Alphaton Submits $420.69 Million Registration as Tiny Ton Treasury Aims for AI Development

Small-cap public firm AlphaTON Capital has expressed its intent to tap into a significantly larger fundraising capability as it explores further into the artificial intelligence and Telegram ecosystem.

The company has escaped the SEC’s “baby-shelf” restrictions and submitted a $420.69 million shelf registration, a figure often referenced within crypto’s meme culture. The regulations restrict the amount of capital that very small public companies can collect through a shelf registration, aimed at preventing small issuers from overwhelming the market with stock and significantly diluting investors.

As per Google Finance data, AlphaTON capital stock, ATON, experienced notable losses over the last month. The stock fell from $4.75 on Nov. 5 to $1.71 at the time of this writing, marking a 64% decline in just one month.

Currently, the company has a market cap of $13 million and an average volume of $1.55 million. However, it holds over 12.8 million Toncoin (TON) tokens, valued at approximately $20.5 million, according to CoinGecko. 

Small company with big fundraising ambitions

AlphaTON’s registration is noteworthy as it is still a small public issuer with a relatively limited float. Yet, it aims to raise over $420 million, a figure generally associated with mid-cap tech firms rather than nano- to micro-cap blockchain resources.

Although moving past baby-shelf constraints permits it to legally pursue much larger offerings, this does not ensure success. Generating such an amount would likely necessitate sustained demand or institutional backing.

If the company successfully raises this capital, it plans to channel funds into expanding GPU infrastructure for Telegram’s Cocoom AI network and in acquiring revenue-generating applications within the Telegram ecosystem. Additionally, it intends to buy more TON tokens for its treasury.

For shareholders, the clear advantage is that a successful fundraising could expedite the company’s focus on TON-aligned AI infrastructure. Even the announcement itself saw a mild uptick in the company’s shares.

As stated by Google Finance, ATON stock increased from a low of $1.49 on Thursday to its $1.71 price the day after the news, reflecting a 14.7% rise following the company’s announcement of its ambitions.

Related: Telegram CEO Pavel Durov free to leave France as travel ban lifted: Report

DATs lose momentum in November

The timing of AlphaTON’s initiative for a significant capital program aligns with the recent decline in the digital asset treasury (DAT) sector.

Corporate crypto balance-sheet allocations experienced their weakest month in 2025 during November, with inflows plummeting to $1.32 billion. While Bitcoin (BTC) treasuries led the inflows for the month, many Ether (ETH)-related DATs faced outflows.