Two Nasdaq-listed DATs are investing in The Open Network’s native token, allocating millions to token reserves even as the asset and their share prices decline.
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Another publicly listed company is moving into the digital asset treasury market, targeting exposure to The Open Network native coin, even as the token’s price continues to slump.
In a Thursday announcement, AlphaTON, formerly Portage Biotech, said it purchased $30 million worth of Toncoin () tokens as part of its crypto accumulation strategy. The token is down roughly 13% over the past month.
With the purchase, AlphaTON became the second (DAT), joining TON Strategy Co., which rebranded from Verb Technology Company in August.
In a press , the company said it plans to build its treasury to $100 million in TON by the end of 2025. AlphaTON shares were down about 9.6% over 24 hours at the time of writing, according to Yahoo Finance.
Behind the company’s move is Brittany Kaiser, a former board member of Bitcoin mining company Gryphon Digital. to a September filing with the US Securities and Exchange Commission, the company has been “researching and developing immune oncology treatments” since 2019.
The TON crypto treasury will be one of its “primary lines of business.”
The number of public companies pivoting to become DATs has picked up in 2025. Michael Saylor, executive chairman of Strategy, started the trend in when the company made its first Bitcoin () purchase.
TON Strategy, the first TON treasury company to launch, began accumulating in August with a , and now holds around 217.5 million . Its stock performance has also struggled, falling over 65% in the past .
Both companies follow a similar playbook of accumulating and staking TON, though AlphaTON emphasizes ecosystem investment, while TON Strategy highlights a no-leverage, long-term holding model.
Cointelegraph reached out to the TON Strategy Company for comment, but had not received a response at the time of publication.
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The Open Network is a decentralized blockchain developed by Telegram in 2018 and now run independently by the TON , which supports ecosystem growth but does not control the network’s open-source technology.
On Jan. 21, Telegram announced it would drop support for all other blockchains and make The Open Network the exclusive in partnership with the TON Foundation.
However, even with and more than $400 million in investments from several venture capital companies in March, the price of TON has not managed to rebound.
The altcoin was trading at $2.75 at time of writing, down about 50% year-to-date, and has retraced over 25% in the past six months, according to TradingView .
In 2025, DATs have expanded beyond Bitcoin and Ether (), with altcoins like (), (), () and several other cryptocurrencies emerging as the reserve assets of publicly traded companies.
In recent weeks, however, Standard Chartered warned that the market net asset values (mNAVs) of many have plunged, leaving smaller companies increasingly vulnerable.
