Tearsheet

AlphaTON Capital (ATON)


Market Price (3/30/2026): $0.2958 | Market Cap: $0.7 Mil
Sector: Financials | Industry: Asset Management & Custody Banks

AlphaTON Capital (ATON)


Market Price (3/30/2026): $0.2958
Market Cap: $0.7 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -433%
Weak multi-year price returns
2Y Excs Rtn is -119%, 3Y Excs Rtn is -161%
Penny stock
Mkt Price is 0.3
1 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital.
  Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
2   Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -12 Mil
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5091%
4   High stock price volatility
Vol 12M is 209%
5   Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 36%
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -433%
1 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital.
2 Weak multi-year price returns
2Y Excs Rtn is -119%, 3Y Excs Rtn is -161%
3 Penny stock
Mkt Price is 0.3
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -12 Mil
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5091%
7 High stock price volatility
Vol 12M is 209%
8 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 36%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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AlphaTON Capital (ATON) stock has lost about 85% since 11/30/2025 because of the following key factors:

1. Public Denial of Strategic Investment Claims Caused Investor Trust Erosion.

AlphaTON Capital's stock plunged 16.9% on December 17, 2025, after Anduril Industries' CEO publicly denied AlphaTON's claims of a "$30 million strategic investment" in his firm. This direct refutation of AlphaTON's announcement and the accusation of dishonesty "eroded investor trust" and contributed to significant stock declines.

2. Significant Share Dilution Impacted Stock Value.

Shareholders experienced substantial dilution, with the total shares outstanding growing by 1324.2% in the year leading up to September 29, 2025. As of February 19, 2026, AlphaTON Capital had 23,434,588 ordinary shares outstanding, a substantial increase that inherently devalued existing shares.

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Stock Movement Drivers

Fundamental Drivers

The -84.3% change in ATON stock from 11/30/2025 to 3/29/2026 was primarily driven by a -57.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)113020253292026Change
Stock Price ($)1.890.30-84.3%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)13-57.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/29/2026
ReturnCorrelation
ATON-84.3% 
Market (SPY)-5.3%0.4%
Sector (XLF)-10.0%-7.7%

Fundamental Drivers

The -95.9% change in ATON stock from 8/31/2025 to 3/29/2026 was primarily driven by a -57.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)83120253292026Change
Stock Price ($)7.200.30-95.9%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)13-57.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/29/2026
ReturnCorrelation
ATON-95.9% 
Market (SPY)0.6%10.2%
Sector (XLF)-10.8%-3.5%

Fundamental Drivers

The -93.4% change in ATON stock from 2/28/2025 to 3/29/2026 was primarily driven by a -57.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)22820253292026Change
Stock Price ($)4.510.30-93.4%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)13-57.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/29/2026
ReturnCorrelation
ATON-93.4% 
Market (SPY)9.8%6.5%
Sector (XLF)-7.1%2.0%

Fundamental Drivers

The -99.6% change in ATON stock from 2/28/2023 to 3/29/2026 was primarily driven by a -66.6% change in the company's Shares Outstanding (Mil).
(LTM values as of)22820233292026Change
Stock Price ($)76.400.30-99.6%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)13-66.6%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/29/2026
ReturnCorrelation
ATON-99.6% 
Market (SPY)69.4%9.3%
Sector (XLF)40.5%6.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ATON Return-45%-51%-66%-86%-88%-45%-100%
Peers Return66%-84%420%85%-20%-7%94%
S&P 500 Return27%-19%24%23%16%-5%72%

Monthly Win Rates [3]
ATON Win Rate50%17%33%25%42%33% 
Peers Win Rate48%31%71%46%54%33% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
ATON Max Drawdown-45%-59%-79%-94%-89%-45% 
Peers Max Drawdown-9%-84%-2%-41%-43%-24% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-5% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSTR, MARA, RIOT, COIN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)

How Low Can It Go

Unique KeyEventATONS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-97.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven3827.5%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-43.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven76.5%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven74 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-100.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven617900.0%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven193 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-93.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven1400.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven530 days1,480 days

Compare to MSTR, MARA, RIOT, COIN

In The Past

AlphaTON Capital's stock fell -97.5% during the 2022 Inflation Shock from a high on 6/17/2021. A -97.5% loss requires a 3827.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About AlphaTON Capital (ATON)

Portage Biotech Inc., together with its subsidiaries, researches and develops pharmaceutical and biotechnology products. The company's product includes IMM60, an iNKT cell activator; IMM65, a PLGA-nanoparticle combined with a NY-ESO-1 peptide vaccine; INT230-6 that is in Phase I/II clinical trials for the treatment of solid tumors; STING, a small molecule that binds to the stimulator of interferon genes in cancer; CellPorter, a cell permeable peptide platform technology derived from human proteins; PPL-003, an ophthalmic solution; and SBI-101, a blood-conditioning technology to restore balance to the immune system after acute vital organ injury, such as acute kidney injury. It also focuses on nanolipogel technology for use in immune-oncology; and antibodies against a novel T-cell for use as a monotherapy and combination therapy for solid and haematological malignancies. In addition, the company develops antibodies implicated in the inflammatory tumor and tumor-infiltrating immune cell microenvironments; and FOXO4-P53 modulator and C-RAF inhibitor. Portage Biotech Inc. is based in Tortola, British Virgin Islands.

