Toncoin Soars Amid Telegram Musk xAI Deal, $1.5 Billion Bond Sale Report
Toncoin, the native token of The Open Network affiliated with Telegram, rose nearly 12% to $3.37 amid reports of Telegram seeking a $1.5 billion raise and a $300 million deal with Elon Musk's xAI. At one point, Toncoin surged to almost $3.70, reflecting a 90% increase. Telegram plans to issue five-year bonds with a 9% yield, attracting interest from firms like Mubadala, BlackRock, and Citadel. The company reported $540 million in profits on $1.4 billion in revenue for 2024 and reached one billion active users by March 2025. Telegram will introduce AI chatbot Grok through a one-year agreement with xAI, sharing half of subscription sales. Founder Pavel Durov faces criminal charges in France related to illegal activities on Telegram, complicating the platform's future. Telegram distanced itself from TON in 2020 but has recently re-engaged with the network, promoting tap-to-earn games that gained significant popularity.
