The digital token linked to Telegram gained traction as rumors swirled that Wall Street titans are circling the company’s lucrative 9% yield bond deal.
The price of Toncoin (TON) soared by more than 6% on Wednesday as reports emerged that asset management giant BlackRock is considering joining Telegram‘s $1.5 billion bond offering.
Telegram is set to price the five-year bond at 9% yield, the Wall Street Journal has learned, citing people familiar with the matter, with proceeds going toward buying back older debt.
The messaging app has already locked in support from big players like Abu Dhabi’s Mubadala, and now market chatter suggests BlackRock — already a Telegram bondholder — could deepen its involvement. Hedge fund Citadel is also rumored to be among the new backers, though details remain unclear.
The funding talks follow Telegram co-founder Pavel Durov’s announcement earlier this week that the app has surpassed 15 million paying users — double last year’s total — with $2 billion in projected revenue for 2025.
Durov remains under preliminary charges for allegedly failing to cooperate with investigations into illegal content on Telegram, with French prosecutors recently denying his U.S. travel request for investor talks as “neither compelling nor justified.”
Toncoin, Telegram’s affiliated digital token, surged 6.49% to $3.15 with a $7.92 billion market cap on the news, despite remaining 61.6% below its 2024 all-time high, according to data from crypto.news’ price page.
