Another publicly listed company is entering the digital asset treasury market, focusing on The Open Network's native coin, despite the continuous decline in the token's price.
According to a Thursday announcement from AlphaTON (formerly Portage Biotech), it has purchased $30 million worth of Toncoin (TON) tokens as part of its cryptocurrency asset accumulation strategy. Over the past month, the token has dropped approximately 13%.
This acquisition makes AlphaTON the second digital asset treasury (DAT) focused on Toncoin. Previously, TON Strategy was renamed from Verb Technology Company in August.
According to the company in a press release, it plans to increase its treasury size to $100 million worth of TON by the end of 2025. According to Yahoo Finance data, AlphaTON's stock price has dropped about 9.6% in the 24 hours leading up to this writing.
A key driver behind the company's move is Brittany Kaiser, who previously served on the board of Bitcoin mining company Gryphon Digital. According to documents submitted to the U.S. Securities and Exchange Commission in September, the company has been "researching and developing immuno-oncology treatments" since 2019.
The TON crypto treasury business will become one of the company's main development directions.
By 2025, an increasing number of publicly listed companies are expected to transform into DATs. Strategy Executive Chairman Michael Saylor first promoted this trend in 2020 when the company included Bitcoin (BTC) in its asset reserves.
TON Strategy, as the first TON treasury company, began accumulating in August, purchasing $713 million worth of TON and currently holding approximately 217.5 million tokens. Its stock performance has also been poor, with a decline of over 65% in the past month.
Both companies employ similar strategies of accumulating and staking TON, but AlphaTON focuses more on ecological investments, while TON Strategy emphasizes a non-leveraged, long-term holding strategy.
Cointelegraph has contacted TON Strategy for comments, but no response has been received as of the time of publication.
The Open Network was developed by Telegram in 2018 and is currently operated independently by the TON Foundation, which is responsible for ecosystem development but does not directly control the open-source technology of the network.
According to a January 21 announcement from Telegram, it will stop supporting other blockchains and collaborate with the TON Foundation to make The Open Network the sole infrastructure for its mini-application ecosystem.
Despite the growth in network activity and over $400 million invested by several venture capital firms in March, the price of TON has still failed to rebound.
According to TradingView data, as of the time of publication, the trading price of the altcoin is $2.75, with a year-to-date decline of approximately 50% and a pullback of over 25% in the past six months.
By 2025, digital asset treasuries have expanded from Bitcoin and Ethereum (ETH) to altcoins, including Dogecoin (DOGE), Solana (SOL), Avalanche (AVAX), and other cryptocurrencies, becoming reserve assets for publicly listed companies.
However, according to warnings from Standard Chartered Bank in recent weeks, the market net asset value (mNAV) of many digital asset treasuries has significantly declined, increasing risks for smaller companies.
Related: The crypto industry needs dual wallet management and AI monitoring to guard against North Korean hackers
Original article: “AlphaTON Adds $30M Toncoin to Balance Sheet Amid Price Decline”
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