AlphaTON Capital is putting $46 million into AI compute infrastructure tied to Cocoon AI, bringing Telegram-linked hardware exposure into its TON treasury strategy. The deal adds 576 NVIDIA B300 chips to the firm’s balance sheet and marks its first large-scale move into confidential compute infrastructure.
The transaction is structured as a blended financing package rather than a straight hardware purchase. AlphaTON is contributing $4 million in upfront cash, with $32.7 million covered through non-recourse debt financing. The remaining $9.3 million in equity will be paid in smaller installments tied to full deployment. The chips are expected to arrive in February 2026, with integration scheduled for March. Before this deal, the company said it already held roughly $20 million in balance sheet assets.
Hardware ownership moves into the core treasury plan
AlphaTON’s treasury model is no longer centered only on accumulating tokens. Management is adding infrastructure exposure as a way to strengthen the balance sheet over time, while also reducing the effect of token-price volatility. By limiting the amount of cash committed upfront, the firm keeps more liquidity available. The use of non-recourse debt also places a ceiling on downside tied to the hardware itself.
Chief Investment Officer Enzo Villani said the firm is prioritizing revenue-generating assets alongside token exposure. His view is that infrastructure can improve capital efficiency during uncertain market conditions. That stance points to a broader shift among digital asset firms that want treasury strategies backed not just by tokens, but also by physical assets linked to network activity.
Cocoon connects AI usage and Toncoin rewards
According to AlphaTON, Cocoon is Telegram’s confidential compute network built on TON. It is designed for decentralized AI processing with stronger privacy protections. Participants that contribute GPU power receive compensation in Toncoin, creating a direct link between network usage and token incentives.
For end users, the pitch is access to AI services without depending on centralized providers. AlphaTON also pointed to Telegram’s roughly 1 billion monthly active users, framing Cocoon as a network with a potentially broad distribution channel rather than a niche AI deployment.
Previous capital raises set up a wider TON expansion
AlphaTON launched its TON treasury program after a $36.2 million private placement and later obtained a $35 million loan facility from BitGo Prime to support growth. Management had previously outlined plans to acquire about $100 million worth of TON tokens, but the strategy has since widened to include infrastructure and ecosystem investments.
In December, the company filed a $420.69 million shelf registration that referenced flexibility to fund AI expansion and other TON-related initiatives. Institutional interest around the TON ecosystem has also been building. The report named Benchmark, CoinFund, Draper Associates, Sequoia Capital, and SkyBridge among investors connected to TON development. Pantera Capital has also disclosed several Toncoin investments, including one described as its largest investment in 2024.
The Cocoon AI deployment shows AlphaTON pushing its treasury strategy toward a structure that combines hardware ownership with on-chain token incentives.