TON Pumps on Telegram's Musk Deal & $1.5B BlackRock Raise

Toncoin spiked nearly 14% on Wednesday as Telegram confirmed a $300 million deal with Elon Musk’s xAI and was reported to be raising $1.5 billion through bonds. The altcoin, native to The Open Network that Telegram founded in 2018, briefly touched $3.70 during the early morning rally.

Telegram will issue five-year bonds with a 9% yield, attracting interest from Mubadala, BlackRock, and Citadel, according to the Wall Street Journal. The firm reportedly told investors it generated $540 million in profit on $1.4 billion in revenue for 2024, bouncing back from the prior year.

Founder Pavel Durov announced Telegram will integrate xAI’s chatbot Grok and take a 50% cut of all subscription sales through the app. “This investment partnership will allow us to further monetize Telegram without compromising user experience,” he said in a post.

Despite these initiatives, Durov remains under criminal investigation in France over Telegram’s role in facilitating illicit activity, including terrorism and drug trafficking. A court recently prohibited him from traveling to the US for investment negotiations, adding friction to Telegram’s accelerating crypto ambitions.

JD Vance Backs Crypto Bill And Slams Past Regulators

Speaking at the Bitcoin 2025 conference in Las Vegas, Vice President J.D. Vance said a clear regulatory framework is vital to prevent crypto innovation from leaving the USA. He endorsed a market structure bill and warned that failing to pass it would drive the $3 trillion industry abroad. Vance said Trump’s administration is committed to keeping crypto "mainstream and American-led."

He also promised to remove officials he believes obstructed digital asset progress, including former SEC Chair Gary Gensler. Vance noted that Trump has already appointed pro-crypto leadership, including current SEC Chair Paul Atkins. Citing his own investments, Vance confirmed he still holds a “fair amount” of Bitcoin despite taking office.

BlackRock Eyes 10% Slice of Circle's Upcoming IPO

BlackRock intends to purchase around 10% of shares offered in Circle’s upcoming IPO, according to Bloomberg reporting on Wednesday. The updated SEC filing shows Circle will raise up to $624 million, listing under the ticker “CRCL” on the New York Stock Exchange. The offering includes 9.6 million shares from Circle and 14.4 million from early investors.

Circle co-founder Jeremy Allaire will sell 8% of his stake, while other executives and VCs plan to offload similar amounts. BlackRock has backed Circle since 2022 and manages part of USDC’s reserves via the Circle Reserve Fund. Circle’s valuation target is $5.43 billion, but it enters a volatile market shaped by Trump-era economic policy changes.

IMF Plans to Freeze El Salvador Bitcoin Holdings

The IMF said Tuesday it will enforce limits on El Salvador’s Bitcoin stash, reaffirming restrictions set in a $1.4 billion financing deal. The agreement, approved earlier this year, requires the country to cap bitcoin-related activities in exchange for financial support. The IMF cited risk concerns and warned that exposure to crypto could undermine macroeconomic stability.

President Nayib Bukele has not publicly addressed the new freeze order but has posted additional Bitcoin purchases in defiance. El Salvador’s Bitcoin Office said it added 8 BTC to reserves this week, raising total holdings to over 6,190 coins. Bukele maintains that the nation’s strategy remains unchanged despite growing international pressure.

Data of the Day

NFT sales rebounded in May, reaching $430 million in volume, which is the first monthly increase since December, according to CryptoSlam. Transactions totaled 5.5 million, a yearly high that suggests digital collectible demand is regaining traction. Analysts point to buyer activity outpacing seller participation as a key reason behind the surge.

Unique NFT buyers jumped 50% to 936,000 in May, while the number of sellers dropped to a multi-year low of 284,600. The shrinking supply combined with rising demand could drive more competitive bidding in coming months. It’s the strongest buyer turnout since October 2024, marking a potential turning point for the sector.

More Breaking News

• Bergen County, NJ will tokenize 370,000 property deeds worth $240B on Avalanche, in the largest blockchain real estate effort in the USA.
• MetaMask now supports Solana on its browser extension, letting users interact with Solana tokens and dApps without switching wallets.
• Katana, a Polygon-backed DeFi blockchain, launched its private mainnet aiming to deliver higher yields and solve liquidity fragmentation.
• NYC Mayor Eric Adams vowed to “push and fight” for Bitcoin-backed BitBonds, proposing a crypto-enhanced fixed income product for locals.
• GameStop confirmed it bought 4,710 BTC as its first Bitcoin investment, funded through a $1.3B convertible notes offering disclosed in March.
• Conduit raised $36M in a Dragonfly-led round to build a stablecoin-powered cross-border payments platform for global financial networks.
• Sui validators are voting on a $162M Cetus recovery plan that would return frozen exploit funds through a community-governed process.
• Trump’s crypto czar David Sacks outlined strategies to expand the US Bitcoin Reserve using seized funds and budget-neutral purchases.
• Australia’s regulator is suing former Blockchain Global exec Allan Guo for misconduct and misuse of customer funds at failed ACX Exchange.

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