AlphaTON filed a $420.69M shelf registration with the SEC to finance expansion in The Open Network (TON) and decentralized AI infrastructure, marking an explicit push into Telegram’s emerging AI ecosystem. The exit from SEC “baby-shelf” limits immediately expands its fundraising capacity and reallocates capital toward GPU compute, app acquisitions and a larger Toncoin treasury.
The SEC shelf registration removes prior constraints that apply to issuers with a public float under $75M, enabling broader and faster capital deployment. The filing frames the raise as both strategic and symbolic, and the company’s shares reacted to the filing with a single-day uptick of 7.55%. The registration authorizes the new capital program under standard shelf mechanics, allowing AlphaTON to issue securities as market conditions permit.
AlphaTON plans to acquire revenue-generating Telegram mini-apps across fintech, gaming, health, sports and blockchain verticals to generate immediate cash flow and broaden user reach within Telegram’s ecosystem. The company disclosed a recent $30M Toncoin purchase as part of a $71M funding round and detailed a target to grow its Toncoin treasury to $100M, positioning the balance sheet to earn staking yield and to fund strategic investments in TON-linked projects. For traders and treasuries, these moves increase asset concentration risk in Toncoin and expose capital to token-price volatility; for corporate finance teams, the shelf creates optionality but also potential dilution if large issuances are executed.
AlphaTON, Cocoon and GPU infrastructure
A substantial portion of the planned proceeds is earmarked to support Cocoon, Telegram’s confidential-compute open network built on TON, and to scale GPU capacity for decentralized AI inference. The buildout includes purchases of high-memory Nvidia B200 GPUs and partnerships with cloud and data-center providers named in the filing.
AlphaTON is also targeting hydroelectric-powered GPU deployments in Sweden as part of an efficiency and sustainability strategy. The planned infrastructure will run confidential computing, a technique that keeps data encrypted during processing, and it is structured as a marketplace where application developers pay GPU operators in Toncoin for compute services.
AlphaTON’s filing signals a dual bet on infrastructure ownership in decentralized AI and rapid user-facing expansion inside Telegram’s ecosystem, financed through an unusually large, culturally branded shelf.
