Two Nasdaq-Listed Firms Add Toncoin (TON) to Reserves, Could Face Pressure as Token and Shares Slide

• AlphaTON purchased $30 million in Toncoin as part of a corporate treasury strategy.

• TON Strategy holds roughly 217.5 million TON after initial accumulation; both firms emphasize staking and long-term reserves.

• Toncoin trades near $2.75, down ~50% YTD and ~13% in the past month; digital asset treasuries face mNAV pressures per recent bank analysis.

Toncoin treasury: AlphaTON buys $30M TON as part of a $100M reserve plan; learn why public DATs are piling into TON and what it means for investors.

Two Nasdaq-listed DATs are investing in The Open Network’s native token, allocating millions to token reserves even as the asset and their share prices decline.

Another publicly listed company is moving into the digital asset treasury market, targeting exposure to The Open Network native coin, even as the token’s price continues to slump.

In a Thursday announcement, AlphaTON, formerly Portage Biotech, said it purchased $30 million worth of Toncoin (TON) tokens as part of its crypto accumulation strategy. The token is down roughly 13% over the past month.

With the purchase, AlphaTON became the second Toncoin-focused digital asset treasury (DAT), joining TON Strategy Co., which rebranded from Verb Technology Company in August.

In a press release, the company said it plans to build its treasury to $100 million in TON by the end of 2025. AlphaTON shares were down about 9.6% over 24 hours at the time of reporting, according to Yahoo Finance (plain text).

Behind the company’s move is Brittany Kaiser, a former board member of Bitcoin mining company Gryphon Digital. According to a September filing with the U.S. Securities and Exchange Commission, the company has been “researching and developing immune oncology treatments” since 2019.

The TON crypto treasury will be one of its “primary lines of business.”

AlphaTON 24-hour stock price. Source: Yahoo Finance

The number of public companies pivoting to become DATs has picked up in 2025. The trend traces back to MicroStrategy’s first corporate Bitcoin accumulation in 2020, which set a precedent for public firms holding crypto as treasury assets.

TON Strategy, the first TON treasury company to launch, began accumulating in August with a purchase of $713 million and now holds around 217.5 million tokens. Its stock performance has also struggled, falling over 65% in the past month.

TON Strategy Company stock price over the past month. Source: Yahoo Finance

Both companies follow a similar playbook of accumulating and staking TON, though AlphaTON emphasizes ecosystem investment, while TON Strategy highlights a no-leverage, long-term holding model.

Requests for comment to TON Strategy were made; none had been received at the time of publication. Related note: Telegram’s TON exclusivity was described in industry commentary as a requirement for Mini App infrastructure integration.

What is a Toncoin treasury and why are public companies building them?

A Toncoin treasury is a corporate reserve of TON tokens held and often staked by a public company to gain crypto exposure. Firms build Toncoin treasuries to capture upside from token adoption, earn staking yield, and align with ecosystem development while maintaining treasury diversification.

How much has AlphaTON invested and what are its goals?

AlphaTON announced a $30 million Toncoin purchase and publicly targeted a $100 million TON treasury by end-2025. The company lists its TON holdings and staking as a core business line, positioning treasury growth alongside other corporate activities.

How has Toncoin performed amid these corporate moves?

Toncoin traded near $2.75 at time of reporting, down about 50% year-to-date and retracing over 25% in six months, based on TradingView data (plain text). Despite growing on-chain activity and venture investments, price momentum has lagged.

Frequently Asked Questions

How do digital asset treasuries (DATs) affect shareholder value?

DATs can boost long-term returns if the reserve assets appreciate and generate staking yield, but they also introduce volatility and mNAV (market NAV) risks that can compress smaller company valuations during downturns.

Can companies stake Toncoin to generate returns?

Yes. Both AlphaTON and TON Strategy emphasize staking as part of their treasury playbook, converting held TON into staking rewards while retaining long-term exposure to network growth.

Is Toncoin backed by Telegram?

The Open Network (TON) was developed by Telegram originally but is now operated by the TON Foundation, an independent open-source community that supports ecosystem growth without centralized control.

Key Takeaways

• Corporate accumulation is expanding: Public DATs are now diversifying into altcoins like Toncoin to build reserves and staking income.
• Market volatility matters: TON’s price weakness and mNAV compression can weigh on smaller treasury-focused companies.
• Disclosure and custody are critical: Transparency in filings, institutional custody, and staking procedures are essential E‑E‑A‑T signals for investors.

Conclusion

AlphaTON’s $30 million Toncoin purchase and TON Strategy’s large holdings signal a widening digital asset treasury trend among public companies. Toncoin treasuries combine price exposure, staking yield and ecosystem alignment, but they bring volatility and valuation risk. Investors should watch disclosures, staking policies and market NAVs as the DAT market evolves. COINOTAG will continue monitoring these developments and reporting updates.

TON price in USD over the past year. Source: TradingView