple as it seems.

Stotz disclosed that all TON tokens sold by Telegram are subject to a four-year phased unlocking mechanism. In other words, these tokens cannot be traded on secondary markets in the short term, preventing immediate selling pressure. The buyers are long-term institutional investors like TONX, led by Stotz, who purchased these tokens for long-term holding and staking, not for speculation.

Stotz emphasized that the core logic of this transaction is not about cashing out but about optimizing the asset structure. After the sale, Telegram’s net holdings of TON tokens did not decrease significantly—in fact, they may have increased—because the platform gained locked tokens through the sale of some reserves, while continuing to earn new TON revenue from advertising sharing and other business activities. Overall, Telegram’s TON holdings remain high.

This reasoning aligns with Telegram founder Pavel Durov’s long-term vision. As early as 2024, Durov publicly stated that the team planned to keep Telegram’s TON holdings below 10%. If holdings exceed this threshold, the excess would be sold to long-term investors at a slight discount below market price, with lock-up and vesting periods to prevent short-term dumping. The rationale behind this plan is that overly concentrated tokens could trigger market manipulation concerns and hinder TON’s decentralization efforts. Therefore, Telegram’s sales are fundamentally about balancing commercial interests with ecosystem health.

Breaking concentration risks: how does Telegram safeguard community confidence in TON?

For the Telegram community, token concentration issues are familiar. Early-stage blockchain projects often have large holdings controlled by the founding team, which can raise concerns about market manipulation and price risks. Telegram’s approach has been relatively transparent—gradually releasing tokens and dispersing holdings to alleviate centralization fears.

In this process, Telegram demonstrates a long-term commitment to the TON ecosystem. Unlike other projects, Telegram is not simply “selling tokens for cash,” but is implementing structured transactions (phased over four years, with long-term investors taking over) to ensure a smooth transition. While this approach cannot entirely eliminate market doubts, it at least shows the platform’s cautious stance on token governance.

Meanwhile, community participation in the TON ecosystem continues to deepen. From mini-games to bot applications and upcoming commercial features, Telegram is building a community-centric ecosystem. The role of TON tokens is evolving from a mere trading instrument to an incentive and governance layer within this ecosystem.

Approaching IPO: how should participants in the Telegram ecosystem respond?

Beyond token sales, Telegram has another long-term financing path—an IPO.

In recent years, Telegram has raised over $1 billion through multiple bond issuances. In 2025, the company issued another $1.7 billion in convertible bonds, attracting participation from institutions like BlackRock and Mubadala of Abu Dhabi. Currently, the main bonds outstanding include a 7% coupon bond maturing in March 2026 and a 9% coupon convertible bond maturing in 2030.

Notably, of the $1.7 billion in convertible bonds, approximately $955 million are used to refinance existing debt, with the remaining $745 million as new funds. The convertible bonds include an IPO conversion clause—if the company goes public before 2030, investors can convert or cash out at about 80% of the IPO price, effectively offering a 20% discount. This clause reflects investors’ confidence that Telegram can successfully list before 2030 and achieve a substantial valuation premium.

Since Durov has already addressed most of the 2026 debt through early debt swaps, the company’s main debt pressure is concentrated on the 2030 convertible bonds. This provides Telegram with a relatively wide window for an IPO. However, many investors expect Telegram to seek a listing around 2026-2027, aiming to convert debt into equity and open new financing channels. Missing this window could mean facing long-term interest obligations and losing the opportunity for equity-based fundraising.

From a community perspective, an IPO could reshape the Telegram ecosystem. Going public would attract more institutional capital, presenting both opportunities and challenges for TON’s development. Increased institutional involvement could boost liquidity and recognition for TON, but might also alter token price volatility and impact user investment experiences.

The future amid dual risks and opportunities

Overall, the relationship between Telegram and TON forms a “mutual prosperity and mutual loss” ecosystem. Telegram’s deep involvement with TON has created new revenue streams and product highlights, but also exposes it to the volatility of the crypto market affecting financial reports. Conversely, community engagement and activity levels drive the development of the TON ecosystem.

Currently, the TON token is priced at $1.56, rebounding from its 2025 lows. However, based on financial data, uncertainties remain between Telegram and TON. On one hand, the expanding mini-game and bot ecosystems provide more engagement scenarios; on the other, token price fluctuations and market sentiment could still pressure the platform’s performance.

For participants in Telegram groups and communities, understanding the complexity of this relationship is crucial. The platform’s growth is accelerating, but this growth is not perfectly linear or stable. When engaging with Telegram’s ecosystem and TON tokens, rational risk assessment is essential, along with recognition of the platform’s long-term considerations for decentralization and governance. The future of Telegram is not just a social platform but is gradually evolving into a community economy based on the crypto ecosystem. This transformation presents new opportunities and challenges for all ecosystem participants.