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Portage Biotech is pivoting to crypto by rebranding as AlphaTON Capital and building a $100 million treasury focused on Toncoin. The Nasdaq-listed firm will maintain its biotech operations while expanding into TON ecosystem development. Shares saw volatility following the announcement.
- Company secured $73 million through private placement and BitGo loan to acquire TON tokens at a discount, valuing $100M+ treasury at under $70M cost
- Strategy includes active participation in TON ecosystem through network validation, staking, DeFi, and incubating Telegram-based businesses
- Maintains original biotech operations while adding crypto treasury, differentiating from other digital asset strategies through proactive token deployment
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