AlphaTON Capital, a Nasdaq-listed company that pivoted from cancer drug development to cryptocurrency infrastructure in September 2025, presented to high-net-worth investors at President Donald Trump's Mar-a-Lago Club on January 27.
The invitation-only event came two weeks after the company closed a $15 million registered direct offering at $1.00 per share.
AlphaTON shares traded around $0.58 on January 28, representing a 42% decline from the offering price.
The company holds a market capitalization of approximately $4.7 million. Chief Executive Officer Brittany Kaiser, a former Cambridge Analytica executive who became a whistleblower in the 2018 Facebook data scandal, leads the firm alongside Executive Chairman Enzo Villani.
What Happened
AlphaTON, formerly known as Portage Biotech until its September 2025 rebrand, announced Tuesday it raised net proceeds of $44 million through equity offerings and infrastructure investments.
The company committed $46 million to purchase 576 NVIDIA B300 chips scheduled for March 2026 delivery.
The firm began generating revenue in December 2025 from GPU deployments supporting Telegram's Cocoon AI network, according to company statements. AlphaTON secured a five-year colocation agreement for 2.2 megawatts of computing capacity in Sweden and launched the Claude Connector integrating Anthropic's AI with TON blockchain.
The Mar-a-Lago presentation targeted family offices and institutional investors seeking exposure to the TON ecosystem. No specific transactions or deal terms were disclosed during the event hosted by Chantelle Borrelli and Josh Kriger.
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Why It Matters
AlphaTON exemplifies the emerging category of public companies pivoting from traditional businesses to cryptocurrency and AI infrastructure strategies. The former biotech firm transformed its treasury approach to focus on TON token holdings and Telegram ecosystem development.
Kaiser's involvement adds controversy to the company's profile given her role in Cambridge Analytica's data harvesting operations that influenced the 2016 U.S. presidential election and Brexit referendum. She testified before UK Parliament and the Mueller investigation before becoming a data rights advocate.
The stock's performance since the January offering reflects investor skepticism despite promotional activities. AlphaTON shares fell 86% from a 52-week high of $15.82 reached shortly after the September 2025 rebrand announcement.
The company projects its NVIDIA B300 deployment will deliver a 27% internal rate of return and 282% return on investment over five years. These projections remain unverified as AlphaTON continues transitioning from legacy pharmaceutical operations to AI infrastructure.
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