Telegram is making headlines again—this time not for new features, but for a bold financial play. The messaging giant is set to raise at least $1.5 billion through a 5-year bond offering at a 9% yield, backed by major names including BlackRock, Mubadala, and Citadel. The funds will be used to refinance Telegram’s 2021 bonds due in 2026, nearly $400 million of which have already been bought back.
More than just debt restructuring, the bond includes a strategic twist: investors may convert the debt into equity if Telegram ever goes public. While an IPO isn’t imminent, the structure suggests Telegram is quietly laying the groundwork for future moves.
Profits, Pressure, and Pavel
Financially, Telegram is in a stronger position than ever. A $540M profit in 2024—following a $173M loss in 2023—reflects explosive growth in premium features, ads, and Toncoin-related partnerships. That profitability, paired with sustained user growth, has won over heavyweight investors.
Yet, the deal comes under the cloud of legal scrutiny. CEO Pavel Durov is still managing reputational fallout from French authorities over platform moderation concerns. Despite this, Telegram asserts full legal cooperation and claims to exceed international compliance standards.
Toncoin Reacts Swiftly
As expected, Toncoin (TON) rallied over 6% to $3.20 following the announcement. TON’s price history is closely tied to Telegram’s headlines. When Durov was detained in 2023, the token plunged—only to rebound with his release. The bond sale, combined with the TON Foundation hiring ex-Visa executive Nikola Plecas to lead payments strategy, suggests TON is building toward real financial infrastructure.
Investor Takeaway
The market appears to be pricing in optimism around Telegram’s maturing business model—and by extension, Toncoin’s rising role in its ecosystem. If Telegram continues to stabilize financially and institutional trust grows, TON could benefit as the default transactional layer inside the platform.
However, regulatory risks and macro pressure remain. Investors should consider both the potential and the volatility.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always do your own research.
