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AlphaTON Capital
(NASDAQ:ATON)
AlphaTON Capital (ATON) vs. SPDR S&P 500 ETF (SPY)
AlphaTON Capital Business Overview & Revenue Model
AlphaTON Capital Financial Statement Overview
| Breakdown | TTM | Mar 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | -35.00K | -54.00K | -1.00K | 0.00 | 0.00 |
| EBITDA | -16.37M | -6.74M | -18.20M | -122.25M | -14.77M | -14.71M |
| Net Income | -19.69M | -6.77M | -75.34M | -104.61M | -16.87M | -15.83M |
Balance Sheet | ||||||
| Total Assets | 30.59M | 2.23M | 7.78M | 99.13M | 194.66M | 174.86M |
| Cash, Cash Equivalents and Short-Term Investments | 183.00K | 1.67M | 5.03M | 10.54M | 23.35M | 2.77M |
| Total Debt | 0.00 | 0.00 | 47.00K | 0.00 | 0.00 | 150.00K |
| Total Liabilities | 21.70M | 3.05M | 4.45M | 23.73M | 29.23M | 27.26M |
| Stockholders Equity | 9.59M | -123.00K | 4.02M | 76.05M | 121.20M | 101.45M |
Cash Flow | ||||||
| Free Cash Flow | -3.65M | -5.46M | -14.30M | -12.08M | -6.76M | -3.28M |
| Operating Cash Flow | -3.65M | -5.46M | -14.30M | -12.07M | -6.76M | -4.28M |
| Investing Cash Flow | -50.00K | 0.00 | 2.81M | -617.00K | 0.00 | -860.00K |
| Financing Cash Flow | 2.12M | 2.10M | 5.97M | -117.00K | 27.35M | 4.76M |
AlphaTON Capital Technical Analysis
AlphaTON Capital Risk Analysis
AlphaTON Capital Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $14.52M | -1.29 | -107.58% | ― | ― | 83.95% | |
46 Neutral | $4.84M | -1.70 | -229.48% | ― | ― | 71.57% | |
43 Neutral | $13.23M | -0.59 | -248.91% | ― | ― | 79.31% | |
41 Neutral | $8.75M | -0.33 | -925.11% | ― | ― | ― | |
41 Neutral | $6.99M | -24.51 | ― | ― | ― | ― | |
41 Neutral | $8.42M | -0.31 | -97.58% | ― | -46.88% | 34.83% |
AlphaTON Capital Corporate Events
On March 19, 2026, AlphaTON Capital Corp agreed to acquire a 60% controlling stake in Ga Mee Global Limited from Animoca Brands, in a $3.5 million upfront deal split between cash and equity, alongside a commitment to purchase $2 million of GaMee tokens on the market after closing. The structure includes performance-based earn-outs of up to $7.5 million over two years tied to GaMee’s EBITDA, and a shareholders’ agreement giving AlphaTON board control but preserving significant veto and consent rights for Animoca, even as GaMee’s audited 2024 accounts show a net loss and material going-concern uncertainty, underscoring both the growth ambitions and financial risks for investors and partners.
The most recent analyst rating on (ATON) stock is a Sell with a $0.33 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On March 2, 2026, AlphaTON Capital Corp disclosed that it received a deficiency notice from the Nasdaq Listing Qualifications Department after its common stock traded below the $1.00 minimum bid price for 30 consecutive business days. The notice does not trigger immediate delisting, but the company now faces a 180-day compliance window, ending August 31, 2026, to lift its closing bid to at least $1.00 for 10 straight trading sessions or risk potential delisting, appeal proceedings, and heightened uncertainty for shareholders.
The most recent analyst rating on (ATON) stock is a Hold with a $0.39 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On February 17, 2026, AlphaTON Capital announced it had signed and closed a $30 million AI compute infrastructure lease, adding 504 Nvidia Blackwell B200 GPUs to its Canadian deployment in a move that management says should deliver an estimated minimum $1.2 million in monthly revenue from March 2026 via hourly rentals to AI developers, enterprises and users in the Telegram ecosystem. The deployment, which follows a November 2025 pilot B200 fleet for Telegram’s Cocoon AI network and a January 2026 agreement to acquire 576 B300 GPUs for delivery in March, underscores the company’s ability to secure scarce high-end chips, pursue capital‑efficient growth through leasing and position Canada as a hub for privacy‑centric, confidential AI infrastructure amid surging global demand and tightening data‑sovereignty rules.
AlphaTON said the 504 B200 chips, hosted in an energy‑efficient Canadian data center, are expected to support a 1.7x return multiple and a 40% internal rate of return while helping scale its confidential compute capacity without overburdening the balance sheet. The company believes rapid expansion across its three recent GPU implementations, together with rising regulatory pressure for sovereign and privacy‑preserving AI outside Big Tech platforms, enhances its competitive position as a specialist AI infrastructure provider to the Telegram network and offers public investors leveraged exposure to the growth of confidential AI workloads.
