BlackRock, one of the world’s largest Bitcoin holders, is reportedly participating in a bond raise by crypto-friendly messenger Telegram.
Telegram is expected to raise at least $1.5 billion in a bond issue on May 28, with support from existing backers like BlackRock and Abu Dhabi’s investment firm Mubadala, The Wall Street Journal reported.
As part of the sale, Telegram is offering investors five-year bonds at a 9% yield, the report said, citing sources familiar with the matter.
Telegram plans to use the proceeds to buy back remaining debt from bonds issued in 2021, which are due to mature in March 2026.
Discounts for potential Telegram IPO
Apart from existing Telegram bondholders like BlackRock and Mubadala, the sale is also expected to bring new investors, including the US hedge fund firm Citadel.
The WSJ report came weeks after Bloomberg first reported on Telegram’s bond sale in late April,