Telegram sells $450M in Toncoin (TON), raising shareholder concerns
Toncoin (TON) has fallen more than 75% from its 2024 high and more than 65% from its 2025 high. Investors blame Telegram for selling roughly 10 percent of its market capitalization.
Analysts are divided on the impact of this move. At the same time, Toncoin's development has been closely linked to news related to Telegram.
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Critics blame Telegram for Toncoin's poor price performance
A recent Financial Times report stated that Telegram will sell more than $450 million worth of Toncoins by 2025. This disclosure sparked a heated debate among analysts and the crypto community.
Concerns quickly surfaced about the motivation behind the sale. Critics argue that the main goal was to support Telegram's enterprise operations rather than directly supporting the Ton ecosystem. This has raised questions about long-term cost increases for tonnage owners.
Some investors say this selling activity contributed to Ton's price performance.
“Holy Schmolly, no wonder the ton is down 66%,” said investor 0xGeeGee.
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Investor Mike Dudas compared the situation to Pump.fun, which spent $225 million on buying its own token, to highlight the difference in strategy.
The FT report also notes that almost $500 million of Telegram's Russian bonds have been blocked by Western sanctions. This list indicates that Telegram still has financial exposure to Russia. The data has caused investors to doubt Telegram's economic independence.
Negative news surrounding Telegram can have a lasting and significant impact on Toncoin's price. Previously, the CEO of Telegram, Pavel Durov, said that the Telegram platform is the economic backbone.
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What do Telegram defenders say?
In response to these concerns, Ton Strategy Company (NASDAQ: TONX) Executive Chairman Manuel Stotz pushed back the criticism.
Telegram has emphasized its commitment to the TON blockchain. He explained that every ton sold has a four-year time limit. The biggest buyer is the Ton Strategy itself, a fixed capital vehicle designed to store, hold and distribute tons rather than sell them on the market.
Meanwhile, CoinGecko Ton Strategy is currently sitting on a loss. The company accounts for more than 4% of the total supply of tons estimated at more than $406 million and has spent $713 million to assemble the site.
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In support of defense, Telegram's sales represent an effort to balance the ecosystem, not a way out, argues promoter DamX. Telegram said excessive tonnage would hinder decentralization. Controlled sales with long-term buyer locks and vetting are presented as a healthy option.
“Telegram sells tons because it wants to, not because it wants to. Ads, revenue sharing, creation and promotion of usernames, gifts, premiums, stars, and other in-app payments flow through tons in one way or another. As Telegram scales, it naturally accumulates tons from these flows,” DamX said.
Regarding the alleged transfer of money to Russia, Pavel Durov denied the request, stating that the information was incorrect.
Ultimately, the credibility of these defenses may be tested in 2026 as the ton price recovers and investor confidence returns to altcoins.
