Alphaton Files $420.69m Registration as Tiny Ton Treasury Eyes AI Push

Small-cap publicly traded firm AlphaTON Capital has signaled ambitions to access a substantially larger fundraising capacity as it delves deeper into the artificial intelligence and Telegram ecosystem.

The company has exited the SEC’s “baby-shelf” limitations and filed a $420.69 million shelf registration, a precise figure often referenced in crypto’s meme culture. The rules limit the amount of capital that very small public companies can raise through a shelf registration. This aims to prevent tiny issuers from flooding the market with stock and heavily diluting investors.

According to Google Finance data, AlphaTON capital stock, ATON, suffered significant losses in the last month. The stock dropped from $4.75 on Nov. 5 to $1.71 at the time of writing. This marked a 64% drop in a single month.

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

AlphaTON Capital’s stock performance in the last month. Source: Google Finance

Small company with big fundraising ambitions

AlphaTON’s filing stands out because the company remains a tiny public issuer with a relatively limited float. Still, it’s positioning itself to raise more than $420 million, a figure more commonly seen with mid-cap tech companies rather than nano- to micro-cap blockchain treasuries.

While exiting baby-shelf limits allows it to legally pursue much larger offerings, this does not guarantee execution. Raising such an amount would likely require sustained demand or institutional interest.

If the company manages to raise its capital from the program, it said it will direct funds toward scaling GPU infrastructure for Telegram’s Cocoom AI network and pursuing acquisitions of revenue-generating Telegram ecosystem applications. It also said that it would purchase additional TON tokens for its treasury.

For shareholders, the obvious upside is that a successful raise could accelerate the company’s push into TON-aligned AI infrastructure. Even the announcement itself was followed by a brief increase in the company’s shares.

According to Google Finance, ATON stock rose from a low of $1.49 on Thursday to its $1.71 price a day after the announcement. This marked a 14.7% increase following the company’s announcement of its ambitions.

DATs lose momentum in November

The timing of AlphaTON’s push for a large capital program coincides with the digital asset treasury (DAT) sector’s recent loss of momentum.

Corporate crypto balance-sheet allocations saw their weakest month of 2025 in November, with inflows dropping to $1.32 billion. Bitcoin (BTC) treasuries dominated inflows during the month, but many Ether (ETH)-linked DATs slipped into outflows.