AlphaTON outlines TON treasury moves as mNAV multiple compresses after $71 million raise

AlphaTON Capital released a detailed balance-sheet update on Wednesday, outlining how the Nasdaq-listed firm has deployed capital since completing its $71 million funding package in early September.

The digital asset treasury company said it has shifted most of its balance sheet into Toncoin and staking positions while expanding into gaming, media, and payments tied to the Telegram and TON ecosystem.

The company’s initial $30 million digital asset tranche is now marked at $28.6 million, indicating roughly $1.4 million in unrealized losses as TON has fallen sharply over the past two months.

AlphaTON (ticker ATON) shares hit an all-time low of $2.86 on Tuesday before rebounding to $3.12. Toncoin itself is trading at $1.74, down more than 68% from a year ago, according to The Block's price page .

In the update, AlphaTON said it is trading at a 0.70 mNAV — meaning its shares change hands at about 70% of the market value of its underlying assets — even as the company has continued to build its TON position.

Since the financing closed, AlphaTON has added 1.6 million TON to its holdings, staked 4 million TON via P2P.org, and tapped $2.1 million of its $35 million BitGo lending line.

The firm also secured an $18.5 million equity line from ATW Partners for further accumulation.

Expanding across the TON stack

Beyond its treasury, AlphaTON highlighted progress on several ecosystem acquisitions tied to the Telegram and TON mini-app economy.

The company amended its agreement to acquire 60% of mobile gaming platform GAMEE for $15 million, with closing targeted for year-end, and said it plans up to $4 million in open-market purchases of GMEE and Watcoin tokens after the deal closes.

AlphaTON is additionally partnering with PagoPay and ALT5 Sigma to launch a co-branded TON Mastercard in December, enabling direct crypto-to-fiat spending.

The company continues to manage legacy biotech assets through its AlphaTON Health division, including an oncology program expected to begin clinical work in Australia and the U.S. next year. It is also pursuing a TON-based claims-processing platform in partnership with Health In Tech.

Toncoin is the native token of The Open Network, a high-throughput blockchain closely associated with Telegram’s emerging mini-app ecosystem, where it is used for transaction fees, staking, and in-app activity.