AlphaTON Capital has moved to expand its role in the TON and Telegram AI ecosystem by filing a $420.69 million shelf registration.
According to a press release shared on December 4, AlphaTON exited the SEC’s “Baby-Shelf Rules” after its public float moved above the $75 million threshold.
The SEC “Baby-Shelf Rules” had limited how much the company could issue within 12 months, slowing its expansion plans.
The new $420.69 million shelf will let AlphaTON offer common shares, preferred shares, debt, warrants, or mixed units as market conditions evolve.
AlphaTON announced that the new SEC shelf registration will enable the company to raise capital as opportunities arise within TON and Cocoon AI, especially in areas where demand for GPU compute continues to grow.
Notably, Cocoon, Telegram’s confidential compute network, rewards users with Toncoin for providing GPU power, and AlphaTON deployed its first fleet of Nvidia B200 chips into the network in November and plans to scale further with partners such as CUDO Compute and AtNorth.
Furthermore, AlphaTON’s acquisition strategy focuses on Telegram-native businesses, including payments firms, content platforms, gaming studios, blockchain-enabled service providers, and fintech tools that are already generating cash flow. As part of this strategy, AlphaTON revised its deal to acquire 60% of mobile gaming platform GAMEE and continues open-market purchases of GMEE and Watcoin tokens.
In addition, AlphaTON plans to expand its financial services offerings by launching a co-branded TON Mastercard in partnership with PagoPay and ALT5 Sigma.
TON user growth drives long-term strategy despite token decline
TON’s ecosystem has become one of the most active in the crypto industry.
Venture groups including Benchmark, Draper Associates, Sequoia Capital, and CoinFund have invested more than $400 million into TON projects in 2025.
TON’s development foundation also closed a $70 million Series A extension for infrastructure and developer tools.
Mini-apps such as Notcoin and Hamster Kombat also attracted millions of users, giving TON a large daily audience.
However, TON’s Toncoin (TON) cryptocurrency remains nearly 80% below its all-time high of $8.25 and now trades near $1.80.
But AlphaTON executives have said user growth matters more than token price as the company continues to accumulate TON and related ecosystem assets.