Telegram has successfully raised $1.7 billion through a convertible bond issuance to bolster its TON ecosystem and operational growth. This move comes after Telegram's 2020 settlement with the SEC over its Gram token ICO, which led to a $1.2 billion refund to investors. The bonds, featuring a 20% conversion premium, are designed to navigate regulatory hurdles while keeping the door open for a potential IPO. The funds will be directed towards expanding Telegram's Open Network (TON), which facilitates in-app payments, decentralized applications, and ad revenue sharing. Since integrating TON in 2023, Telegram has added over 30 million crypto wallets, with TON's market cap reaching $45 billion. The bond issuance is expected to provide 3–4 years of financial runway, supporting Telegram's ambitions to create a comprehensive ecosystem for payments, gaming, and DeFi tools, positioning itself against competitors like WhatsApp and WeChat.