- Pavel Durov, founder of Telegram, holds Bitcoin, some Toncoin, and Telegram stock as his primary assets.
- In contrast to Elon Musk, who has publicly held Bitcoin, Ethereum, and Dogecoin, Durov has demonstrated a focus on Bitcoin and the native currency of his platform, Toncoin.
Pavel Durov’s Crypto Holdings: Betting Big on Bitcoin and Toncoin
Pavel Durov, founder of the widely used Telegram app and a significant figure within the crypto community, has disclosed the nature of his cryptocurrency investments. With a net worth of $17.5 billion as of 2023, Durov shuns traditional investments such as real estate or aviation, favoring crypto assets instead.
According to Chinese crypto journalist and blogger Colin Wu, Durov’s portfolio is composed mainly of Bitcoin, some Toncoin (TON)—the native cryptocurrency of Telegram’s Open Network Layer 1 blockchain, and Telegram stock.
Telegram’s Growth and Fundraising Efforts
Earlier this week, Durov orchestrated a substantial fundraising event to bolster Telegram. The platform has experienced remarkable growth, attracting approximately 2.5 million new users each day and gaining over 300 million users within the past two and a half years. As it stands, Telegram boasts over 800 million active users monthly.
TechCrunch reported that the platform succeeded in raising $210 million through bond sales this week. Durov himself acquired a quarter of these bonds. While the identities of the other investors remain undisclosed, Durov indicated they are renowned figures who specialize in bond investments.
Initially, Telegram issued bonds worth $270 million. However, Durov conceded that Telegram continues to operate at a loss for him. The recent fundraising round aimed to edge the app closer to breaking even. Over the past decade, Durov has invested hundreds of millions of dollars of his wealth to keep Telegram operational.
Durov’s Crypto Portfolio in Comparison to Elon Musk
When comparing Durov’s crypto holdings to another tech mogul, Elon Musk, one finds an intriguing divergence. Musk, the CEO of Tesla and owner of Twitter, has previously admitted to holding Bitcoin, Ethereum, and Dogecoin.
In 2021, Musk announced Tesla’s purchase of $1.5 billion worth of Bitcoin, resulting in Bitcoin payments for Tesla’s electric vehicles. However, this venture was short-lived due to environmental concerns associated with proof-of-work mining. Musk promised Bitcoin payments would resume when miners started utilizing renewable energy sources for at least 50% of their operations.
While Tesla has since liquidated its Bitcoin holdings, Musk’s companies, Tesla and SpaceX, currently accept Dogecoin for their merchandise. Although Musk has not confirmed whether he still holds Bitcoin, his continued endorsement of Dogecoin suggests he retains a stake in the meme-inspired crypto asset.