AlphaTON Aims to Reach $100 Million in TON Reserves by Q4 2025

Boosting the potential of the TON ecosystem

The financing structure illustrates the efficient deployment of capital in a volatile market environment. The private placement sold 6.32 million shares of common stock (or pre-funded warrants) at $5.73 per share, raising $36.2 million before fees, with Chardan Capital acting as the exclusive dealer.

Additionally, a $35 million line of credit from BitGo Prime provides flexible, low-cost leverage for opportunistic purchases, secured by treasury assets. The proceeds funded the initial TON buyback of $30 million at current exchange rates, valuing the offering at approximately 5.16 million tokens and ranking AlphaTON among the top holders globally.

Future allocations will prioritize yield generation: Launch validator nodes to earn staking rewards (target APY 5-7%), evaluate basic DeFi platforms on TON, and incubate high-potential small applications such as gaming and payment dApps. Executive Chairman Enzo Villani highlighted the “strategic foundation for meaningful participation in network validation,” positioning the treasury as a self-sustaining force.

Closing on September 25, the deal boosted ATON’s liquidity by 12% to $6.42, although dilution risks remain with 12.5 million shares outstanding after the fundraising. This hybrid model — equity for equity, debt for flexibility — mirrors Ondo Finance’s RWA strategies but is anchored to TON’s Telegram moat, where daily active wallets are expected to reach 1.2 million by Q3 2025.

The Rebirth of AlphaTON

AlphaTON, formerly Portage Biotech Inc., originated in immunotherapy research and development but underwent a complete transformation in early 2025, rebranding to capitalize on TON’s growth. Headquartered in the British Virgin Islands and listed on Nasdaq, the company retains a traditional pharmaceutical arm focused on checkpoint inhibitors but now has 70% of its strategic focus on digital assets.

The leadership team combines Web3 savvy: Kaiser, a former Cambridge Analytica whistleblower and blockchain advocate, serves as CEO; Villani, a serial fintech founder, serves as CIO; and Yury Mitin, from Russian venture capital fund Red Shark Ventures, drives business development.

TON staking is rooted in Telegram’s user base: Integrated since 2020, the blockchain supports seamless onboarding for small applications, boasting $2.5 billion TVL and over 500 dApps. AlphaTON’s advantage? Public market transparency for institutional capital flows, with partners like Animoca Brands (gaming), Kraken (custody), and SkyBridge Capital (advisory) strengthening ecosystem ties.

Evaluation and Conclusion

If AlphaTON successfully builds a $100 million TON reserve by the end of 2025, it will cement its position as one of the most influential financial pillars in the Open Network. In addition to supporting liquidity, this reserve could serve as a strategic lever to support DeFi protocols, drive developer funding, and solidify TON’s position as a leading Web3 ecosystem integrated with mainstream applications.

This goal reflects both ambition and confidence: by aligning its reserve strategy with TON's growth roadmap, AlphaTON is betting that the network will become a key player in the global blockchain landscape by 2025.

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