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

Small-cap publicly traded company AlphaTON Capital is exploring opportunities to increase its fundraising potential as it deepens its involvement in the artificial intelligence and Telegram landscape.

The firm has moved beyond the SEC’s “baby-shelf” restrictions and submitted a $420.69 million shelf registration statement, a figure often noted in cryptocurrency meme culture. The guidelines restrict how much capital very small public companies can gather through shelf registrations, designed to prevent minor issuers from saturating the market with stock and severely diluting investor interests.

According to Google Finance data, AlphaTON Capital’s stock, ATON, experienced notable declines over the past month, falling from $4.75 on November 5 to $1.71 at the time of this writing. This represents a significant 64% decrease within a single month.

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

Small company with significant fundraising goals

AlphaTON’s registration is notable because the company remains a small public issuer with a relatively limited stock float. Nevertheless, it’s setting itself up to raise over $420 million, a sum more typical of mid-cap tech firms rather than nano- to micro-cap blockchain treasuries.

While removing baby-shelf constraints opens the door to larger fundraising efforts, it does not ensure successful execution. Attaining such a capital amount would likely necessitate consistent demand or interest from institutional investors.

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

For shareholders, the potential upside lies in the possibility that a successful fundraising could expedite the company’s advancement in TON-centric AI infrastructure. The mere announcement led to a brief uptick in the company’s share price.

As per Google Finance, ATON stock rose from a low of $1.49 on Thursday to $1.71 a day after the announcement, reflecting a 14.7% increase following the company’s declaration of its ambitions.

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

DATs lose traction in November

The timing of AlphaTON’s pursuit of a substantial capital program aligns with the recent downturn in the digital asset treasury (DAT) sector.

Corporate allocations to crypto on balance sheets saw their slowest month of 2025 in November, with inflows declining to $1.32 billion. Bitcoin (BTC) treasuries dominated this month’s inflows, yet many Ether (ETH)-related DATs experienced outflows.