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DAT outfit AlphaTON to take 51% stake in Telegram gaming co Gamee
US digital asset treasury firm AlphaTON Capital Corp is shopping for a controlling curiosity (51% stake) in Telegram-based hypercasual web3 gaming platform Gamee, which is at the moment owned by Animoca Manufacturers.
The deal, which is ready out in a non-binding letter of intent, will even see AlphaTON shopping for 51% of the GMEE and WAT tokens held in Gamee’s treasury.
And when the acquisition is accomplished, AlphaTON will spend as much as $3 million shopping for GMEE tokens and $1 million shopping for WAT tokens from the open market.
That is vital dedication provided that GMEE at the moment has a market cap of $4 million and WAT a mere $260,000.
Though the worth of the deal wasn’t disclosed, AlphaTON has raised $71 million of recent capital, together with a $35 million mortgage facility from BitGo Prime. It additionally plans to spend $30 million shopping for TON tokens.
It’s additionally trying to launch a TON-based healthcare insurance coverage claims processing platform.
“AlphaTON Capital is concentrated on figuring out one of the best founders within the Telegram ecosystem to be able to help the expansion of their companies. The meant strategic acquisition of Gamee reveals our conviction in each the brilliance of its group in addition to the high-growth alternative introduced by its consumer base of over 61 million customers on the Telegram platform,” commented CEO Brittany Kaiser.
Initially launched as a real-money cell gaming platform, Gamee switched to web3 in 2021, launching its Arc8 platform on the Polygon blockchain. It then launched the Telegram-based Wat Protocol in 2024, airdropping WAT tokens to gamers later that yr.
This technique labored when it comes to producing a big userbase with over 61 million registered accounts on Telegram, however each the GMEE and WAT tokens have suffered a robust worth decline, respectively down 79% and 94% over the previous 12 months.
“We consider that this deal, if accomplished, wouldn't solely make Gamee the primary Nasdaq-listed web3 gaming firm with gaming property listed on a significant change, but additionally display how digital asset corporations can prolong into worthwhile working corporations resembling Gamee, and use income to proceed to build up digital property,” added Animoca government chairman Yat Siu.