Most cryptocurrencies witnessed limited price movements on Wednesday as bears fought for short-term control.
Amidst the uncertainty, Telegram-based Toncoin seems ready to lead the next leg up.
TON appears on the brink of a massive breakout on its daily chart, and the latest optimistic news could fuel the anticipated rally.
Notably, the messaging app is reportedly preparing to raise $1.5 billion via a 5-year bond sale.
Telegram plans to issue $1.5B in five-year bonds at 9% interest to repay 2021 debt. Investors include BlackRock, Mubadala, and newcomer Citadel. Bonds can convert to equity at a discount if Telegram goes public.
wsj.com/finance/telegr…
40
Reply
Copy link
Wall Street Journal confirmed that leading giants, including BlackRock, Citadel, and Mubadala, will participate in the deal.
The massive institutional support confirms unwavering investor confidence in Telegram despite the legal woes facing its founder, Pavel Durov.
These updates come as Toncoin braces for a massive breakout from a symmetrical triangle setup.
The altcoin looks to overcome the hurdle at $3.60 to target $4.14, beyond which bulls will aim for $5.13 – a 68% increase from TON’s market price of $3.05.
Telegram’s $1.5B bond issuance attracts top giants
Telegram is a leading messaging app with close to 1 billion international users.
It has pivoted into crypto over the past few years.
Durov even endorsed one of the controversial play-to-earn games, Hamster Kombat.
Now, the platform plans a 5-year bond issuance to raise $1.5 billion.
The deal has grabbed attention as it has attracted top-tier financial backers, including BlackRock, Mubadala, and Citadel.
Meanwhile, the offering includes a 9% yield while allowing investors to convert debts into equity at discounts upon Telegram IPO success.
While Telegram may not go public soon, the latest clause signals long-term goals for corporate expansion.
The messaging platform will use proceeds from the bond issuance to refinance its debt, especially as bonds issued in 2021 mature in March 2026.
The firm previously used cash to buy back around $400M of those bonds, and the new round will help it clear the remaining debts.
Moreover, the fundraising comes as Telegram founder Pavel Durov deals with preliminary charges.
French authorities allege his failure to cooperate during investigations into illegal content on the messaging platform, including pornography.
While Duron remains free on bail, French authorities prohibit him from leaving the country without consent.
TON rides on ecosystem momentum
The Open Network native token trades at $3.05 after a swift 2% jump, according to Coinmarketcap.
The increasing daily trading volume signals revived trader interest in Toncoin, possibly as optimistic ecosystem developments prevail.
Analyst Ali Martinez highlighted a symmetrical triangle formation of TON’s price chart, signaling imminent breakouts.
Overpowering the $3.40 – $3.60 range could catalyze bullish continuation, with $4.14 as the initial target.
Extended upsides amid promising broad market sentiment could stretch Toncoin’s uptrends to Fibonacci 0.786 ($5.13).
That would mean a 68% increase from TON’s current price of $3.05.
However, stability above $3.0 remains crucial for the upsurge.
A breakdown below $2.29 foothold could drive the alt to $2.60 and the March low of $2.28.
The post Toncoin targets 70% rally as Telegram’s $1.5B bond draws BlackRock, Citadel appeared first on Invezz
