AlphaTON Capital Corp (Nasdaq: ATON), a Nasdaq-listed company focused on advancing the Telegram Open Network (TON) blockchain ecosystem, announced the successful closure of a $71 million financing round.
This funding enables the company to acquire an initial $30 million tranche of TON tokens, establishing it as one of the largest global holders of the asset and providing direct exposure to Telegram’s billion-user platform. The round combines equity and debt instruments for a balanced capital structure:
$36.2 million raised through a private placement of approximately 6.3 million common shares priced at $5.73 each. A $35 million loan facility provided by BitGo Prime, a leading digital asset financial services provider.
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Proceeds from the financing have been partially deployed into TON tokens, with AlphaTON outlining a treasury strategy that includes: Building a TON reserve, targeting $100 million by Q4 2025. Participating in network validation and staking for yield generation.
Investing in Telegram mini-apps and other ecosystem projects, such as DeFi protocols and gaming platforms. This move positions AlphaTON as a bridge between traditional public markets and the decentralized TON ecosystem, offering institutional-grade exposure while adhering to Nasdaq reporting standards.
AlphaTON, formerly known as Portage Biotech, pivoted to digital assets earlier in 2025 to capitalize on TON’s integration with Telegram’s messaging app. The blockchain’s seamless access to over 1 billion monthly active users eliminates traditional barriers to decentralized app adoption, fueling growth in areas like payments, gaming, and productivity tools.
The company has forged partnerships with major players including BitGo, Animoca Brands, Kraken, SkyBridge Capital, and Crypto.com, enhancing its credibility. Leadership includes: Brittany Kaiser as CEO, bringing expertise in digital assets.
Enzo Villani as Executive Chairman and Chief Investment Officer, with a background in public markets. Yury Mitin contributing to ecosystem development. Villani highlighted the convergence of traditional finance and blockchain, stating it represents “one of the most significant market opportunities since the introduction of Bitcoin.”
The announcement has generated buzz on X, with users noting the bullish signal for TON’s institutional adoption and potential price momentum. Posts emphasize the treasury expansion as a vote of confidence in Telegram’s Web3 ambitions, potentially accelerating ecosystem growth.
TON’s total value locked (TVL) has surged from $100 million in March 2024 to over $700 million, driven by integrations like USDT stablecoin support and mini-apps. This financing aligns with prior investments in the ecosystem, such as Pantera Capital’s major stake and a $400 million raise from VCs like Sequoia and Benchmark earlier in 2025.
Analysts view AlphaTON’s strategy as a catalyst for broader institutional interest, stabilizing the network and bridging crypto with traditional capital markets. AlphaTON’s status as a Nasdaq-listed company (ATON) and its partnerships with reputable firms like BitGo, Animoca Brands, Kraken, and Crypto.com signal strong institutional backing for TON.
This enhances the blockchain’s credibility as a viable platform for decentralized applications (dApps) and Web3 adoption. The acquisition of $30 million in TON tokens, with plans to reach a $100 million reserve by Q4 2025, acts as a bullish signal for the token’s value and the ecosystem’s growth potential.
A large institutional holder like AlphaTON could reduce token volatility by maintaining a significant reserve, fostering stability for developers and users building on TON. AlphaTON’s strategy includes funding Telegram mini-apps, DeFi protocols, and gaming platforms, which could drive innovation and user engagement.
TON’s total value locked (TVL) has already grown from $100 million to over $700 million since March 2024, and this capital injection could further boost dApp development. With Telegram’s 1 billion+ monthly active users, TON’s integration into the messaging app provides unparalleled access to a massive audience.
This financing could accelerate the adoption of TON-based applications like payments and gaming, as seen with projects like Notcoin. AlphaTON’s participation in staking and validation strengthens the TON network’s security and decentralization, potentially attracting more developers and users.
Bridging Traditional Finance and Web3
As a Nasdaq-listed entity, AlphaTON provides traditional investors with a regulated vehicle to gain exposure to TON and Web3 without directly holding crypto assets. This could attract capital from institutional investors hesitant about direct cryptocurrency investments.
The combination of equity $36.2 million and debt $35 million from BitGo Prime demonstrates a sophisticated approach to financing, blending traditional finance with crypto-native strategies. This could set a precedent for other public companies entering the blockchain space.
As noted by AlphaTON’s leadership, this move represents a convergence of traditional finance and blockchain, potentially paving the way for more publicly traded companies to invest in digital assets. The acquisition of a large volume of TON tokens could reduce circulating supply, potentially driving upward price pressure, especially if demand for TON-based applications grows.
TON’s growth, fueled by institutional investments like AlphaTON’s and earlier VC rounds (e.g., Pantera Capital, Sequoia), positions it as a stronger competitor to blockchains like Ethereum, Solana, and BNB Chain, particularly for user-friendly dApps.
As a Nasdaq-listed company engaging heavily in crypto, AlphaTON may face increased regulatory oversight, particularly regarding compliance and reporting. This could set a precedent for how public companies navigate crypto investments.
While AlphaTON’s reserve strategy may stabilize TON’s price, broader crypto market volatility could impact the value of its holdings and investor sentiment. The success of AlphaTON’s treasury and ecosystem investments depends on effective execution, including selecting high-potential projects and managing staking operations.
Poor performance could undermine confidence. TON’s growth is closely tied to Telegram’s platform. Any adverse changes to Telegram’s user base, policies, or regulatory status could affect TON’s adoption and AlphaTON’s strategy.
AlphaTON’s approach could inspire other traditional finance entities to explore blockchain investments, particularly in ecosystems with large user bases like TON. By investing in user-friendly Telegram mini-apps, AlphaTON could lower barriers to Web3 adoption, bringing decentralized technologies to mainstream audiences.
The financing’s mix of equity, debt, and crypto assets may encourage innovative funding models in the blockchain space, blending public market structures with decentralized finance. AlphaTON’s $71 million financing round marks a pivotal moment for TON, enhancing its institutional backing, ecosystem growth, and bridge to traditional finance.
While it positions TON as a leading Web3 platform, risks like market volatility and regulatory challenges remain. The move could reshape how public companies engage with blockchain, potentially driving broader crypto adoption.