AlphaTON Capital released a detailed balance sheet update on Wednesday, revealing how the Nasdaq-listed company has spent its Capital since completing a $71 million fundraising round in early September. It’s a significant move for a digital treasury management firm as the cryptocurrency market experiences significant volatility.
AlphaTON has reportedly shifted most of its assets to Toncoin and Staking positions, while expanding its operations into gaming, media, and payments directly related to the Telegram and TON ecosystem. This is a strategy to exploit the potential of TON in emerging mini-apps on Telegram, where the Toncoin Token plays a central Vai in transactions and in-app activities.
The company’s initial $30 million digital asset offering is now valued at around $28.6 million, representing an unrealized loss of around $1.4 million as Toncoin has fallen sharply in the past two months. AlphaTON (ticker ATON) shares hit a record low of $2.86 on Tuesday before recovering to $3.12, while Toncoin is trading around $1.74, down more than 68% year-to-date.
AlphaTON said the stock is trading at 0.70 mNAV, meaning it is trading at about 70% of the market value of the underlying asset, although the company continues to increase its Toncoin position. Since completing the fundraising, AlphaTON has added 1.6 million TON to its portfolio, Staking 4 million TON through P2P.org, and used $2.1 million of its $35 million loan limit from BitGo. Additionally, the company also secured an $18.5 million equity Capital from ATW Partners to continue accumulating assets.
Expanding the TON ecosystem, AlphaTON is pushing for several deals involving Telegram’s mini-apps. The company has just revised its agreement to buy 60% of mobile gaming platform GAMEE for $15 million, which is expected to close by the end of the year. After the deal closes, AlphaTON plans to buy up to $4 million more in GMEE and Watcoin on the open market.
In addition, AlphaTON, in partnership with PagoPay and ALT5 Sigma, launched a TON co-branded Mastercard in December, allowing users to spend directly from crypto to fiat. The company continues to manage biotech assets through its AlphaTON Health division, including an oncology program that is expected to begin clinical trials in Australia and the US next year, and a TON-based claims processing platform in partnership with Health In Tech.
Toncoin is the native Token of The Open Network, a high-speed blockchain that is tied to Telegram's mini-app ecosystem. The Token is used to pay for transaction fees, Staking, and in-app activities, becoming the hub for many financial services, games, and utilities in the growing Telegram ecosystem.