The most recent analyst rating on (ATON) stock is a Hold with a $0.49 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On February 17, 2026, AlphaTON Capital Corp. reported that it had executed a binding call option agreement granting Immunova, LLC, or an affiliate, the right to acquire iOx Therapeutics Limited, its wholly owned biotech subsidiary focused on liposomal iNKT agonists. Under the structure announced that day, AlphaTON would receive upfront cash at closing if the option is exercised, a 10% fully diluted equity stake in the acquiring entity, potential milestone payments that could exceed $100 million, and single‑digit royalties on future net sales, enabling the company to retain long-term economic exposure to iOx’s pipeline.
iOx’s lead asset, PORT-2 (IMM60), a liposomal iNKT cell agonist originating from the University of Oxford, has shown tolerability, biomarker-based immune activation, and early anti-tumor signals in Phase 1/2 IMP-MEL (IMPORT-201) studies in advanced melanoma and metastatic NSCLC, supported by a prior collaboration in which Merck supplied pembrolizumab. Management framed the transaction as a way to unlock value from a legacy biotech asset while handing development to Immunova’s specialized lipid-science platform, allowing AlphaTON to sharpen capital allocation toward its Telegram-centered technology strategy, including a mesothelioma program with TT-4 and an AI-driven rare-cancer initiative, though completion of the deal remains contingent on Immunova securing financing and other customary closing conditions.
The option-based divestiture underscores AlphaTON’s ongoing portfolio realignment as it balances its role as a Telegram ecosystem hyperscaler with the monetization of non-core biotech holdings. For shareholders, the deal structure is designed to preserve upside through equity, milestones, and royalties if iOx’s immune-oncology programs advance clinically, while limiting near-term development spend and execution risk on a specialized oncology platform now intended to be advanced under Immunova’s control.
The most recent analyst rating on (ATON) stock is a Hold with a $0.49 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On February 17, 2026, AlphaTON Capital Corp. entered into an at-the-market offering agreement with H.C. Wainwright & Co. that allows the company to sell up to $400 million of its ordinary shares from time to time on Nasdaq and other U.S. trading venues. The agreement, carried out under an effective F-3 shelf registration, gives AlphaTON and the sales agent flexibility to start, pause or terminate sales, with H.C. Wainwright earning up to a 3% commission on gross proceeds.
The move provides AlphaTON with a scalable equity financing channel as it ramps capital expenditures for Cocoon AI, including purchases of servers, GPUs and related infrastructure. Proceeds may also fund strategic transactions in complementary technologies and businesses as well as working capital and general corporate needs, signaling an effort to strengthen the company’s balance sheet and strategic optionality in the AI and technology markets.
The most recent analyst rating on (ATON) stock is a Hold with a $0.49 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On February 6, 2026, AlphaTON Capital Corp entered into an agreement with Compedica Holdings Limited to terminate and rescind their June 5, 2025 Subscription Agreement, under which AlphaTON had issued 625,000 of its ordinary shares at $8.00 per share in exchange for 1,165,501 Compedica shares at $4.29 per share. The deal fully unwinds that prior share-for-share exchange by returning each party’s securities free of encumbrances, provides mutual releases and indemnification, and is intended to restore both companies to their pre-transaction positions without additional consideration, potentially simplifying AlphaTON’s capital structure and clarifying liabilities arising from the original arrangement.
The agreement, signed and closed on the same date, includes customary representations, warranties and termination provisions, while explicitly characterizing the rescission as a business decision rather than an admission of wrongdoing. By incorporating this action into existing registration statements, AlphaTON formally records the reversal of the strategic share swap, which may affect how investors assess its exposure to Compedica and its balance-sheet composition for the period following the 2025 transaction.
The most recent analyst rating on (ATON) stock is a Hold with a $0.49 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On February 5, 2026, director Steven Mintz informed AlphaTON Capital Corp of his decision to resign from the company’s board of directors, with the resignation becoming effective on February 6, 2026. On the same day, February 6, 2026, the board unanimously approved the appointment of F. Daniel Siciliano as a new member of the board, signaling a rapid transition designed to maintain continuity in the company’s governance structure and board oversight for shareholders and other stakeholders.
