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.
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.”
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 and channel owners with TON tokens, scaling gaming and NFT projects within Telegram, and building global payment rails to compete with tech titans like WhatsApp and WeChat.
“Telegram’s bond raise isn’t just about survival — it’s about dominating the blockchain messaging wars.”
IPO Runway: How Long Will $1.7B Last?
Analysts estimate Telegram’s annual burn rate at $400–$500 million, primarily for server costs, TON development, and regulatory compliance. The $1.7B raise buys 3–4 years of runway, aligning with speculation that Telegram could go public as soon as 2028. This war chest allows Durov and his team to focus on scaling the TON ecosystem and monetizing Telegram’s vast user base through premium subscriptions, business tools, and crypto-powered features.
But the path to IPO is not without challenges. Telegram must prove that TON can generate sustainable revenue and withstand competition from established blockchain giants like Ethereum and Solana. Investors will also watch closely to see if Telegram can balance growth with regulatory compliance, especially after its high-profile run-in with the SEC.
What’s Next?
The bond raise positions Telegram as a crypto-finance hybrid, blending private growth with public market ambitions. If TON gains traction, Telegram could disrupt social media monetization or become a cautionary tale of overreach. The next few years will be crucial as the company races toward profitability and a potential blockbuster IPO.
