Fusaka

Toncoin

would

Small-cap publicly traded firm AlphaTON Capital has signaled ambitions to access a substantially larger fundraising capacity as it delves deeper into the artificial intelligence and Telegram ecosystem.&nbsp;The company has <a href="https://www.globenewswire.com/news-release/2025/12/04/3199803/0/en/AlphaTON-Capital-Exits-SEC-Baby-Shelf-Rules-and-Files-420-69-Million-Shelf-Registration-Statement.html" rel="noopener noreferrer nofollow">exited</a> the SEC’s “baby-shelf” limitations and filed a $420.69 million shelf registration, a precise figure often referenced in crypto’s meme culture. The rules <a href="https://www.faegredrinker.com/en/insights/publications/2022/8/the-baby-shelf-requirements-a-compliance-guide-for-issuers" rel="noopener noreferrer nofollow">limit</a> the amount of capital that very small public companies can raise through a shelf registration. This aims to prevent tiny issuers from flooding the market with stock and heavily diluting investors.According to Google Finance data, AlphaTON capital stock, ATON, <a href="https://www.google.com/finance/quote/ATON:NASDAQ?window=1M" rel="noopener noreferrer nofollow">suffered</a> significant losses in the last month. The stock dropped from $4.75 on Nov. 5 to $1.71 at the time of writing. This marked a 64% drop in a single month.&nbsp;At the time of writing, the company has a market capitalization of $13 million and an average volume of $1.55 million. However, the company holds over 12.8 million Toncoin (<a rel="noopener noreferrer nofollow">TON</a>) tokens, worth about $20.5 million, <a href="https://www.coingecko.com/en/treasuries/toncoin" rel="noopener noreferrer nofollow">according</a> to CoinGecko.&nbsp; <figure><img src="https://s3.cointelegraph.com/uploads/2025-12/019aedd4-daf7-7a09-9822-70cd48a0a271" title="" alt="AlphaTON eyes meme-sized $420.69M raise for TON, AI expansion after baby-shelf exit"><figcaption>AlphaTON Capital’s stock performance in the last month. Source: Google Finance</figcaption></figure><h2 id="small-company-with-big-fundraising-ambitions">Small company with big fundraising ambitions</h2>AlphaTON’s filing stands out because the company remains a tiny public issuer with a relatively limited float. Still, it’s positioning itself to raise more than $420 million, a figure more commonly seen with mid-cap tech companies rather than nano- to micro-cap blockchain treasuries.&nbsp;While exiting baby-shelf limits allows it to legally pursue much larger offerings, this does not guarantee execution. Raising such an amount would likely require sustained demand or institutional interest.&nbsp;If the company manages to raise its capital from the program, it said it will direct funds toward scaling GPU infrastructure for <a href="https://cointelegraph.com/news/telegram-durov-cocoon-decentralized-ai-live" rel="noopener noreferrer nofollow">Telegram’s Cocoom AI network</a> and pursuing acquisitions of revenue-generating Telegram ecosystem applications. It also said that it would purchase additional TON tokens for its treasury.&nbsp;For shareholders, the obvious upside is that a successful raise could accelerate the company’s push into TON-aligned AI infrastructure. Even the announcement itself was followed by a brief increase in the company’s shares.&nbsp;<a href="https://www.google.com/finance/quote/ATON:NASDAQ?window=5D" rel="noopener noreferrer nofollow">According</a> to Google Finance, ATON stock rose from a low of $1.49 on Thursday to its $1.71 price a day after the announcement. This marked a 14.7% increase following the company’s announcement of its ambitions.&nbsp;Related: <a href="https://cointelegraph.com/news/telegram-ceo-pavel-durov-france-travel-ban-lifted" rel="noopener noreferrer nofollow">Telegram CEO Pavel Durov free to leave France as travel ban lifted: Report</a><h2 id="dats-lose-momentum-in-november">DATs lose momentum in November</h2>The timing of AlphaTON’s push for a large capital program coincides with the digital asset treasury (DAT) sector’s recent loss of momentum.&nbsp;Corporate crypto balance-sheet allocations saw their weakest month of 2025 in November, with inflows dropping to $1.32 billion. Bitcoin (<a rel="noopener noreferrer nofollow">BTC</a>) treasuries dominated inflows during the month, but many Ether (<a rel="noopener noreferrer nofollow">ETH</a>)-linked DATs slipped into outflows.&nbsp;Magazine: <a href="https://cointelegraph.com/magazine/ethereum-fusaka-fork-explained-dummies-peerdas/" rel="noopener noreferrer nofollow">Ethereum’s Fusaka fork explained for dummies: What the hell is PeerDAS?</a>

AlphaTON eyes meme-sized $420.69M raise for TON, AI expansion after baby-shelf exit

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