AlphaTON Capital Corp – the company that manages the TON Token treasury listed on Nasdaq under the ticker ATON – has just attracted a lot of attention in the market when it filed a shelf registration application to raise $420.69 million with the US Securities and Exchange Commission (SEC).
According to the announcement, AlphaTON will use the new Capital to invest in TON and artificial intelligence, specifically to serve Telegram's Cocoon AI network - the newly launched Confidential Compute Open Network platform, allowing users to rent GPUs and receive rewards in Toncoin. AlphaTON said it is pursuing acquisitions of real-revenue businesses in the Telegram ecosystem, from payments, content distribution to fast-growing blockchain services.
Notably, AlphaTON was previously restricted by the SEC’s “baby shelf” rule, which limits the ability of smaller companies to raise Capital through an S-3 filing. Overcoming this barrier is particularly significant. CEO Brittany Kaiser said that escaping the “baby shelf” restriction marks an important shift, giving AlphaTON the financial flexibility to capture opportunities in the decentralized AI infrastructure market, which is expanding rapidly after President Trump announced a direction to promote technological innovation and attract private investment in this field from early 2025.
AlphaTON revealed that it has identified a number of potential acquisition targets within The Open Network ecosystem, from payment startups to content distribution platforms and Web3 services. The Capital raised will also be used to increase the amount of Toncoin in its treasury and expand its portfolio of related digital assets.
As public investor appetite for DATs (Digital Asset Treasuries) has cooled, AlphaTON has proactively pivoted to an infrastructure revenue model. In November, as the company’s mNAV contracted, AlphaTON shifted a large portion of its balance sheet to Toncoin and Staking to generate steady cash flow, while continuing to look for expansion opportunities.
