AlphaTON Capital raises $73M to build TON token treasury

AlphaTON Capital Corp, formerly Portage Biotech Inc., announced a financing arrangement to raise approximately $73 million for acquiring TON tokens and establishing a digital asset treasury focused on the Telegram ecosystem.

The company entered securities purchase agreements for a private placement of about 6.7 million ordinary shares at $5.73 per share, generating expected gross proceeds of approximately $38.2 million. Additionally, AlphaTON secured a $35 million loan facility with BitGo Prime, LLC, collateralized by TON tokens.

The financing is expected to close around September 5, 2025, and proceeds will primarily fund the acquisition of approximately $100 million in TON tokens. The company plans to implement a treasury strategy that includes token acquisition, network validation, staking operations, and ecosystem development within Telegram’s platform.

Brittany Kaiser has been appointed as Chief Executive Officer and board member. Kaiser previously served as a director at Gryphon Digital Mining (GRYP) and co-founded the Own Your Data Foundation. Enzo Villani, founder of Alpha Transform Holdings, will join as Executive Chairman and Chief Investment Officer.

The company rebranded from Portage Biotech Inc. and will begin trading under the ticker symbol "ATON" on NASDAQ starting September 4, 2025, replacing its previous "PRTG" symbol.

AlphaTON’s strategy encompasses three components: building a digital asset treasury through TON token purchases, generating yield through network validation and staking, and developing projects within Telegram’s mini app ecosystem. The company aims to provide public market access to the TON blockchain and Telegram’s ecosystem of over one billion monthly active users.

Chardan served as placement agent for the private placement. The securities have not been registered under the Securities Act of 1933 and may not be resold without registration or an applicable exemption.