Telegram is planning to raise $1.5 billion in bond sales today despite ongoing legal issues involving CEO Pavel Durov in France. According to the Wall Street Journal, the five-year bond offers a 9% annual yield, attracting major global investors. The proceeds are used to refinance existing obligations.
Notable participants include BlackRock and Mbadara, state-owned investment companies in Abu Dhabi. Hedge fund Citadel is expected to also join as a new investor.
Bond terms include the option for investors to convert their holdings to stocks at a discounted price if the telegram is published. However, due to Durov’s legal situation and ongoing market volatility, there are few IPOs in the short term.
This fund will be used primarily to buy back debts from 2021 bond issuances, which will mature in March 2025. Telegram has already used its cash reserves to buy back roughly $400 million of its debt.
Related: Libre by BlackRock brings the $500 million Telegram Bond Fund to Ton.
Legal issues surround CEO Pavel Durov
Telegram CEO Pavel Durov is facing preliminary criminal charges in France that allegedly refused to cooperate with investigating illegal activities on the platform. French prosecutors are investigating allegations of illegal content in telegrams, including child pornography.
Durov denied the allegations, claiming that Telegram complies with all binding legal requirements. He is on bail but is prohibited from leaving France during the investigation. French authorities recently declined a request to travel to the US for an investor meeting.
Durov holds double citizenship in France and the United Arab Emirates, where Telegram is headquartered. Legal proceedings can take quite a long time, as preliminary French accusations often lead to lengthy investigations led by magistrates.
Significant financial growth and user expansion
Telegram has experienced significant financial growth in recent years. In 2024, the company generated approximately $540 million in revenues of $1.4 billion, significantly improving from its $142 million loss in 2023 revenue of $342 million.
In 2025, Telegram projected more than $700 million in revenue with $2 billion in revenue. Revenue growth is driven by multiple streams, including advertising, in-app purchases of digital gifts called “stars,” and partnerships building apps and bots for third-party developers on the platform.
The platform’s user base continues to grow rapidly. As of March, Telegram had reached 1 billion active users each month. Its paid subscriber base has doubled to over 15 million over the past year.
Related: Pavel Durov calls Ton Telegram the “backbone” and reveals $400 million in VC support
Earlier this month, Libre launched the Telegram Bond Fund (TBF) on Open Network (Ton), tokenizing $500 million in Telegram’s corporate debt. The fund allows accredited investors to acquire blockchain-based exposure to Telegram’s $2.35 billion outstanding debt, allowing to use tokens in distributed financial finance (DEFI) applications such as yields and borrowings.
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