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- A company closed $71 million financing and acquired its first $30 million tranche of TON tokens.
- It plans to expand its Toncoin treasury to $100 million by Q4 2025.
AlphaTON Capital Corp, formerly known as Portage Biotech Inc., has completed a $71 million funding round, consisting of a private placement of approximately $36.2 million and a $35 million loan facility from BitGo Prime.
A portion of the funds, approximately $30 million, was used directly to purchase an initial tranche of Toncoin as the foundation of their digital treasury. Furthermore, AlphaTON aims to accumulate $100 million in Toncoin by the fourth quarter of 2025, a plan considered quite ambitious considering the significant changes they are undertaking.
Rebranding, Catalysts, and Big Backers
AlphaTON’s transformation is not just financial. The company is also undergoing a complete rebranding, shifting its identity from a biotechnology company to a new player in the digital asset space. Its stock ticker on Nasdaq changed from “PRTG” to “ATON,” signaling a radically new direction.
The strategies they have prepared are quite varied, ranging from gradual purchases of Toncoin, participating in staking to generate returns, to investing in an ecosystem of mini-apps integrated directly into Telegram.
On the other hand, CNF previously reported that in early September, Toncoin had presented two important catalysts for its short-term prospects.
First, a $250 million share buyback plan, and second, a $100 million digital treasury plan. Both are considered to open up the opportunity for strong movement for Toncoin, although resistance pressure remains a challenge.
Interestingly, TON Strategy Company, formerly known as Verb Technology, had already announced a similar move. Now listed on Nasdaq as TONX, the company holds $780 million in assets, including $713 million worth of Toncoin and $67 million in cash reserves.
Furthermore, the involvement of major investors has further strengthened Toncoin’s position in the market. Last August, Coinbase Ventures, part of an American crypto exchange, officially became an owner of Toncoin.
The entry of a name like Coinbase has made many market players pay closer attention to the potential of the TON ecosystem. Many believe the presence of a major player could accelerate adoption, although the risk of volatility cannot be ignored.
Toncoin Treasury Plans and Market Questions
With AlphaTON’s plan to expand its Toncoin treasury to $100 million, it’s clear they’re not simply testing the waters. This strategy implies a long-term commitment, although there are still risks from price fluctuations and financial obligations arising from using the loan facility.
However, TON’s adoption within Telegram, from its built-in wallet to its mini-app service, provides a reason for the company’s confidence in taking this step.
For retail investors, this news could be food for thought. Will AlphaTON and Coinbase’s entry into Toncoin truly boost its price and adoption, or will it make the market even more vulnerable to a major sell-off?
Besides that, as of press time, TON is changing hands at about $2.67, down 4.45% over the last 24 hours, with $169.14 million in daily trading volume.
