【Block Beats】Regarding Telegram’s TON token holdings, there’s a notable detail worth paying attention to. Recently, the chairman of TONX, a Nasdaq-listed TON treasury company, clarified some key information: all TON tokens sold by Telegram have a four-year vesting period set, meaning the tokens cannot immediately flood the market.
What’s even more interesting is that the TON tokens sold by Telegram were largely purchased by TONX company itself—this company is using these tokens for long-term holding and staking.
Looking at revenue data, Telegram’s first-half revenue of $870 million included substantial contributions from the TON ecosystem, with a year-over-year growth of 65%. Although Telegram has sold over $450 million worth of TON, the chairman emphasized a key point: Telegram’s own net TON holdings have not decreased significantly, and may even be increasing.
In other words, this is not a simple market dump for cash-out, but rather a reconfiguration and strengthening of ecosystem binding through the treasury company. What this operation means for TON’s long-term ecosystem development remains something the market is still digesting.
Left hand to right hand, this playbook is really brilliant...locked in for four years and still handed to insiders, this is called "selling"?
Selling to yourself, yet somehow spinning out a market cap story. Impressive.
Wait, net holdings are still increasing? So that's selling while accumulating, pulling white wolves out of thin air.
Always talking about 65% ecosystem growth, turns out it's all internal circulation within their own ecosystem...really knows how to play.
This move is basically a textbook example of "dumping without actually dumping"
TelegramのTONトークンの手口：4年間のロック＋機関保有の深層ロジック
【Block Beats】Regarding Telegram’s TON token holdings, there’s a notable detail worth paying attention to. Recently, the chairman of TONX, a Nasdaq-listed TON treasury company, clarified some key information: all TON tokens sold by Telegram have a four-year vesting period set, meaning the tokens cannot immediately flood the market.
What’s even more interesting is that the TON tokens sold by Telegram were largely purchased by TONX company itself—this company is using these tokens for long-term holding and staking.
Looking at revenue data, Telegram’s first-half revenue of $870 million included substantial contributions from the TON ecosystem, with a year-over-year growth of 65%. Although Telegram has sold over $450 million worth of TON, the chairman emphasized a key point: Telegram’s own net TON holdings have not decreased significantly, and may even be increasing.
In other words, this is not a simple market dump for cash-out, but rather a reconfiguration and strengthening of ecosystem binding through the treasury company. What this operation means for TON’s long-term ecosystem development remains something the market is still digesting.