AlphaTON Capital to Acquire $100 Million in Toncoin for Digital Asset Treasury
AlphaTON Capital, previously known as Portage Biotech (PRTG), will acquire approximately $100 million in toncoin (TON) to establish a digital asset treasury firm. The company will trade under the ticker “ATON” starting September 4.
Key points include:
- Management of TON network infrastructure
- Incubation of applications within the Telegram ecosystem
- Generation of token staking rewards
- Shares rose 14% to $7.91 following the announcement
The TON blockchain, initially developed by Telegram in 2018, is now community-driven after Telegram ceased development due to regulatory issues in 2020. Pavel Durov, CEO of Telegram, endorsed the independent project in 2021.
AlphaTON’s treasury strategy includes a $35 million loan facility from BitGo to enhance token acquisition and staking operations. Funding for the TON purchase was secured through a $38.2 million private placement. The BitGo loan will be collateralized by TON tokens and is due in six months.
Brittany Kaiser has been appointed CEO, alongside Enzo Villani as executive chairman.