announcement<\/a>, the letter of intent includes equity and token investments in GAMEE, which is a high-engagement mobile gaming platform and web3 ad network built on the TON blockchain with over 119 million registered users and a strong foothold within the Telegram ecosystem.<\/p>\nFor AlphaTON, the acquisition is touted as part of the company\u2019s broader strategy to accelerate Web3 adoption across Telegram\u2019s billion-user network by backing high-traction platforms that can drive engagement, token utility, and ecosystem growth within the TON blockchain.<\/p>\n
As part of the LOI, AlphaTON would acquire a 51% equity stake in GAMEE along with 51% of the GMEE and WAT tokens held in the company\u2019s treasury. The company will also purchase another $3 million worth of GMEE and $1 million worth of WAT on the open market.<\/p>\n
GMEE is the native token for GAMEE\u2019s gaming ecosystem and supports rewards and governance on the platform. Meanwhile, WAT is a community-first token for WatBird, a gaming project incubated within the GAMEE ecosystem.<\/p>\n
<\/p>\n
If the transaction, which is pending customary closing conditions and final definitive agreements, is completed, it would make GAMEE \u201cthe first Nasdaq-listed Web3 gaming company with gaming assets listed on a major exchange,\u201d according to Animoca Brands executive chairman Yat Siu.<\/p>\n
\u201cWe believe GAMEE can facilitate the mass adoption of open-source and decentralized technologies such as TON,\u201d AlphaTON CEO Brittany Kaiser added.<\/p>\n
AlphaTON shares slipped nearly 3% on Oct. 1 to close at $5.36, but climbed back in after-hours trading more than 7% to $5.77 as investors reacted to news of the potential GAMEE acquisition.<\/p>\n
AlphaTON\u2019s TON strategy<\/h1>\n
AlphaTON, formerly Portage Biotech Inc., pivoted from its biotechnology business earlier this month to become a treasury company focused on building a Toncoin treasury. The latest development follows a $71 million capital raise through a private placement and a loan facility with BitGo Prime, which AlphaTON is using to build a $100 million Toncoin treasury and support strategic investments in the TON ecosystem.<\/p>\n
On Sep. 25, the company disclosed that it had already deployed $30 million into Toncoin, marking its entry as a top holder in the network.<\/p>\n
Over the long run, AlphaTON plans to support TON-based apps in Telegram\u2019s mini-app ecosystem and intends to incubate and develop leading applications, including TON-based DeFi protocols and gaming platforms.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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