TON holds steady as AlphaTON Capital unveils $100 million Toncoin treasury plan

• AlphaTON Capital announced an acquisition plan to raise $100 million for a TON treasury.
• The company aims to provide public market access to Telegram's ecosystem.
• TON held steady at $3.18, up 0.5% over the past 24 hours.

Toncoin (TON) held steady on Wednesday after AlphaTON Capital announced a $100 million financing plan to establish a TON treasury.

AlphaTON Capital set to launch $100 million treasury focused on TON

Nasdaq-listed AlphaTON Capital, formerly known as Portage Biotech (PRTG), announced plans to acquire roughly $100 million worth of TON as part of its shift to become a digital asset treasury company, according to a statement on Wednesday.

The company announced that it has entered into a securities purchase agreement for a private placement of about 6.7 million ordinary shares, raising approximately $38.2 million. The deal, expected to close by September 5, is targeted toward funding its TON purchase strategy.

AlphaTON also stated that it will begin trading under the ticker "ATON" starting September 4. The company plans to provide public access to the Telegram ecosystem, with support for TON's network infrastructure and application development.

At the close of the financing deal, Enzo Villani, founder and CEO of Alpha Transform Holdings and co-founder of Nasdaq Global Corporate Solutions, will join the company as Executive Chairman.

"We are witnessing the natural evolution of financial markets as traditional finance converges with digital assets and blockchain infrastructure," said Villani in the statement.

The leadership will also include Brittany Kaiser, who has been appointed CEO and board member at AlphaTON Capital.

AlphaTON added that it secured a six-month loan facility worth $35 million with BitGo Prime, to be disbursed at the deal's closing.

The move follows a growing trend among public companies establishing digital asset treasuries, with TON gradually gaining attention.

Nasdaq-listed Verb Technology Company announced in August that it acquired $713 million worth of TON as part of its shift to a digital asset treasury strategy. The social commerce firm also rebranded to Ton Strategy Company to reflect its new focus on Toncoin.

TON is changing hands at $3.18 at the time of publication on Wednesday, up 0.5% over the past 24 hours.