cryptopolitan.com
AlphaTON Capital, a former biotech company, has rebranded as a digital asset treasury (DAT). The company announced the completion of its first $30 million Toncoin purchase on Thursday.
AlphaTON has become one of the largest holders of Toncoin ($TON), the native token of The Open Network. The company said its goal is to grow its Toncoin treasury to $100 million by the end of 2025.
AlphaTON wants to invest $100M in Toncoin
The Nasdaq-listed company closed a $71 million financing round back in early September. The financing round included a $36.2 million private placement of 6.32 million shares. In addition, AlphaTON secured a $35 million loan facility with BitGo Prime.
The ex-biotech company stated that it aims to acquire $100 million worth of Toncoin ($TON). In the release, AlphaTon announced,
“A financing to acquire ~$100 million $TON tokens and establish a specialized digital asset treasury company dedicated to building a strategic $TON reserve and providing public markets access to Telegram’s rapidly expanding ecosystem of more than a billion monthly active users.”
Beyond accumulating Toncoin, AlphaTon wants to generate yield revenue via blockchain validation and staking rewards. The new DAT also wants to back projects within Telegram’s mini-app and DeFi ecosystems.
AlphaTon has strategic crypto partners and advisors, including BitGo, Animoca Brands, Kraken, SkyBridge Capital, and Crypto.com, among others. The company is led by CEO Brittany Kaiser, a former director at Gryphon Digital Mining. Executive Chairman Enzo Villani, co-founder of Nasdaq Global Corporate Solutions, is also part of AlphaTon’s leadership.
Kaiser said, “Today marks a pivotal moment in AlphaTON Capital’s journey as we officially establish ourselves as a premier digital asset treasury company with substantial $TON holdings.”
AlphaTon is following in the footsteps of Michael Saylor’s Bitcoin strategy playbook, but through Toncoin. The Nasdaq-listed firm is copying Ton Strategy, which is another firm that accumulated more than $700 million in $TON last month.
AlphaTON’s stock closed at $5.77 on Friday. The stock slipped by around 9.8% from the previous session based on data from Yahoo Finance.
On the other hand, Toncoin ($TON) is currently trading at $2.75. The token has a 24-hour trading volume of $139.9 million and a market capitalization of $6.99 billion based on aggregated data from CoinGecko.
Toncoin surged massively during Telegram’s mini-game boom in 2024. The token recorded an all-time high of $8.25 but has since fallen about 60% from its peak. The coin now ranks 32nd by market cap.
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