The most recent analyst rating on (ATON) stock is a Hold with a $0.49 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On January 28, 2026, AlphaTON Capital reported that it has raised a net $44 million in capital, deployed revenue-generating AI infrastructure for Telegram’s Cocoon AI network, and is broadening its role as a foundational provider of confidential, privacy-preserving AI compute tied to the Telegram ecosystem. Since late 2025 the company has executed a $15 million registered direct equity offering and committed $46 million to expand its GPU fleet with 576 NVIDIA B300 chips slated for delivery in March 2026, exited SEC “baby-shelf” limitations via a large shelf registration, launched multiple high-end GPU deployments that began generating Cocoon AI inference revenue in December, secured 2.2MW of renewable-powered data center capacity in Sweden, and signed strategic partnerships including a revenue-generating Midnight Foundation federated node agreement and the open-source AlphaTON Claude Connector integrating Anthropic’s AI with the TON blockchain on Telegram. Management framed these moves as completing the company’s pivot from a passive digital asset holder to an active, vertically integrated infrastructure operator within Telegram’s ecosystem, aiming to drive recurring revenues and strengthen its positioning at the intersection of AI, blockchain, and privacy-focused digital identity.
The most recent analyst rating on (ATON) stock is a Hold with a $0.57 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On January 13, 2026, AlphaTON Capital Corp entered into a securities purchase agreement for a registered direct offering of 15 million ordinary shares or pre-funded warrants at $1.00 per security, with closing completed on January 14, 2026, generating approximately $13.6 million in net proceeds after fees. The capital raise, arranged with H.C. Wainwright & Co. as exclusive placement agent and accompanied by placement agent warrants, is intended to fund the scaling of GPU deployments for AlphaTON’s Cocoon AI platform as well as working capital and general corporate purposes, while customary issuance restrictions and a one-year prohibition on variable rate financings underscore efforts to manage dilution and financing risk as the company deepens its position in the TON and Telegram-related technology ecosystem.
The most recent analyst rating on (ATON) stock is a Sell with a $0.86 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On January 12, 2026, AlphaTON Capital Corp filed a Form 6-K for January 2026, furnishing unaudited condensed consolidated interim financial statements and management’s discussion and analysis for the three and six months ended September 30, 2025. The filing shows a substantial expansion of the balance sheet over the period, with total assets rising to $30.6 million from $2.2 million as of March 31, 2025, driven largely by the addition of stablecoins, TON and Bitcoin holdings, and digital asset receivables, while current liabilities increased to $21.5 million, primarily reflecting a sizable put right liability. Shareholders’ equity improved from a deficit of $0.8 million at March 31, 2025 to positive equity of $8.9 million at September 30, 2025, indicating a material strengthening of the company’s capital position even as accumulated deficits remain significant, a shift that could meaningfully affect its financial flexibility and risk profile for investors in the evolving digital-asset financing space.
The most recent analyst rating on (ATON) stock is a Sell with a $0.88 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On November 25, 2025, AlphaTON Capital Corp. filed a prospectus supplement with the U.S. Securities and Exchange Commission to offer and sell up to approximately $15.3 million of its ordinary shares under an at-the-market (ATM) offering agreement with Chardan Capital Markets LLC. However, that ATM Agreement, originally dated July 31, 2025, was subsequently terminated effective immediately on December 24, 2025, signaling a halt to this specific equity-raising program and potentially indicating a shift in AlphaTON Capital’s funding strategy or market approach going into 2026.
The most recent analyst rating on (ATON) stock is a Sell with a $0.58 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On December 8, 2025, AlphaTON Capital Corp was required to honor a previously disclosed put option granted to certain investors in connection with its September 25, 2025 private placement financing. Under a side letter agreement, one investor exercised its right to have the company repurchase 658,644 ordinary shares at the original consideration value, compelling AlphaTON to transfer back 1,230,590.71 locked TON tokens and 187,515.21 liquid TON tokens with no adjustment for market value. The transaction effectively reverses part of the September financing and underscores the potential liquidity and balance-sheet impact of these contingent repurchase obligations on the company and its token-based capital structure.
The most recent analyst rating on (ATON) stock is a Sell with a $0.58 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.
On December 30, 2025, AlphaTON Capital Corp entered into a Settlement Agreement and Release with DWF MaaS Limited to resolve disputes over rights and obligations arising from an August 25, 2025 Treasury Management Agreement under which DWF had been appointed to manage a portion of AlphaTON’s TON treasury strategy. The settlement follows DWF’s September 25, 2025 subscription for 105,000 ordinary shares and pre-funded warrants to purchase up to 2,513,240 additional shares for $15 million, as well as a separate issuance of 160,000 restricted shares that were to vest over three years. Under the terms of the Settlement Agreement, AlphaTON will repurchase the previously issued shares and pre-funded warrants from DWF for $15 million (or the remaining amount in the original funding wallet), remove vesting restrictions on the 160,000 restricted shares, pay DWF $35,000, and mutually release all claims, while terminating both the Treasury Management Agreement and the Restricted Share Agreement, effectively unwinding the earlier financing and management arrangements with DWF.
The most recent analyst rating on (ATON) stock is a Sell with a $0.58 price target. To see the full list of analyst forecasts on AlphaTON Capital stock, see the ATON Stock Forecast page.