Nasdaq-listed former biotech firm acquires $30 million in Toncoin
Quick Take AlphaTON Capital has completed its first $30 million Toncoin acquisition, following the raising of about $71 million in financing. The company aims to grow its Toncoin treasury up to $100 million worth of the cryptocurrency by the end of the year.
Yet another digital asset treasury company embarked on the playbook initiated by Michael Saylor's Strategy on Thursday, this time in the form of Toncoin accumulator AlphaTON Capital.
The Toncoin treasury firm announced it had completed its first $30 million TON acquisition, following completion of its previously announced financing. The company closed a $36.2 million private placement of 6.32 million shares at $5.73 each and also secured a $35 million loan facility from BitGo Prime.
The purchase positions AlphaTON Capital as "one of the largest global holders of TON, providing shareholders with significant exposure to Telegram's billion-user ecosystem," the firm said in a statement .
TON is the native token of The Open Network, the blockchain closely associated with Pavel Durov's popular Telegram messaging app.
Gryphon Digital Mining Director, Brittany Kaiser, leads the Toncoin DAT as CEO. Before its DAT pivot and rebrand, AlphaTON operated as Portage Biotech, a "clinical-stage immuno-oncology" firm.
"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," Kaiser said on Thursday. "These successful financings and immediate deployment into TON demonstrate our unwavering commitment to the Telegram ecosystem and position us to be a driving force in the next wave of decentralized application development."
A key component of Ton Strategy's business plan included purchasing TON at a discount, with BitGo, Animoca Brands, Kraken, SkyBridge Capital, and Crypto.com among the firms acting as strategic advisors.
AlphaTON's stock closed up 3.8% at $6.25 on Thursday following the news, but is currently down 8.5% in pre-market trading on Friday, having lost 22.4% over the past month, according to TradingView .
AlphaTON eyes $100 million in Toncoin this year
AlphaTON Capital's goal is to build its treasury up to $100 million worth of Toncoin by the end of the year. Beyond accumulating the cryptocurrency, AlphaTON aims to generate yield through network validation and staking, deploy strategic capital into promising Telegram mini-apps and TON-based DeFi protocols, and build strong treasury management and ecosystem development capabilities.
The trend of corporate crypto accumulation has recently expanded beyond Bitcoin and Ethereum, with companies establishing treasuries based on altcoins such as Solana, Litecoin, XRP, and BNB. Another Toncoin DAT , orchestrated by key TON holders, launched last month. The company, rebranded from Verb Technology to Ton Strategy, later acquired over $700 million worth of TON.
Once riding high in the top 10 market cap rankings amid the mini-game hype cycle surrounding Telegram and TON blockchain in 2024, TON has subsequently fallen around 60%, according to The Block's Toncoin price page , dropping to 31st place.
TON/USD price chart. Image: The Block/TradingView .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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