Telegram has launched a $1.5 billion bond offering, signaling strong institutional interest in digital platforms that merge messaging functionality with crypto-driven revenue. The sale has drawn support from major backers such as BlackRock, Citadel, and Mubadala, according to a May 28 Wall Street Journal report.
High-Yield Bonds With Convertible Upside
The five-year bonds offer a 9% yield and feature a convertible option, allowing investors to exchange debt for equity if Telegram goes public in the future. Proceeds from the offering will be used to repurchase outstanding obligations from the company’s 2021 bond issuance—some of which were previously bought back using internal reserves.
The offering illustrates growing appetite among institutional players for hybrid digital business models, even in the face of unresolved legal uncertainties.
CEO Pavel Durov Faces Legal Restrictions in France
Telegram’s bond announcement comes amid legal complications involving CEO Pavel Durov, who remains in France under restricted travel due to an ongoing investigation. French authorities have filed preliminary charges alleging noncompliance with legal requests related to illicit content on the platform.
Durov maintains that Telegram has followed all binding legal protocols.
“We complied with every legal request we received. To this day, we do not understand the basis for these charges,” he stated.
Earlier this month, French prosecutors denied Durov’s request to travel to the U.S. for investor meetings, citing insufficient justification. His travel remains restricted while the investigation continues.
Strong Financials and Institutional Support Persist
Despite the legal probe, Telegram’s business fundamentals appear strong. The company reported a $540 million profit on $1.4 billion in revenue in 2024—its first profitable year. It now forecasts $2 billion in revenue and over $700 million in profit for 2025.
Growth in premium subscriptions, in-app purchases, and ad services has driven Telegram’s profitability. The platform’s fusion of messaging tools, digital monetization, and embedded crypto capabilities appears to resonate with institutional investors.
A Sign of Maturing Crypto-Finance Models
Telegram’s bond sale arrives at a time when more crypto-adjacent firms are tapping traditional capital markets for funding. This trend shows that major investors are increasingly willing to support platforms that straddle both regulated financial frameworks and decentralized technologies.
Telegram’s ecosystem, which enables bot-powered crypto payments and decentralized tools within a mainstream app, showcases how digital infrastructure is evolving.
FAQ Highlights
Can Durov’s legal case impact a potential IPO?
Yes. The investigation could shake investor confidence and delay or complicate any plans to list publicly, despite the bonds’ convertibility clause.
Does Telegram rely on crypto for its business model?
Not directly. However, it enables crypto-related activity through integrated tools, bots, and services that cater to Web3 communities.
Why issue convertible bonds now?
Convertible debt offers immediate capital while providing upside potential to investors if Telegram goes public. It’s a favored structure for growing tech firms not yet ready for IPO.
