Telegram's revenue in the first half of 2025 grew 65% year-on-year to $870 million, with operating profit nearing $400 million. However, due to a more than 73% drop in the price of TON tokens it holds, the company recorded an impairment loss, ultimately posting a net loss of $222 million. Revenue breakdown: primarily driven by its exclusive agreement with the TON blockchain (contributing nearly $300 million), as well as premium subscription revenue (surging 88% to $223 million) and advertising revenue. Telegram sold over $450 million worth of TON tokens, sparking community concerns about 'cashing out.' The official explanation stated that the move was aimed at controlling the holding ratio (keeping it under 10% to maintain decentralization) and that the tokens were sold to long-term investors with a four-year lock-up period. The goal was to adjust the asset structure rather than engage in short-term selling.