TON-focused treasury firm AlphaTON Capital has filed a $420.69 million shelf registration statement with the U.S. Securities and Exchange Commission (SEC), laying out plans to significantly expand exposure to TON tokens and the broader Telegram-linked ecosystem.
Shelf Registration Expands TON Coin Exposure
AlphaTON’s new filing follows its exit from the SEC’s “baby shelf” restrictions. The restrictions limited how much capital the company could raise over any 12 months due to its smaller public float. By moving to a complete shelf registration, the firm can issue a mix of securities up to 420.69 million dollars over time, subject to market conditions and SEC approval.
The company’s disclosures describe Toncoin (TON) as a core treasury asset. They also highlight a strategy built around accumulating TON tokens as a long‑term investment tied to the adoption of The Open Network and its role inside Telegram.
AlphaTON positions the shelf as a funding source for direct TON token purchases and related ecosystem activity, giving public‑market investors indirect exposure to the token through the firm’s balance sheet.
Funding Ecosystem Growth
According to AlphaTON’s press materials, proceeds from the shelf may support multiple initiatives: scaling AI and high‑performance computing (HPC) infrastructure, growing GPU capacity for Telegram’s Cocoon AI network, and pursuing acquisitions across the Telegram and TON ecosystem.
Management frames the plan as a dual approach that combines TON token accumulation with investments in businesses that generate cash flow from Telegram’s large user base.
The firm states in SEC filings that it intends to allocate the vast majority of net cash from offerings to token purchases, with a small portion reserved for operations and liquidity needs.
It outlines potential use of staking, yield strategies, and other on‑chain tools to manage TON treasury holdings, while noting that regulatory conditions and market liquidity will shape execution.
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