Telegram raises $1,5 billion with support from Citadel and BlackRock

• Telegram issues bonds to raise $1,5 billion
• Citadel and BlackRock back Telegram’s new funding
• Toncoin reacts positively to bond sale announcement

Messaging platform Telegram is preparing to raise $1,5 billion by issuing new five-year bonds with a yield of 9%, according to information from The Wall Street Journal. The operation has the support of major investors such as Citadel, BlackRock and Mubadala, reinforcing the confidence of institutions in the company's growth.

The amount will be used mainly to buy back bonds issued in 2021, which mature in March 2026. Approximately US$400 million of these securities have already been repurchased. The structure of the agreement provides for the possibility of converting the debt into shares at a discount, should Telegram choose to go public in the future — a scenario that is still far off, according to market analysts.

The financial move comes amid legal tensions involving the platform’s founder, Pavel Durov, who is under investigation in France for allegedly failing to cooperate with authorities over the app’s use in illicit activities. After being detained, Durov was allowed to return to Dubai, where Telegram is headquartered. Back in the UAE, he said the company “not only met but exceeded legal expectations in moderation, cooperation and crime prevention.”

Despite the legal challenges, Telegram has delivered solid numbers. In 2024, the company reported a profit of $540 million, reversing a loss of $173 million in 2023. Annual revenue reached $1,4 billion, driven by premium subscriptions, advertising revenue and partnerships in the Ton blockchain ecosystem.

The announcement of the fundraising boosted the price of Toncoin (TON), a token associated with The Open Network, which rose 6% to trade at around $3,20, according to data from CoinGecko. The asset usually responds sensitively to events linked to the platform and its CEO.

The TON Foundation also announced the appointment of Nikola Plecas, formerly of Visa, as Vice President of Payments. The executive will be responsible for strengthening the foundation’s global strategy and expanding the TON network’s payment capabilities, especially in the integration with Telegram.