Portage Biotech announced it will rebrand as AlphaTON Capital and refocus part of its balance sheet on a digital-asset treasury centered on Toncoin (TON). The company plans to build an initial treasury worth roughly $100 million, while retaining its existing biotech operations.
Effective Thursday the Nasdaq ticker will change from PRTG to ATON. Incoming CEO Brittany Kaiser said AlphaTON sees Toncoin as a major adoption opportunity now that Telegram has deepened integration with The Open Network and TON wallets have rolled out in U.S. markets.
AlphaTON expects about $38 million in net proceeds from a private placement and a roughly $35 million loan from BitGo to seed its treasury. The firm says it purchased a sizeable tranche of TON at a discount and accepted TON as investment, which it claims results in more than $100 million of TON at market value being acquired for less than $70 million in cash-equivalent cost.
The firm’s strategy extends beyond holding tokens. AlphaTON plans to participate in staking, network validation, DeFi activity, and to incubate businesses inside the Telegram and TON ecosystems — from gaming to decentralized finance — aiming for revenue streams beyond passive token appreciation. Advisors include Anthony Scaramucci, Michael Terpin and Jamie Rogozinski.
Shares briefly rose to $9.43 before settling near prior levels; the company says the legacy biotech business will continue operating. The move mirrors other public companies — such as Verb Technologies — shifting large treasuries into TON.
Risk note: Allocations to a single crypto asset expose shareholders to market volatility, regulatory uncertainty, and project execution risk. Investors should do their own research and consider diversification.
Source: Decrypt. Read the original coverage for full details.