AlphaTON has officially filed a massive $420.69 million shelf registration, marking a major step forward in the company’s transformation into a core infrastructure provider for the TON blockchain and Telegram’s Cocoon AI ecosystem. The filing became possible after AlphaTON exited the SEC’s “baby shelf rules,” which had previously capped how much capital it could raise in a given year.

According to the company’s December 4 announcement, AlphaTON now has the regulatory flexibility to issue a wide range of securities—common stock, preferred stock, debt instruments, warrants, or mixed units—across multiple offerings whenever market conditions are favorable.

Flexible Funding for AI, GPU Infrastructure, and TON Growth

Now free from earlier fundraising restrictions, AlphaTON plans to use the shelf registration to drive its next phase of expansion. The company outlined several target areas for the funds:

• Scaling GPU infrastructure to support Cocoon AI, Telegram’s fast-growing decentralized compute ecosystem
• Expanding deployments of Nvidia B200 GPUs through partnerships with CUDO Compute and AtNorth
• Funding acquisitions of Telegram- and TON-native businesses
• Strengthening its digital asset treasury, including ongoing accumulation of TON ecosystem tokens

CEO Brittany Kaiser emphasized that the expanded fundraising capacity allows AlphaTON to “move quickly and decisively” as demand surges for high-performance compute resources powering Cocoon AI.

Acquisitions Targeting Telegram’s 1B User Ecosystem

A large portion of AlphaTON’s strategy focuses on buying revenue-generating businesses already embedded in the Telegram and TON ecosystem. These include startups working on:

• Blockchain-enabled financial tools
• Content and creator platforms
• Payment solutions
• Gaming infrastructure
• Decentralized services for Telegram’s massive user base

Each acquisition is expected to strengthen AlphaTON’s portfolio of cash-flowing assets directly linked to Telegram’s growing Web3 environment.

Deepening Commitment to TON and Digital Assets

AlphaTON has steadily increased its exposure to the TON ecosystem since rebranding from Portage Biotech in September 2025. Its strategy includes:

• Accumulating TON and related tokens such as GAMEE
• Operating validators and staking nodes to earn yield
• Deploying GPU fleets for decentralized AI workloads
• Increasing participation in TON-linked financial instruments

This direction aligns the company with two of the fastest-growing sectors in the blockchain industry: decentralized compute and real-world ecosystem tokenization.

Positioning for a Decentralized AI & TON-Dominated Future

The new $420 million shelf registration comes at a pivotal time. Interest in decentralized AI compute is surging, and TON has rapidly expanded into one of the most active blockchain ecosystems in the world—powered largely by Telegram’s billion-user network.

With new capital flexibility, AlphaTON is now positioned to:

• Scale its infrastructure at a faster pace
• Capture larger segments of the TON and Cocoon AI markets
• Expand its holdings across digital assets and AI-driven services
• Strengthen its operational footprint ahead of future strategic milestones

AlphaTON’s latest filing indicates a company entering an aggressive expansion cycle, with significant implications for the future of TON, Telegram’s AI ecosystem, and decentralized compute infrastructure.

Australia is taking a major step toward stronger digital asset regulation. The Australian Treasury has introduced a new bill aimed at bringing cryptocurrency service providers under the same oversight standards that govern traditional financial institutions. If passed, the law will reshape how exchanges and custodial platforms operate across the country.

This move signals a clear shift: Australia wants a safer, more transparent, and more mature crypto ecosystem.

Australia Moves to Regulate Crypto Like Traditional Finance

The bill—first introduced on November 26 and now in its second reading—proposes that crypto exchanges and token custody platforms must obtain an Australian Financial Services Licence (AFSL).

This requirement brings crypto platforms in line with traditional financial service providers, ensuring they meet strict standards for:

• Operational efficiency
• Fair and honest conduct
• Transparent handling of customer funds

The government also plans to classify digital assets similarly to property, bringing them under existing laws related to:

• Consumer protection
• Insolvency
• Crime and anti-money laundering (AML)
• Taxation

These changes are designed to prevent the kind of mismanagement and opaque operations that contributed to past global exchange collapses.

Exemptions & Penalties: What Small Platforms Need to Know

While the bill is strict, it includes key exemptions.

Crypto platforms will not need an AFSL if they:

• Hold less than 5,000 AUD per customer, and
• Process under 10 million AUD in annual transactions.

