Report says Telegram sold $450 million in Toncoin, analysts divided on impact

Beincrypto reports that the Financial Times said Telegram sold more than $450 million worth of Toncoin in 2025.

Toncoin has fallen more than 75% from its 2024 peak and over 65% from its 2025 high, and some investors blame Telegram for selling an amount equivalent to roughly 10% of TON’s circulating market capitalization. Critics in the crypto community argued the sales were used to fund Telegram’s corporate operations rather than directly support the TON ecosystem, and the FT also noted about $500 million of Telegram’s Russian bonds have been frozen under Western sanctions.

Defenders pushed back. Manuel Stotz of TON Strategy Co said all TON sold by Telegram is subject to a four-year vesting period and that the largest buyer is TON Strategy Co, a permanent capital vehicle meant to accumulate, hold and stake TON. CoinGecko reported TON Strategy now holds more than 4% of TON’s supply, valued at over $406 million after spending $713 million to build the position. Contributor DamX argued sales aim to balance the ecosystem, and Pavel Durov denied Telegram depends on Russian capital, saying the recent $1.7 billion bond offering included no Russian investors.

Analysts remain divided over whether the sales harmed long-term value creation; according to the report, the credibility of defenses may be tested by whether TON’s price recovers in 2026 and whether investor confidence returns.

Key Topics

Crypto, Toncoin, Telegram, Pavel Durov, Ton Strategy, Manuel Stotz