AlphaTON Capital Adopts Toncoin as Treasury Asset With $30M Bet

On September 26, AlphaTON Capital announced that it had completed its first major Toncoin (TON) purchase, signaling a bold entry into the world of digital asset treasuries. This move shows that corporate adoption of cryptocurrency is moving beyond Bitcoin (BTC) and Ethereum (ETH). 

AlphaTON Becomes Major Holder of TON Tokens

AlphaTON Capital has announced the purchase of $30 million worth of TON, the native token of The Open Network (TON). 

The network is closely linked to Telegram’s ecosystem, which reaches over a billion users worldwide. The acquisition was financed through a $36.2 million private placement of 6.32 million shares priced at $5.73 each. AlphaTON also secured a $35 million loan facility from BitGo Prime to support the move.

The company said the deal makes AlphaTON one of the largest holders of TON worldwide. It also gives shareholders direct exposure to Telegram’s blockchain ecosystem. Interestingly, AlphaTON Capital was not always in the crypto business. 

Formerly known as Portage Biotech, the firm once focused on clinical-stage immuno-oncology. 

The company has now fully repositioned itself as a digital asset treasury (DAT). Leading this new direction is Brittany Kaiser, Director at Gryphon Digital Mining, who now serves as AlphaTON’s CEO. The company has joined the growing list of public companies that add digital assets to their balance sheet. 

AlphaTON Targets $100M Toncoin Treasury Backed by Industry Giants

AlphaTON plans to grow its Toncoin treasury to $100 million by year’s end. It will earn yield through staking, invest in Telegram apps and TON DeFi projects, and improve treasury management for long-term growth.

The strategy is supported by several well-known industry players who act as advisors. This includes BitGo, Animoca Brands, Kraken, SkyBridge Capital, and Crypto.com. One advantage of AlphaTON is the ability to purchase TON at a discount, further strengthening its balance sheet.

Following the announcement, AlphaTON’s stock rose 3.8% to close at $6.25 on Thursday. However, pre-market trading on Friday saw a dip of 8.5%, reflecting wider volatility. Over the past month, the stock has fallen by 22.4%, according to TradingView data.

Expanding the Corporate Crypto Playbook

AlphaTON’s move reflects a broader trend of companies diversifying their treasuries beyond Bitcoin and Ethereum. Firms are now adding assets like Solana, Litecoin, XRP, BNB, and Toncoin.

AlphaTON Capital is positioning itself within Telegram’s rapidly growing ecosystem. The firm is betting that TON will become central to the next wave of decentralized apps and mass adoption. TON, once a top 10 crypto asset during the 2024 Telegram mini-game hype cycle, has since fallen about 60% in value and now ranks 31st by market cap. 

Still, corporate interest has remained strong. Last month, Ton Strategy, a Toncoin-focused DAT, launched after rebranding from Verb Technology. It bet $558 million on TON and later grew its holdings to over $700 million.