AlphaTON Bets $46M on Telegram’s Cocoon AI as TON Treasury Strategy Deepens

• AlphaTON expands TON treasury by linking AI hardware with blockchain incentives
• Telegram’s Cocoon AI drives AlphaTON’s shift toward asset-backed treasury strategy
• Non-recourse financing powers AlphaTON’s $46M bet on decentralized AI compute

AlphaTON Capital is expanding its TON-focused treasury strategy through a $46 million investment in AI compute infrastructure that ties physical assets to blockchain-linked revenue models within Telegram’s ecosystem.

Rather than relying solely on token accumulation, AlphaTON is adding infrastructure exposure to support long-term balance sheet strength, placing Cocoon AI at the center of its evolving treasury framework. The agreement adds 576 NVIDIA B300 chips to AlphaTON’s asset base, marking the company’s first large-scale entry into confidential compute infrastructure.

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Unlike a traditional hardware purchase, the transaction uses a blended financing structure, with AlphaTON committing $4 million in upfront cash to initiate the agreement. Non-recourse debt financing accounts for $32.7 million of the total value, while an additional $9.3 million in equity will be paid through smaller installments tied to full deployment.

The chips are expected to be delivered in February with integration planned by March, building on roughly $20 million already held in balance sheet assets.

Financing structure reflects shift toward asset-backed treasuries

This investment highlights a broader shift toward combining physical assets with digital holdings, as management views infrastructure ownership as a way to manage token market volatility. By limiting cash exposure, AlphaTON preserves liquidity while scaling compute capacity, while non-recourse debt further caps downside risk tied to the hardware.

CIO Enzo Villani said the firm is prioritizing revenue-generating assets alongside token exposure, noting that infrastructure improves capital efficiency during uncertain market conditions. This approach reflects growing interest in asset-backed treasury models across digital asset firms, as infrastructure ownership links earnings potential directly to network usage.

Cocoon integration ties AI revenue directly to Toncoin incentives

Cocoon operates as Telegram’s confidential compute network built on the TON blockchain, allowing decentralized AI processing with enhanced privacy safeguards, according to AlphaTON. Participants who supply GPU power receive compensation in Toncoin, directly connecting network activity to token-based incentives.

End users gain access to AI services without relying on centralized providers, a structure that appeals to those seeking stronger data privacy controls. Telegram’s roughly 1 billion monthly active users create a large potential adoption funnel, positioning Cocoon as a broad distribution layer rather than a niche AI network.

TON treasury expansion extends beyond token accumulation

AlphaTON launched its TON treasury program after a $36.2 million private placement and secured an additional $35 million loan facility from BitGo Prime to support expansion. Management previously outlined plans to acquire about $100 million worth of TON tokens, while the strategy has since expanded into infrastructure and ecosystem-focused investments.

In December, AlphaTON filed a $420.69 million shelf registration, with the filing referencing funding flexibility for AI expansion and other TON-related initiatives. Institutional interest across the TON ecosystem continues to strengthen, with investors connected to TON development including Benchmark, CoinFund, Draper Associates, Sequoia Capital, and SkyBridge.

Pantera Capital has disclosed multiple Toncoin investments, including one described as its largest in 2024, highlighting rising institutional confidence in TON-linked infrastructure.

Overall, the Cocoon AI deployment signals a deeper evolution in AlphaTON’s treasury strategy, as the company pairs hardware ownership with token incentives to support sustainable, asset-backed growth.

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