Nasdaq-listed Toncoin treasury kicks off with $100 million TON acquisition initiative

A new Toncoin digital asset treasury (DAT) is planning to both purchase approximately $100 million worth of TON and develop apps for the Telegram messaging platform, according to a statement from Wednesday.

The DAT, rebranded AlphaTON Capital Corp., said it has secured financing "to acquire ~$100 million TON tokens ... 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."

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 will head the Nasdaq-listed Toncoin DAT as the company's CEO. Before the pivot and rebrand, AlphaTON operated as Portage Biotech Inc., a "clinical-stage immuno-oncology" firm, according to its website.

Converting the small-cap biotech into a DAT follows a weeks-long trend of investors joining forces to launch altcoin crypto treasuries focused primarily on stockpiling certain coins. Another Toncoin DAT, orchestrated by key TON holders, launched last month. The company, rebranded as Ton Strategy, acquired over $700 million worth of TON.

Toncoin DAT financing

AlphaTON said it "entered into securities purchase agreements in a private placement for the purchase and sale of about 6.7 million ordinary shares at a price of $5.73 per share for expected aggregate gross proceeds of approximately $38.2 million," in addition to securing "a loan facility with BitGo Prime, LLC for up to $35 million," according to Wednesday's statement.

The $35 million will be disbursed at the closing of the private placement. AlphaTON will use the capital to purchase TON "from a third party, and will be repayable within six months (subject to potential extension)."

Given the new DAT plans on initially acquiring roughly $100 million in TON but only stipulating it is raising $73.2 million through the private placement and loan, AlphaTON may plan to acquire some Toncoin at a discount through its "strategic partnerships." Among others, AlphaTON listed strategic advisors including BitGo, Animoca Brands, Kraken, and SkyBridge.

A key component of Ton Strategy's business plan included purchasing TON at a discount. Michael Terpin and Jaime Rogozinski will serve as strategic advisors to the company.

Telegram app development

Besides accumulating Toncoin, AlphaTON said it will "identify and develop promising projects within the Telegram mini app ecosystem, including TON-based DeFi protocols, gaming applications, and business tools."

"With Telegram's billion-user ecosystem and TON's robust blockchain architecture, we are investing in a future where users own their data and digital assets, developers innovate without barriers, and financial inclusion becomes a global reality," said Kaiser.

Correction (Sept. 18): The story removed a mention of Anthony Scaramucci serving as a strategic advisor to AlphaTON.