AlphaTON Capital: Capture the Best of Telegram Economics at a Steep Discount
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By Brandon Hornback
Seeking a stock-market bargain to brighten the holidays? Savvy investors should consider a single equity that captures the best of the burgeoning Telegram ecosystem, cryptocurrency at a discount and top-notch AI assets, all wrapped up with a bow.
Meet AlphaTON Capital Corp. (NASDAQ: ATON), which is emerging as a differentiated public-market vehicle for exposure to Toncoin (TON) and the Telegram economy. Cutting straight to the chase, ATON trades at $1.06 a share with an $8.1 million market capitalization, yet holds 12.9 million TON on its balance sheet with a $20.1 million NAV (Net Asset Value), implying a 0.40x mNAV (Market-to-Net Asset Value) based on a $1.56 TON price.
That discount looks unwarranted. While sector sentiment has dragged ATON shares down recently, there are good reasons to expect the stock’s value to compound over time: Treasury accumulation anchors the balance sheet in TON, treasury yield generation converts those holdings into recurring income, and ecosystem developments add an operating layer of Telegram-native assets in gaming, payments, media, and AI infrastructure.
Following ATON’s pivot to a DAT model in September, over $30 million has been deployed into TON, underlining strong confidence in the newly-identified business opportunity. Meanwhile, the company has kept leverage very limited, with a roughly 7% debt-to-equity ratio. A growing portion of the TON treasury is used to generate yield while keeping a strong balance sheet to weather any storms.
But ATON offers much more than most DATs. Beyond treasury, ATON is positioning itself as a core infrastructure provider to Telegram’s expanding ecosystem, adding a crucial operating factor to the equation. The company has committed $82.5 million to an Nvidia B200-based GPU buildout for Cocoon AI, a decentralized, TON-settled AI-compute network designed to serve Telegram’s more-than 1 billion monthly active users. Senior management at ATON (which keeps in close touch with leadership at Telegram) projects this infrastructure to generate high-margin, recurring AI-compute revenue while reinforcing demand for TON.
Put simply, ATON holds 1.68 TON per share, effectively giving investors an arbitrage opportunity with the bonus of a cash-flow-generative operating platform benefiting directly from Telegram’s growth.
Download the full report for a detailed breakdown of ATON’s treasury model, staking economics, Cocoon AI revenue potential, ecosystem investments, and valuation framework.
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