Toncoin Rallies 6% Amid Reports of BlackRock Interest in Telegram’s $1.5B Bond Offering
Toncoin, the digital asset linked to messaging giant Telegram, saw a notable 6.49% jump on Wednesday, fueled by speculation that major financial institutions—including BlackRock—are eyeing Telegram’s latest $1.5 billion bond offering.
According to sources cited by The Wall Street Journal, Telegram is preparing to issue five-year bonds with a 9% yield, using the proceeds to retire older debt. The high-yield terms and Telegram’s growing user base appear to be attracting attention from global investors. While no official confirmation has been made, market chatter suggests BlackRock, already a bondholder, may expand its stake. Rumors also hint at interest from Citadel, a leading hedge fund, though details remain under wraps.
The bond deal has already drawn support from Mubadala, Abu Dhabi’s sovereign wealth fund, highlighting the broadening appeal of Telegram’s financial outlook. The platform’s latest growth metrics bolster that narrative: over 15 million paying users, double the figure from a year ago, and projected revenues of $2 billion in 2025, according to co-founder Pavel Durov.
However, Durov’s recent legal troubles could cast a shadow over ongoing investor talks. French prosecutors have reportedly blocked his U.S. travel request, citing “neither compelling nor justified” grounds. The denial comes amid preliminary charges alleging that Durov failed to cooperate with law enforcement investigations into illegal content distributed via the Telegram platform.
Despite ongoing regulatory scrutiny, the optimism around Telegram’s bond deal gave Toncoin (TON) a solid boost, with prices climbing to $3.15. The token now holds a market cap of $7.92 billion, although it remains 61.6% below its 2024 peak.
Toncoin’s performance has been closely tied to Telegram’s broader ecosystem, as the blockchain-based token underpins several initiatives tied to the messaging platform’s future monetization and decentralized infrastructure plans.