$450 million worth of TON sold, yet Telegram is increasing its holdings. What is the truth?

Telegram’s sale of TON is not a true “dump,” but a carefully planned strategic move. According to the latest news, the main buyers of these sold TON tokens are Nasdaq-listed company TONX, which holds and stakes the tokens for the long term, with all tokens having a 4-year vesting period. This reflects Telegram’s long-term commitment to the TON ecosystem rather than a short-term cash-out.

Looks like a sale, but actually a strategic shift

The truth behind $450 million sale

According to the Financial Times, Telegram has sold over $450 million worth of TON. However, this seemingly huge number conceals a key detail: Telegram’s net TON holdings have not significantly decreased and may even have increased. What does this seemingly contradictory phenomenon indicate?

The statement from Manuel Stotz, Chairman of the TONX board, provides the answer. He emphasized that all TON sold by Telegram have a 4-year vesting period, meaning these tokens will not flood the market in the short term and cause selling pressure. Meanwhile, the main buyer of these tokens is the TONX company itself, a publicly listed company dedicated to building the TON ecosystem.

Why choose TONX

This is not just a simple transfer of funds. By selling TON to TONX, Telegram is effectively introducing a well-structured long-term holder into the TON ecosystem. As a Nasdaq-listed company, TONX’s financial transparency and governance standards add institutional credibility to the TON ecosystem.

The 4-year vesting period is also thoughtfully designed. This cycle is long enough to ensure Telegram and TONX’s long-term commitment to the TON ecosystem, while avoiding market panic over “large unlocks.”

The real state of the TON ecosystem

Revenue driving force

Telegram’s revenue in the first half of the year reached $870 million, a 65% increase year-over-year, partly thanks to the development of the TON ecosystem. This figure indicates that TON is not only an asset of Telegram but also a significant source of its income.

From this perspective, Telegram cannot truly “dump” TON. On the contrary, the prosperity of the TON ecosystem is directly related to Telegram’s business growth. Therefore, long-term holding and staking through TONX actually reinforce the stability of this ecosystem.

Market performance confirms

Looking at TON’s market data, this strategy seems to be working. As of the latest data, TON is priced at $1.87, with a market cap of $452 million. It has risen 15.12% in the past 7 days and 13.77% over the past 30 days. These positive market performances, to some extent, reflect market recognition of Telegram and TONX’s strategic deployment.

Deep interpretation of the underlying intent

This “sale” is actually Telegram doing three things:

• Strengthening ecosystem commitment: signaling to the market Telegram’s firm support for the TON ecosystem through long-term holdings and staking by TONX
• Introducing institutional participation: leveraging TONX’s status as a listed company to attract more institutional investors to the TON ecosystem
• Optimizing capital allocation: maintaining control over the TON ecosystem while selling some tokens to gain liquidity for other strategic investments

The 4-year vesting period ensures all this occurs within a manageable timeframe, avoiding market volatility.

Summary

Telegram’s sale of TON is not a “cut-loss,” but a carefully designed strategic restructuring. Through the well-established mechanism of TONX, Telegram maintains substantial control over the TON ecosystem while attracting institutional-level long-term investors. The 4-year vesting period ensures the stability and sustainability of this strategy.

Considering Telegram’s 65% revenue growth in the first half of the year, the prosperity of the TON ecosystem has become a key driver of its business expansion. In this context, any “sale” of TON by Telegram should be understood as a further deepening of investment in the ecosystem rather than a short-term cash-out. For investors optimistic about the long-term development of TON, this may be a positive signal.