Another publicly listed company is moving to the Digital Assets Treasury market, targeting its exposure to open network native coins, despite the continued sluggish token prices.
In an announcement Thursday, former Portage Biotech Alphaton said it had purchased $30 million worth of toncoin (ton) tokens as part of its crypto accumulation strategy. Tokens have fallen by about 13% over the past month.
With the purchase, Alphaton became the second Toncoin-centric Digital Asset Treasury (DAT), and joined Ton Strategy Co., which was rebranded from a verb technology company in August.
According to Yahoo Finance, the company said in a press release that it plans to build the Treasury Department for $100 million by the end of 2025.
Behind the company’s move is Brittany Kaiser, a former board member of Bitcoin Mining Company Gryphon Digital. The company has been “researching and developing immune tumor therapy” since 2019, according to a September filing with the Securities and Exchange Commission.
Ton Crypto Treasury will become one of its “major business lines.”
The number of public companies pivoting to become DATS was featured in 2025. Michael Saylor, executive chairman of strategy, launched the trend in 2020, when the company made its first purchase of Bitcoin (BTC).
The first ton financing company, Ton Strategy, began accumulating in August with $713 million purchases and currently holds around 217.5 million tokens. Its inventory performance has also been struggling, falling by more than 65% over the past month.
The companies follow similar accumulation and Stakington playbooks, with Alphaton highlighting investments in ecosystems, while the TON strategy highlights a non-leverage long-term holding model.
Cointelegraph contacted Ton Strategy Company for comments but did not receive a response at the time of publication.
Related: Telegram’s Ton Exclusiveness: “Not a Restriction, Necessity”
Ton is struggling to regain momentum despite the backing
Open Network is a decentralized blockchain developed by Telegram in 2018 and is now run independently by the Thon Foundation. TONFoundation supports ecosystem growth, but does not control the network’s open source technology.
On January 21, Telegram announced that it would drop support for all other blockchains and work with the Ton Foundation to become the exclusive infrastructure for the Mini App Ecosystem.
However, even the growth of network activity from several venture capital firms in March and investments of over $400 million did not rebound.
According to TradingView data, Altcoin has fallen by around 50% at $2.75 at the time of writing, up to more than 25% in the past six months.
In 2025, DATS has expanded beyond Bitcoin and Ether (ETH), with Dogecoin (Doge), Solana (Sol), Avalanche (Avax), and several other cryptocurrencies emerging as reserve assets for public companies.
However, in recent weeks, Standard Chartered warned that the market net asset value (MNAV) of many digital assets and finance ministries has plummeted, making small businesses increasingly vulnerable.
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