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Telegram, the encrypted messaging giant trusted by over 900 million users worldwide, has pulled off one of the most ambitious crypto-adjacent fundraising moves of 2025: a $1.7 billion convertible bond issuance to fuel its TON ecosystem and operational growth. The seven-year bonds, featuring a 20% conversion premium, signal CEO Pavel Durov’s long-term vision for Telegram’s evolution from a chat platform into a blockchain-powered super-app and possibly a future IPO. Telegram’s official bond announcement screenshot. Screenshot source: Pavel Durov’s channel Why Convertible Bonds? Legal Lessons From the SEC This move is a strategic pivot from Telegram’s infamous 2020 Gram token ICO, which ended in a bruising SEC lawsuit and a $1.2 billion refund to investors. Legal experts say the bond structure allows Telegram to sidestep regulatory landmines while keeping equity options open for the future. The bonds, priced at a 20% premium to Telegram’s eventual IPO share price, offer investors a lucrative upside while giving Telegram immediate liquidity and flexibility. If the bonds aren’t converted, they mature in 2032 with a fixed interest rate rumored to be between 5–7%. “After the SEC shut down their ICO, convertible debt was the smart play. It’s a nod to compliance without diluting equity ahead of a potential IPO.” — @CryptoLawyer, May 29, 2025 TON Ecosystem Expansion: The Real Prize The capital injection is earmarked for Telegram’s Open Network (TON), a blockchain platform that’s become the backbone of in-app payments, decentralized apps (dApps), and ad revenue sharing. Since integrating TON in 2023, Telegram has onboarded over 30 million crypto wallets, with TON’s market cap surging to $45 billion. The company’s goal is to leverage this user base to create a seamless ecosystem where users can send money, play games, and access DeFi tools — all without leaving the app. Key areas for growth include expanding the ad platform to reward users…

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Filed under: News - @ May 31, 2025 11:27 am