AlphaTON Capital (ATON) Announces Plan to Buy $100 Million TON

Change the name and change the strategy

AlphaTON Capital Corp. (Nasdaq: ATON), formerly Portage Biotech Inc. (Nasdaq: PRTG), is rebranding, effective today, to leverage Portage Biotech’s Nasdaq listing to provide regulated access to TON, the native token of The Open Network (TON), the platform that powers Telegram’s blockchain ambitions. The $100 million acquisition, funded by $73.2 million in funding, is aimed at building a strategic TON reserve, tapping into Telegram’s more than one billion monthly active users—a number that underscores the platform’s potential as a mass adoption platform.

AlphaTON seeks to capitalize on TON’s growing ecosystem, which has gained traction since Telegram’s confirmation in 2021, offering staking yields and validation opportunities. The move addresses Portage’s previous financial struggles, with a reported net loss of $6.74 million in fiscal 2025, suggesting a desperate move to offset failures in biotech.

The appointments of Kaiser, a blockchain advocate, and Villani, a co-founder of Nasdaq, signal an intention to attract institutional credibility. However, the narrative of “the next phase of digital asset adoption” remains fraught with skepticism — does this reflect a visionary strategy or a speculative gamble fueled by market hype and Telegram’s massive user base?

Strong impact on TON ecosystem

The announcement drew mixed reactions. AlphaTON shares jumped 14% to $7.91 on September 3 before retreating slightly, reflecting initial excitement tempered by concerns about volatility. TON’s price rose 2% to $3.18, up 5% week-to-week after the Robinhood listing, suggesting speculative interest.

The participation of investors such as Pantera, Animoca Brands, and SkyBridge shows institutional support, which could push TON's price to $3.50 if the rally continues. Globally, this aligns with Hong Kong's Web3 ambitions and the EU's blockchain initiatives, positioning TON as a contender in the tokenization ecosystem.

In the United States, the Trump administration’s pro-crypto stance and the SEC’s tokenization roundtables through mid-2025 could spur regulatory clarity, although AlphaTON’s lending structure and reserve strategy could face increased scrutiny. The narrative of bridging traditional and decentralized finance is gaining traction, but its success depends on the adoption of the Telegram ecosystem, which has yet to be proven at scale for financial use cases.

Evaluation and Conclusion

AlphaTON Capital’s announcement on September 3, 2025 of its $100 million purchase of TON, building a digital treasury, and developing Telegram applications marks a bold experiment at the intersection of Nasdaq-listed finance and decentralized innovation. Driven by Portage’s financial innovation and Telegram’s billion-user potential, the strategy leverages a $73.2 million funding package and a senior leadership team to position TON as a mainstream asset.

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