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Toncoin, the native cryptocurrency of The Open Network (TON), saw a significant price surge on Wednesday following two major developments tied to its parent ecosystem: a high-profile partnership with Elon Musk’s xAI and reports of a massive $1.5 billion bond issuance by Telegram.
According to data from CoinGecko, TON was trading at $3.37 after rising nearly 12% within 24 hours. Earlier in the day, it touched a high of almost $3.70, marking a brief 90% spike from previous levels. The momentum comes amid growing optimism around Telegram’s expanding role in both AI and fintech.
Telegram’s $1.5B Bond Play Draws Global Investors
Citing insiders, The Wall Street Journal revealed that Telegram is preparing to raise $1.5 billion through a corporate bond sale. The five-year bonds will carry a 9% yield and have reportedly caught the attention of heavyweight investors such as Mubadala (an Abu Dhabi sovereign fund), BlackRock, and Citadel.
This financial move reflects Telegram’s increasingly profitable business model. Sources indicate the messaging giant recorded $540 million in profits on $1.4 billion in revenue in 2024—a sharp turnaround from earlier struggles. Telegram has also hit a major milestone, with 1 billion monthly active users as of March 2025. Additionally, its subscription services have seen user numbers double year-over-year.
xAI Partnership Brings Grok to Telegram
Further fueling investor enthusiasm was the announcement of a strategic AI collaboration with Elon Musk’s xAI. Under a newly inked one-year agreement, Telegram will integrate Grok, xAI’s generative chatbot, directly into its platform. Founder Pavel Durov shared the news via his social channels, adding that Telegram will earn 50% of subscription revenues generated by xAI within the app.
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This marks a major leap into AI-driven tools for Telegram, boosting the platform’s ecosystem and utility, while creating a fresh revenue stream aligned with the current tech zeitgeist.
Legal Cloud Over Durov
Despite the positive headlines, Telegram’s leadership faces turbulent waters. Founder Pavel Durov is currently entangled in legal troubles in France. He was arrested in August on accusations that Telegram has been complicit in facilitating criminal activities, including terrorism and drug trafficking.
French authorities recently denied Durov permission to leave the country for talks with American investment firms, a development reported by media earlier this month. The legal scrutiny adds an element of uncertainty to Telegram’s otherwise bullish trajectory.
TON’s Origins and Comeback
Originally launched by Telegram in 2018, The Open Network was shelved in 2020 after regulators clamped down on its ICO. However, the messaging app has since rekindled its relationship with the network. Telegram now actively supports TON through integrations like the TON Wallet and popular tap-to-earn games.
Those games, such as Catizen and Hamster Kombat, turned Telegram into a GameFi hotspot in 2024, with hundreds of millions of users engaging in crypto-based mini-games. This viral engagement has helped drive TON adoption and visibility, further intertwining Telegram’s fate with the token’s value.
TL;DR
Toncoin is back in the spotlight, riding high on a one-two punch of Telegram’s AI ambitions and a massive capital raise. As the messaging app deepens its ties with both xAI and the TON blockchain, all eyes are on how it navigates ongoing legal issues, and whether this momentum can carry Toncoin to new highs.
