AlphaTON Capital to acquire $100M in TON tokens as it rebrands

DOVER - AlphaTON Capital Corp., formerly Portage Biotech Inc., announced Wednesday it is raising funds to acquire approximately $100 million in TON tokens as part of its transformation into a digital asset treasury company focused on the Telegram ecosystem. The company’s stock, currently trading at $37.36, has shown strong momentum with a 16.5% gain over the past six months, according to InvestingPro data.

The company, which will begin trading under the new ticker symbol NASDAQ:ATON on Thursday, has appointed Brittany Kaiser as Chief Executive Officer and Board Member. Kaiser, a digital assets expert and former director at Gryphon Digital Mining (NASDAQ:GRYP), will lead the company’s strategy to build a TON token reserve and provide public market investors access to Telegram’s ecosystem of over one billion monthly active users.

AlphaTON Capital has secured approximately $38.2 million through a private placement of about 6.7 million ordinary shares at $5.73 per share, expected to close around September 5. Additionally, the company entered a $35 million loan facility with BitGo Prime, LLC to purchase TON tokens.

Enzo Villani, who will join as Executive Chairman and Chief Investment Officer, described the initiative as positioning shareholders "to participate in the next major phase of digital asset adoption."

The company’s operational strategy includes acquiring TON tokens, generating yield through network validation and staking operations, and developing projects within the Telegram mini app ecosystem.

AlphaTON has assembled a team of strategic advisors including Anthony Scaramucci of SkyBridge, Michael Terpin, and Jaime Rogozinski, founder of Wall Street Bets.

The company notes that digital asset investments involve various risks including market volatility and regulatory uncertainty. InvestingPro analysis indicates the stock generally trades with high price volatility, with the price ranging from $27.33 to $40.62 over the past 52 weeks. The securities sold in the private placement have not been registered under the Securities Act and may not be resold in the United States except pursuant to an effective registration statement or exemption.For deeper insights into AlphaTON’s financial health and market position, investors can access comprehensive analysis and 14 additional key ProTips through InvestingPro’s detailed research reports.

This article is based on a press release statement from AlphaTON Capital.

In other recent news, American Bitcoin Corp. has launched a $2.1 billion at-the-market equity program, allowing the company to offer and sell its Class A common stock through a Controlled Equity Offering Sales Agreement with several financial institutions. This move comes amidst ongoing developments regarding the company’s merger with Gryphon Digital Mining. Gryphon has filed updated merger information with the SEC, providing details on the financial condition and results of operations for American Bitcoin. Stockholder voting has also begun for the proposed stock-for-stock merger, which is anticipated to close in early September. The merger, pending approval, will result in the combined company operating under the American Bitcoin brand. Additionally, both companies have filed an amended registration statement on Form S-4 with the SEC, including a preliminary proxy statement and prospectus related to the merger. Meanwhile, AlphaTON Capital Corp. announced its acquisition of approximately $100 million in TON tokens and appointed Brittany Kaiser as its new CEO. These recent developments highlight significant strategic moves within the digital asset sector.

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