Simply put
- Portage Biotechnology is transitioning to a new digital asset treasury named Alphaton Capital, centering on Toncoin (Ton).
- The existing biotech operations will continue, but they plan to establish a Treasury Department leveraging $100 million in assets.
- There was a slight drop in share prices before they closed a bit higher. The company will roll out Atontickers starting Thursday.
Portage Biotech is among the latest companies to pivot towards the Ministry of Digital Assets Treasury, particularly focusing on Toncoin, associated with the widely used messaging app Telegram and its digital framework.
The company will change its name to Alphaton Capital Corp. and alter its Nasdaq ticker from PRTG to Aton during the transition.
“At Alphaton Capital, we see investing in Ton as a major opportunity for broader adoption of decentralized technologies,” stated Brittany Kaiser, the incoming CEO.
She further noted, “Ton is just starting on an explosive growth path,” with availability in the U.S. market expected by July.
Kaiser will be joined by Enzo Villani, CEO of Alpha Transform Holdings, who will take on the role of CIO and executive chairman. Alphaton will retain several strategic advisors, including Anthony Scaramucci, a former White House communications director and CEO of Skybridge Capital; Michael Terpin, author of “The Bitcoin Super Cycle”; and Jamie Rogozinski, founder of Wallstreetbets.
The company anticipates starting its Treasury Department with about $38 million in net revenue from private placements.
“We’re adding to our Treasury by acquiring large ton tokens at favorable prices. We’ll also accept Ton as investment and allocate tons per share to our shareholders,” the future CEO explained. “This would mean acquiring over $100 million in market value for less than $70 million.”
The operational strategy also includes acquiring smaller ton assets to stand out from other treasury departments through network verification, staking, debt ventures, and a commitment to engage within the Ton ecosystem.
“Alphaton Capital aims not only to create a robust Ton Treasury but also to actively develop, incubate, and accelerate businesses within Ton and Telegram ecosystems across various sectors, from DeFi to gaming,” Kaiser expressed.
“Thus, Aton could connect to a broader Telegram ecosystem,” she added.
PRTG shares saw an increase on Wednesday, peaking at $9.43, after closing Tuesday at $6.96. Ultimately, the stock closed the day lower at $6.84.
The ticker change is set for Thursday, according to Kaiser. The legacy biotech aspect of the business will continue operating.
In August, the company began its transition to becoming a Treasury Ministry, utilizing $558 million to support Toncoin.
It’s worth noting that while Toncoin (TON) is not directly linked to Tencoin (Ton), it serves as the native token for Open Network, a Layer 1 network initially developed within Telegram. The app ceased its development in 2020 amid regulatory challenges, with external developers taking the reins. Recently, Telegram has shown renewed interest in Ton.
In January, Telegram secured an exclusive agreement regarding mini-apps within ecosystems built with blockchain connections, making them exclusively use open networks.
Currently, Ton has remained relatively stable at $3.19 over the past day, though it has decreased about 36% over the past year.
