Once a company known for battling diseases, AlphaTON Capital has made a big jump. The Nasdaq-listed firm, previously focused on biotech, just bought $30 million worth of Toncoin (TON). This move is its first step towards a much larger goal: holding $100 million in the cryptocurrency. It signals a dramatic shift in how the company sees its future money plans.
AlphaTON Capital wasn’t always a crypto player. It used to be called Portage Biotech and worked on cancer treatments. But this year, it decided to change direction completely. The company announced its new name and a strategy to invest heavily in TON. This aims to give investors an easy way to get involved with the growing Telegram ecosystem.
The company gathered funds for its bold crypto purchase through several means. It successfully closed a private sale of about 6.32 million shares or warrants. This brought in roughly $36.2 million. The total financing round reached around $71 million. AlphaTON also secured a $35 million loan from BitGo. These funds allowed it to make its first large Toncoin buy. You can read more about this financing in their press release.
Leading this big change is a team advised by well-known figures. Anthony Scaramucci, who started SkyBridge Capital and champions cryptocurrencies, is a key advisor. Other major industry names like BitGo, Animoca Brands, Kraken, and Crypto.com are also helping out. Brittany Kaiser, CEO of AlphaTON and former boss at Gryphon Digital Mining, stated that buying TON shows the company’s strong belief in Telegram and the next wave of internet apps that run on blockchain.
“Today is an important moment for AlphaTON Capital,” Kaiser said. “We are now officially a top digital asset company with a lot of TON.” Enzo Villani, the company’s chairman and chief investment officer, added that this is “just the start.” He believes this plan will let shareholders benefit from all the ways the TON ecosystem grows. He also shared that getting these funds and investing them into TON right away puts AlphaTON Capital at the front of what they see as the most important coming together of social media and blockchain technology ever.
AlphaTON doesn’t just want to hold Toncoin; it has bigger plans. By the end of 2025, it wants to boost its Toncoin holdings to $100 million. This first purchase makes AlphaTON one of the largest global holders of TON. This gives shareholders a significant stake in Telegram’s billion-user network. Beyond simply buying the coin, AlphaTON plans to earn money by helping secure the network through staking. It also aims to put money into promising small apps on Telegram and TON-based DeFi projects. Plus, the company wants to build strong ways to manage its crypto money and help the TON ecosystem grow.
This move by AlphaTON is part of a wider trend. In 2025, many companies, both public and private, have started adding cryptocurrencies to their financial holdings. Bitcoin remains the most popular, but other digital coins like Ethereum, Solana, XRP, and BNB are also gaining favor. For example, another company, Verb Technology, even changed its name to Ton Strategy Company. Last month, it announced $780 million in treasury assets, with $713 million of that in Toncoin.
Despite AlphaTON’s enthusiasm, the Toncoin market has seen some tough times. The price of TON has dropped about 60% in 2024. It now ranks 31st by market value. In just the last 24 hours, TON fell 2.4% and currently trades around $2.69. It has lost 67.8% since its highest price in June 2024, according to CoinGecko.
AlphaTON’s own stock, traded on Nasdaq under the ticker ATON, closed up 3.8% at $6.25 on Thursday. However, it fell 10% before the market opened on Friday. Over the last month, its stock has dropped 20%. The company stated that its future-looking statements carry risks. These risks are explained in its official reports, and it does not promise to update these statements unless legally required.