Telegram clarifies capital structure: $1.7 billion in new debt with no Russian funds, Durov is the sole shareholder

Telegram founder Pavel Durov posted today on his personal channel, directly addressing recent market concerns about his company’s capital structure.

He clearly stated that, despite some unfounded panic-mongering, Telegram’s capital structure has nothing to do with Russia.

01 Core Response

As one of the world’s leading crypto-friendly communication platforms, Telegram’s every move attracts industry attention. Recently, concerns arose in the market due to its bonds’ alleged connection to Russia.

According to the Financial Times, approximately $500 million worth of bonds issued by Telegram in Russia have been frozen due to Western sanctions against Russia’s national settlement depository. This incident exposed historical ties to Russian capital, sparking speculation about its financial independence.

02 Clarification of Capital Structure

Durov’s response directly addresses the core issue. He first emphasized that Telegram recently completed a $1.7 billion bond issuance, with “no Russian investors involved at all.”

This is a key signal indicating that the company is actively adjusting its financing sources to enhance its globalization and de-politicization image.

Regarding the old bonds that market concerns focus on, Durov clarified that bonds issued in 2021 have been largely repaid and do not pose a current financial risk.

He stressed that bondholders and company shareholders are two completely different identities. Bondholders are essentially creditors of the company, while shareholders are owners with decision-making power.

Durov himself remains the sole shareholder of Telegram, which means the company’s ultimate control and strategic direction are in his hands, unaffected by external bondholders.

03 Financial Performance and Risk Isolation

From financial data, Telegram’s revenue growth is strong. According to the Financial Times, the company’s revenue in the first half of 2025 reached $870 million, a year-over-year increase of over 65%.

Notably, the company recorded a net loss of $222 million during the same period. The report attributed part of this to impairment charges on its held Toncoin cryptocurrency, which declined in value amid the broader crypto market downturn in 2025.

Regarding the approximately $500 million frozen bonds, a Telegram spokesperson stated that sanctions themselves do not pose a direct risk to the company.

Following standard procedures, funds used for bond repayment will be transferred to an international intermediary, and subsequent payments to bondholders are beyond the company’s direct responsibility, even if some holders are unable to receive funds for reasons.

04 Insights for the Crypto Industry

Telegram’s case provides important reference for the entire crypto and Web3 industry. As a platform with over 800 million monthly active users, its capital structure’s independence and transparency are crucial for maintaining user trust.

This is especially evident in its deep integration with the TON blockchain ecosystem. Any speculation that Telegram is influenced by specific national capital could undermine its position as a decentralized application and community-neutral infrastructure.

For global crypto investors, understanding the capital composition, governance structure, and legal risks behind projects has become an essential basic skill. This concerns not only investment safety but also the long-term values and resilience of the projects.

05 Investment Perspective and Platform Dynamics

On the Gate exchange, Toncoin—closely related to the Telegram ecosystem—is one of the most watched assets. As of January 7, its trading activity was high, and price fluctuations reflected the market’s immediate reaction to this event.

For investors paying attention to such events, Gate offers various tools to manage risks and seize opportunities. For example, trading bots can help users automatically execute buy and sell strategies within set price ranges.

Copy trading features allow less experienced users to follow top-performing traders on the platform and learn from their market response strategies. Additionally, features like Simple Earn enable long-term ecosystem supporters to earn extra income while holding.

The platform’s Launchpad and Launchpool continue to select and launch promising new projects, providing investors with diversified opportunities to participate in the Web3 space.

Future Outlook

Durov emphasized that he is the company’s sole shareholder and has absolute control. Telegram is actively repurchasing old bonds and issuing new bonds to global institutions, building a more resilient capital structure.

On Moscow streets, ads for a domestic instant messaging app called Max are quietly increasing—an official Russian effort to promote domestic software as an alternative to Telegram and WhatsApp. Meanwhile, on the Gate exchange’s digital asset trading interface, TON trading volume pulses sharply, with the market voting with funds to express trust in this declaration of capital independence.

The global crypto community’s discussions continue to flood Telegram’s encrypted groups. A key infrastructure of a decentralized world is steadily trying to walk the tightrope of geopolitics.