coindesk.com
AlphaTON Capital, a Nasdaq-listed company newly rebranded from Portage Biotch (PRTG), said it will purchase about $100 million worth of toncoin $TON$3.1824 to build a digital asset treasury firm offering exposure to the token.
The firm will operate under the ticker “ATON” starting Sept. 4. It plans on managing $TON network infrastructure and incubating applications within Telegram’s ecosystem, while also generating token staking rewards.
The company’s shares, still trading under the PRTG ticker, rose 14% to $7.91.
AlphaTON’s treasury strategy comes with a loan facility from BitGo for $35 million to accelerate token acquisition and staking operations.
The company named Brittany Kaiser as CEO. She joins Enzo Villani, a Nasdaq Global Corporate Solution co-founder, who will serve as executive chairman.
To fund the $TON purchase, AlphaTON secured $38.2 million through a private placement. The loan from BitGo will be collateralized by $TON tokens and is due in six months.