Alphaton Submits $420.69 Million Registration as Tiny Ton Treasury Pursues AI Initiative

Small-cap publicly traded firm AlphaTON Capital has expressed intentions to tap into a significantly larger fundraising capability as it further explores the artificial intelligence and Telegram landscape.

The company has moved past the SEC’s “baby-shelf” restrictions and submitted a $420.69 million shelf registration, a specific amount often mentioned in crypto’s meme culture. The rules limit the capital that very small public companies can raise via a shelf registration, aiming to prevent smaller issuers from overwhelming the market with stock and significantly diluting investors.

According to Google Finance data, AlphaTON capital stock, ATON, experienced considerable declines in the past month. The stock fell from $4.75 on Nov. 5 to $1.71 at the time of writing, which represents a 64% decrease within a month.

Currently, the company has a market capitalization of $13 million and an average volume of $1.55 million. However, it holds over 12.8 million Toncoin (TON) tokens, estimated to be worth about $20.5 million, according to CoinGecko. 

Small company with big fundraising ambitions

AlphaTON’s registration is notable as the company remains a small public issuer with a relatively limited float. Yet, it aims to raise over $420 million, a figure typically associated with mid-cap tech firms instead of nano- to micro-cap blockchain assets.

While exiting baby-shelf limitations permits it to seek much larger offerings, successful execution is not assured. Raising such capital will likely require sustained demand or institutional interest.

If the company successfully raises its target amount, it indicated plans to utilize the funds to expand GPU infrastructure for Telegram’s Cocoom AI network and to acquire revenue-generating applications within the Telegram ecosystem. Additionally, it stated that it would buy more TON tokens for its treasury.

For shareholders, the clear benefit is that a successful fundraising could hasten the company’s advancement into TON-oriented AI infrastructure. The announcement alone led to a brief uptick in the company’s stock price.

As per Google Finance, ATON stock increased from a low of $1.49 on Thursday to its current $1.71 price a day post-announcement, reflecting a 14.7% increase following the company’s revelation of its goals.

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

DATs lose momentum in November

The timing of AlphaTON’s endeavor to raise capital aligns with the recent slowdown in the digital asset treasury (DAT) sector.

Corporate crypto balance-sheet allocations recorded their weakest performance of 2025 in November, with inflows declining to $1.32 billion. Bitcoin (BTC) treasuries led inflows during this period, but many Ether (ETH)-linked DATs experienced outflows.