"Telegram-Linked Coin Witnesses Major Potential for Broad User Base Expansion: TON Treasury Stocks Up on This Digital Currency"

AlphaTON Capital Rebranding and Focusing on Toncoin

AlphaTON Capital, a rebranded biotech firm previously known as Portage Biotech, is set to make a significant shift in its business focus. The company will officially rename itself to AlphaTON Capital Corp. and adopt the ATON ticker on the Nasdaq, effective from Thursday.

The new company, led by Brittany Kaiser as CEO, Enzo Villani as CIO and Executive Chairman, and strategic advisors like Anthony Scaramucci, Michael Terpin, and Jamie Rogozinski, will be building a digital asset treasury centred on Toncoin (TON).

Toncoin serves as the native token for The Open Network, a layer-1 network originally developed internally within Telegram. In recent years, Telegram has renewed its embrace of TON, and in August, Verb Technologies transitioned to a TON treasury, using $558 million to secure Toncoin.

AlphaTON Capital aims to differentiate itself from other treasuries by proactively deploying Toncoin via network validation, staking, DeFi activities, and participating within the TON ecosystem. The company expects to start its treasury with approximately $100 million in TON, which it acquired for less than $70 million.

The TON wallet became available in the U.S. markets in July, and the company plans to develop, incubate, and accelerate businesses in the TON and Telegram ecosystems, including DeFi, gaming, and business applications.

Telegram agreed to an exclusivity deal with The Open Network in January, ensuring that mini apps in its ecosystem built with blockchain connections can only utilize The Open Network. This move further solidifies the partnership between Telegram and The Open Network.

Currently, Toncoin is trading at $3.19, down about 36% over the last year. However, Kaiser mentioned that ATON can provide exposure to the broader Telegram ecosystem with various revenue streams beyond staking and validating the treasury.

In addition to the $100 million in TON, AlphaTON Capital aims to close around $38 million in net proceeds from a private placement securities sale and an additional $35 million via a loan from BitGo.

Shares of PRTG (Portage Biotech) rose earlier in the day, peaking at $9.43 before finishing slightly down at $6.84. The rebranding and focus on Toncoin marks a significant departure from the biotech industry for the company.

AlphaTON Capital's strategic moves and focus on Toncoin could potentially bring significant changes to the TON and Telegram ecosystems, and the broader digital asset market will be watching its progress closely.