AlphaTON doubles down on Toncoin with $30M buy despite price slump

Toncoin is back in the spotlight after AlphaTON, a Nasdaq-listed firm formerly known as Portage Biotech, added $30 million worth of TON to its balance sheet even as the token’s price continues to decline. This makes AlphaTON the second digital asset treasury to accumulate TON, alongside TON Strategy Company, which already holds over 217 million tokens. Both firms are building their reserves with a long-term horizon, with AlphaTON targeting $100 million in TON by 2025.

The timing of this move is notable. TON has dropped nearly 50% year-to-date and more than 25% over the past six months, yet institutional players are treating the decline as an opportunity to accumulate. AlphaTON’s approach focuses not only on holding but also on ecosystem investment, which could accelerate adoption beyond Telegram’s exclusive integration of TON for Mini Apps.

At the same time, the challenges are obvious. TON’s price action suggests that despite high-profile backing and over $400 million in venture funding earlier this year, market confidence remains shaky. Standard Chartered recently warned about the vulnerability of smaller digital asset treasuries as net asset values decline, raising questions about how sustainable these corporate treasury strategies will be if the market continues to stagnate.

For investors hunting speculative opportunities, TON sits in an interesting position. It has clear institutional interest, direct ties to Telegram’s massive user base, and an expanding on-chain ecosystem. Yet it also carries the risk of being a “catching a falling knife” play if momentum fails to return. In a space dominated by memecoins and hype-driven narratives, TON might look too large to be a classic moonshot. However, its current depressed valuation and increasing corporate adoption could make it one of the more asymmetric bets on the market if sentiment shifts.

Would you consider TON’s current weakness a long-term entry point, or is this another example of institutions being early on a token that still hasn’t proven it can sustain demand? For those interested in deeper discussions, r/tondiscussion is also tracking this closely.