The digital token associated with Telegram gained momentum amid speculation that major Wall Street investors are showing interest in the company’s attractive 9% yield bond offering.
Toncoin surged over 6% on Wednesday following news that asset management powerhouse BlackRock is considering participating in Telegram’s $1.5 billion bond offering.
According to sources cited by the Wall Street Journal, Telegram plans to price the five-year bond with a 9% yield, with the funds raised intended to refinance existing debt.
Telegram has already secured backing from major investors such as Abu Dhabi’s Mubadala, and market speculation now points to BlackRock—an existing Telegram bondholder—potentially increasing its stake. Hedge fund Citadel is also rumored to be a prospective supporter, though specifics have yet to be confirmed.
The funding discussions come after Telegram co-founder Pavel Durov revealed earlier this week that the platform has surpassed 15 million paying users—double the number from last year—and expects to generate $2 billion in revenue by 2025.
Meanwhile, Durov faces preliminary charges for allegedly not cooperating with investigations into illegal content on Telegram. Recently, French prosecutors rejected his request to travel to the U.S. for investor meetings, describing it as “neither compelling nor justified.”
Following the news, Toncoin, Telegram’s native digital token, jumped 6.49% to $3.15, with a market capitalization of $7.92 billion. However, the token still remains 61.6% below its all-time high for 2024, according to data from crypto.news.
