"Telegram Issues $1.7 Billion Convertible Bonds… Despite Hopes for Financial Improvement, Toncoin Down 2%"
Summary
- Telegram reportedly plans to issue $1.7 billion worth of convertible bonds to repay existing debt and extend maturities.
- It was stated that all raised funds will be used for debt structure improvement.
- Despite improvements to the financial structure and business expansion expectations, the price of Toncoin (TON) reportedly declined by 2.34%.
Telegram plans to issue $1.7 billion worth of convertible bonds to refinance existing debt and extend maturities.
According to Bloomberg on the 29th, Telegram will use part of these five-year bonds to repurchase $955 million in debt maturing in 2026, while the remaining $745 million has been raised as new capital. All of the raised funds will be used to improve the debt structure.
The outlet added, "Telegram's revenue surpassed $1 billion in 2024, and cash holdings excluding virtual assets (cryptocurrencies) alone were reported to exceed $500 million."
Meanwhile, despite expectations for financial structure improvement and future business expansion, the price of Toncoin (TON)—a blockchain project based on Telegram—continues to weaken. As of 22:33 on CoinMarketCap that day, TON was trading at $3.37, down 2.34% from the previous day.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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