During the period of price decline, AlphaTON incorporated $30 million in Toncoins into its balance s

Amid the fluctuations in the cryptocurrency market, there are always those who choose to go against the trend. Recently, AlphaTON decided to invest $30 million in Toncoin, even though the price of Toncoin was declining. What’s more interesting is that not only AlphaTON did this, but two other digital asset custody companies listed on NASDAQ also made similar investments, putting their funds into The Open Network’s native tokens. Despite the continuous decline in the prices of Toncoin and the related companies, they still invested tens of millions of dollars without hesitation. This kind of behavior, where “others are fearful, while I am greedy,” has made people question: what kind of long-term value does Toncoin actually have in their eyes?

Another listed company is entering the digital asset custody market, focusing on investing in The Open Network’s native tokens, even though the value of these tokens continues to decline.

According to an announcement by AlphaTON (formerly Portage Biotech) on Thursday, they purchased $30 million in Toncoin (TON) tokens as part of their strategy to accumulate crypto assets. Over the past month, the value of these tokens has decreased by approximately 13%.

This acquisition makes AlphaTON the second digital asset custody company to focus on Toncoin. Previously, TON Strategy was renamed Verb Technology Company in August.

According to the company’s press release, they plan to increase the value of their custody portfolio to $100 million by the end of 2025. According to Yahoo Finance data, AlphaTON’s stock price dropped by approximately 9.6% within 24 hours of the announcement.

The key person behind this initiative is Brittany Kaiser, who previously served on the board of Gryphon Digital, a Bitcoin mining company. According to documents submitted by the company to the U.S. Securities and Exchange Commission in September, since 2019, the company has been “researching and developing immun oncology treatments”.

TON Crypto Vaults will become one of the main areas of the company’s development.

AlphaTON’s 24-hour stock price. Source: Yahoo Finance

In 2025, more and more listed companies will transform into DAT formats. Michael Saylor, the executive chairman of Strategy, initiated this trend in 2020, and the company began incorporating Bitcoin (BTC) into its asset portfolio for the first time.

As the first TON vault company, Strategy began increasing its holdings in TON starting in August, purchasing $713 million worth of TON tokens. Currently, they hold approximately 217.5 million tokens. Their stock price has performed poorly, with a decline of over 65% in the past month.

Strategy’s stock price over the past month. Source: Yahoo Finance

Both companies adopt similar strategies involving increased holdings and pledging TON tokens. However, AlphaTON focuses more on ecosystem investments, while Strategy emphasizes a leveraged-free, long-term holding strategy.

Cointelegraph has contacted Strategy to request comments, but no response has been received as of the time of publication.

Despite support from various parties, TON still struggles to regain momentum.

The Open Network was developed by Telegram in 2018 and is currently operated independently by the TON Foundation, responsible for the development of the ecosystem. However, the foundation does not directly control the open-source technology of the network.

据Telegram 1月21日宣布，将停止对其他区块链的支持，并与TON Foundation合作，将The Open Network作为迷你应用生态系统的唯一基础设施。

尽管网络活动增长，且3月有多家风险投资公司投入超过4亿美元，TON价格依然未能反弹。

据TradingView数据，截至发稿时，该山寨币交易价格为2.75美元，年内跌幅约50%，过去六个月回撤超过25%。

TON美元价格过去一年走势。来源: TradingView

截至2025年，数字资产金库已从比特币和以太坊(ETH)扩展至山寨币，包括狗狗币(DOGE)、索拉纳(SOL)、Avalanche(AVAX)及其他加密货币，成为上市公司的储备资产。

不过，据渣打银行近几周警告，许多数字资产金库的市场净资产值(mNAV)大幅下跌，导致规模较小的公司风险加剧。