These low-risk providers will operate under lighter rules similar to non-cash payment systems.

However, larger exchanges that breach regulations could face significant penalties, reflecting the government’s commitment to building a safer crypto environment.

It’s also important to note:
The law does not target crypto issuers or individuals using digital assets for non-financial purposes.

Regulators Warn: Australia Risks Falling Behind Without Tokenization

Australia’s move toward regulation comes at a critical moment.

Joe Longo, Chair of the Australian Securities and Investments Commission (ASIC), recently warned that the country risks becoming the “land of missed opportunity” if it fails to embrace emerging technologies—especially tokenization.

He highlighted growing global momentum, echoing BlackRock CEO Larry Fink’s view that tokenized assets could be the future of financial markets. Tokenization—bringing real-world assets like stocks, bonds, and real estate onto blockchains—is expected to reach trillions in market value within years, according to Standard Chartered.

To accelerate innovation, ASIC plans to revamp its Innovation Hub to better support fintech and blockchain startups navigating complex compliance requirements.

What This Means for the Crypto Market

The proposed law could have wide-reaching implications:

For Investors

• More protection against fraud and exchange collapses
• Clearer rules for custody, asset management, and dispute resolution
• Increased transparency into how exchanges handle funds

For Crypto Exchanges

• A mandatory AFSL licence will raise compliance costs
• Platforms must adhere to strict KYC/AML and operational standards
• Smaller players may struggle, potentially leading to market consolidation

For the Broader Market

• Could attract institutions by providing regulatory clarity
• May improve overall trust and stability
• Positions Australia as a potential leader in regulated tokenized finance

Conclusion

Australia’s new Treasury bill marks a defining moment for the nation’s crypto landscape. By bringing exchanges under the established financial regulatory framework and promoting tokenization, the government is laying the foundation for a safer and more mature digital asset market.

While stricter rules may challenge smaller providers, the long-term impact could be overwhelmingly positive—boosting investor confidence, reducing systemic risk, and encouraging institutional participation. As global interest in tokenized assets accelerates, Australia’s move may prove crucial in keeping the country competitive in the next wave of financial innovation.

Key Takeaways:
• Kraken acquires Backed Finance to internalize its tokenized-equity technology.
• Backed’s infrastructure powers many on-chain stock and ETF products across multiple blockchains.
• The acquisition strengthens Kraken’s tokenization strategy ahead of its planned 2026 IPO.

Kraken has made a major strategic move by announcing the acquisition of Backed Finance — a company widely recognized for building the core infrastructure behind today’s tokenized stocks and ETFs. The deal marks a significant milestone as Kraken seeks greater control over the entire lifecycle of tokenized assets, from issuance to trading, positioning itself as a leader in the rapidly expanding tokenization sector.

Backed Finance has become a foundational technology provider in the tokenized-asset space, offering on-chain versions of traditional equities tied directly to real underlying securities. Its infrastructure supports approximately seventy tokenized assets across several chains and has processed billions in cumulative trading activity. Much of this volume flows through Kraken’s own platform, particularly its xStocks marketplace, and Backed’s technology also powers tokenized equities on exchanges such as Bybit.

For Kraken, bringing this technology in-house is a strategic advantage. Instead of relying on an external issuer, Kraken will now gain full oversight of how tokenized equities are created, regulated, maintained, and integrated into its broader trading and collateral systems. This tighter control supports Kraken’s long-term roadmap as it prepares for its anticipated 2026 IPO — a process strengthened by a recent capital raise valuing the company near $20 billion and by strategic deals in derivatives and brokerage services.

The acquisition comes at a pivotal time. The tokenization of real-world assets is accelerating across the financial sector, with major institutions — including BlackRock — calling tokenized markets the next major evolution in global financial infrastructure. Standard Chartered forecasts the tokenized-assets sector to reach multi-trillion-dollar scale within the next few years, with Ethereum expected to host most of the activity. Meanwhile, analysts at RedStone highlight growing demand for tokenized yield products and stable collateral solutions as core drivers of expansion through 2025.

Backed, founded in 2021, will continue supporting its existing tokens during the transition. Once fully integrated, Kraken will gain a vertically unified ecosystem where traditional equities, crypto assets, and tokenized financial products coexist seamlessly. This acquisition marks a significant step forward in Kraken’s ambition to become a central hub in the next wave of real-world-asset tokenization and on-chain financial innovation.