AlphaTON Capital anchors crypto treasury around Toncoin

AlphaTON Capital plans to anchor its treasury strategy in Toncoin, blending institutional-grade investment practices with blockchain validation and ecosystem expansion within Telegram.

On September 3, AlphaTON Capital, formerly Portage Biotech Inc., announced its pivot from biotechnology to digital assets, securing approximately $38.2 million in a private placement and a $35 million collateralized loan from BitGo Prime.

The capital is earmarked for a singular, ambitious goal of acquiring approximately $100 million in Toncoin (TON) to establish a dedicated corporate treasury. The move, expected to close around Sept. 5, coincides with the company’s Nasdaq ticker change from PRTG to ATON and the appointment of data rights advocate and crypto thought leader Brittany Kaiser as its new CEO.

AlphaTON’s Toncoin move signals institutional appetite for crypto treasuries

AlphaTON said it is targeting the TON blockchain because of its symbiotic relationship with Telegram, which provides an unprecedented on-ramp for its billion-plus monthly users into Web3. This strategy moves beyond mere price speculation, aiming to capture value through active participation in the network’s growth and infrastructure.

The company plans to generate returns on its TON holdings by participating in yield-generating activities like network validation and staking operations. These core functions are designed to deliver predictable revenue streams while simultaneously strengthening the TON network’s security.

At the same time, AlphaTON intends to incubate and develop leading applications within Telegram’s ecosystem, including TON-based DeFi protocols and gaming platforms. This dual approach of earning yield and fostering ecosystem expansion is what the company terms a “differentiated digital asset treasury model.”

This confidence in the TON ecosystem is echoed by its backers.

“We are strongly bullish on TON and see massive opportunities as it evolves into a top-10 global blockchain by 2026. The combination of Telegram’s billion-user ecosystem and TON’s cutting-edge technology creates a unique platform for the next generation of crypto entrepreneurs,” Yury Mitin, Managing Partner at RSV Capital, said.

Market reaction and competition

The market’s initial reaction was positive. Following the announcement, AlphaTON’s shares, then still trading under the ticker PRTG, surged 15% to $8.01. This immediate pop signals that investors are not only endorsing the strategic shift but are also beginning to price in the potential of this novel treasury model, viewing it as a viable bridge between traditional equity markets and the emerging digital asset economy.

However, AlphaTON Capital is not alone in this ambitious pursuit. It enters a space already staked by VERB Technology Company, another firm that has fully committed to a Toncoin treasury strategy.

VERB has announced the accumulation of a staggering $713 million worth of TON tokens, supplemented by $67 million in cash, bringing its total war chest to over $780 million. Following a $558 million private placement in August that sent its stock soaring more than 200%, VERB has laid out an even more aggressive goal: to capture 5% of the entire circulating supply of Toncoin, approximately 128 million tokens, through further debt and equity issuance.