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AlphaTON files $420.69M shelf registration to accelerate TON and Telegram AI
AlphaTON Capital has filed a $420.69 million shelf registration after clearing prior SEC limits, positioning the company for rapid expansion across TON, Telegram, and decentralized AI compute. The registration follows the company’s exit from the SEC's so-called "baby shelf" rules, which previously capped how much it could raise in a 12‑month period while its public float was under $75 million.
Why the shelf registration matters
With its public float now above the SEC threshold, AlphaTON can take a flexible approach to capital markets. The shelf allows the issuer to register multiple securities — including common and preferred shares, debt, warrants, or mixed units — and offer them when market conditions are favorable. That flexibility gives AlphaTON the firepower to fund GPU expansions, strategic acquisitions, and other growth initiatives without having to seek one-off financing each time.
Planned uses: GPUs, AI infrastructure, and Telegram-native M&A
Company filings and a Dec. 4 press release say proceeds will prioritize scaling AI and high-performance computing (HPC) infrastructure. AlphaTON has already deployed its first fleet of Nvidia B200 GPUs for Telegram’s Cocoon AI network and plans further expansion of Nvidia deployments alongside partners such as CUDO Compute and AtNorth. These enhancements target rising demand for decentralized AI compute and GPU-intensive workloads running on Cocoon AI.
AlphaTON also intends to pursue acquisitions of revenue-generating Telegram-native startups: payments providers, blockchain-enabled services, content platforms, fintech tooling, and gaming companies that directly serve Telegram’s more than 1 billion monthly active users. That M&A pipeline aims to assemble a portfolio of cash-flowing businesses tightly integrated with the Telegram and TON ecosystem.
Digital asset treasury and ecosystem operations
As part of its strategic shift since rebranding from Portage Biotech in September 2025, AlphaTON has been growing a digital asset treasury concentrated in TON and ecosystem tokens such as GAMEE. The company operates validators and staking services to generate recurring yield and maintain a balance between on-chain exposure and traditional financing.
The new shelf expands AlphaTON’s ability to fund both infrastructure (GPU farms and AI nodes) and ecosystem ownership (acquisitions and token accumulation), strengthening its role as a key provider of TON and Cocoon AI infrastructure.
Market context and strategic implications
AlphaTON’s registration arrives amid growing interest in decentralized AI compute and a rapid ecosystem buildout on TON. In recent weeks the firm announced a $15.3 million at-the-market equity program and secured $82.5 million earmarked for GPU infrastructure, signaling aggressive capital deployment. The $420.69 million shelf gives the company significantly more capacity to time market offerings and pursue transformational opportunities.
CEO Brittany Kaiser emphasized the company’s ability to "move quickly and decisively on transformational opportunities," citing strong demand for GPU compute across Cocoon AI. By aligning capital markets access with infrastructure expansion and targeted acquisitions, AlphaTON aims to deepen integration across Telegram, TON token utility, and decentralized AI services.
For investors and ecosystem participants, the filing underscores a broader trend: traditional capital markets and crypto-native treasuries are increasingly bridging to finance the next generation of decentralized AI and blockchain-enabled services. AlphaTON’s approach — combining GPU infrastructure, staking operations, and Telegram-centric M&A — positions it to scale operations while capturing value across the expanding TON ecosystem.
Source: crypto
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