Scaramucci Joins Toncoin Treasury with $100M Initiative

Anthony Scaramucci, the founder of SkyBridge Capital, has accepted an advisory position for the newly established Toncoin Digital Asset Treasury (DAT), which aims to acquire approximately $100 million in TON tokens and develop applications for the popular Telegram messaging platform, according to a Wednesday announcement. The DAT, now renamed AlphaTON Capital Corp., stated it has secured funding to acquire around $100 million worth of TON, with a vision of creating a strategic TON reserve and granting public access to Telegram's expanding ecosystem, which boasts over a billion monthly active users. TON serves as the native token for The Open Network, a blockchain closely associated with Pavel Durov's Telegram app. Brittany Kaiser, the Director of Gryphon Digital Mining, will lead the Nasdaq-listed Toncoin DAT as CEO. Prior to this rebranding, AlphaTON was known as Portage Biotech Inc., a company focused on clinical-stage immuno-oncology. The transformation from a small-cap biotech to a DAT follows a recent trend where investors collaborate to launch altcoin crypto treasuries specifically aimed at accumulating certain cryptocurrencies. Just last month, another Toncoin DAT, devised by prominent TON holders, secured more than $700 million in TON tokens. In its financing efforts, AlphaTON announced it has entered into securities purchase agreements in a private placement for approximately 6.7 million ordinary shares at $5.73 each, expected to generate roughly $38.2 million. Additionally, it secured a loan facility with BitGo Prime, LLC for up to $35 million, which will be made available upon the closing of the private placement. The acquired funds will be used to purchase TON from third parties, with a repayment expected within six months. Although AlphaTON is targeting an acquisition of roughly $100 million in TON, its current funding through the private placement and loan totals $73.2 million, indicating potential plans for discounted acquisitions through strategic partnerships. Among AlphaTON’s advisors are BitGo, Animoca Brands, Kraken, and SkyBridge. Scaramucci, a former White House communications director and a visible crypto advocate, is set to serve as a strategic advisor alongside Michael Terpin and Jaime Rogozinski. Besides accumulating Toncoin, AlphaTON intends to identify and develop promising projects within the Telegram ecosystem, targeting TON-based DeFi protocols, gaming apps, and business tools. "With Telegram's billion-user ecosystem and TON's robust blockchain, we are investing in a future where users control their data and digital assets, developers innovate seamlessly, and financial inclusivity becomes a reality across the globe," Kaiser stated.