Telegram just released its H1 2025 financial report, and the numbers tell quite a story. Revenue hit $870M, marking a solid 65% year-over-year jump from $525M in the same period last year. What's driving this growth? About $300M came straight from Toncoin-related deals—showing how tightly the messaging giant has woven itself into the blockchain ecosystem.

But here's where it gets messy: the company posted a net loss of $222M after taking a writedown on the Toncoin price decline. That's a sharp reality check on how volatile crypto ventures can be. On top of that, geopolitics threw another wrench in the works. Around $500M in bonds got frozen in Russia due to ongoing sanctions, adding another layer of uncertainty to the balance sheet.

It's a mixed picture—explosive topline growth paired with real challenges on the backend. Classic high-risk, high-reward story playing out in the Web3 space.