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IMM60
An iNKT cell activator.
IMM65
A PLGA-nanoparticle combined with a NY-ESO-1 peptide vaccine.
INT230-6
A product in Phase I/II clinical trials for the treatment of solid tumors.
STING
A small molecule that binds to the stimulator of interferon genes in cancer.
CellPorter
A cell permeable peptide platform technology derived from human proteins.
PPL-003
An ophthalmic solution.
SBI-101
A blood-conditioning technology designed to restore balance to the immune system after acute vital organ injury.
Nanolipogel technology
A technology for use in immune-oncology.
Novel T-cell antibodies
Antibodies against a novel T-cell for use as a monotherapy and combination therapy for solid and haematological malignancies.
Inflammatory tumor and tumor-infiltrating immune cell microenvironment antibodies
Antibodies implicated in the inflammatory tumor and tumor-infiltrating immune cell microenvironments.
FOXO4-P53 modulator
A modulator targeting FOXO4-P53.
C-RAF inhibitor
An inhibitor targeting C-RAF.

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AlphaTON Capital Corp., trading under the symbol ATON and formerly known as Portage Biotech Inc., has a management team with diverse backgrounds, particularly in the biotechnology and digital asset sectors.

Brittany Kaiser, Chief Executive Officer and Director

Brittany Kaiser became the Chief Executive Officer and a Director of AlphaTON Capital Corp. in 2025. She is a serial entrepreneur, activist, and globally recognized expert in technology and legislative reform. Kaiser is the founder of the Own Your Data Foundation (2019) and the Digital Asset Trade Association (2018). Her prior roles include serving as Chairman at Gryphon Digital Mining, Inc., which later merged to form American Bitcoin (Nasdaq:ABTC). She has stated that she has taken two companies public on Nasdaq as chairperson. Notably, Kaiser was a Director of Program Development at SCL Group Ltd. (2015-2018) and Director of Program & Business Development at Cambridge Analytica LLC (2017-2018), and is widely recognized as a whistleblower in the Cambridge Analytica scandal, which is documented in the Netflix film "The Great Hack."

Wesley Allen Levitt, Chief Financial Officer

Wesley Allen Levitt was appointed Chief Financial Officer of AlphaTON Capital, effective October 24, 2025. He previously held the position of Co-CIO at Alpha Sigma Capital Advisors, where he was responsible for investment strategy, asset allocation, and portfolio oversight for a prominent blockchain industry fund. Levitt also served as Head of Strategy at Theta Labs, where he guided global corporate strategy, marketing, analytics, and token infrastructure initiatives. His experience includes serving as Chief Financial Officer for a special-purpose acquisition company (SPAC), where he managed financial controls, reporting, regulatory compliance, and investor relations. He holds a B.S. in Economics from the University of Oregon and an MBA from the Haas School of Business at the University of California, Berkeley.

Fiorenzo A. Villani, Executive Chairman and Chief Investment Officer

Fiorenzo A. Villani serves as the Chief Investment Officer and Executive Chairman of AlphaTON Capital Corp. He is also the Founder, CEO, and Chief Investment Officer of Alpha Transform Holdings (ATH), an investment and advisory firm specializing in fintech, AI, media, and digital assets. Villani has founded several other companies, including Alpha Sigma Capital (2020), Blockchain Wire (2018), and Marketmind Technologies, Inc. (2024). His prior experience includes roles as Chief Executive Officer of MZIlios LLC and Managing Director-Products & Strategy at The NASDAQ Stock Market, Inc. from 2001 to 2006.

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Latest Trefis Analyses

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Trade Ideas

Select ideas related to ATON.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
NDAQ_2282026_Insider_Buying_45D_2Buy_200K02282026NDAQNasdaqInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
JEF_2272026_Dip_Buyer_ValueBuy02272026JEFJefferies FinancialDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.0%0.0%0.0%
ALAB_2272026_Dip_Buyer_High_CFO_Margins_ExInd_DE02272026ALABAstera LabsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
0.0%0.0%0.0%
PAYO_2272026_Dip_Buyer_High_CFO_Margins_ExInd_DE02272026PAYOPayoneer GlobalDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
0.0%0.0%0.0%
FOUR_2272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG02272026FOURShift4 PaymentsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
0.0%0.0%0.0%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ATONMSTRMARARIOTCOINMedian
NameAlphaTON.Strategy MARA Riot Pla.Coinbase. 
Mkt Price0.30126.038.0212.80161.1412.80
Mkt Cap0.037.12.94.543.24.5
Rev LTM04779076477,181647
Op Inc LTM-12-41-822-3431,456-41
FCF LTM--22,580-1,210-1,1402,426-1,175
FCF 3Y Avg--15,537-828-1,0182,047-923
CFO LTM--67-803-5732,426-320
CFO 3Y Avg--36-598-2652,068-150

Growth & Margins

ATONMSTRMARARIOTCOINMedian
NameAlphaTON.Strategy MARA Riot Pla.Coinbase. 
Rev Chg LTM-3.0%38.2%71.9%9.4%23.8%
Rev Chg 3Y Avg--1.4%112.2%38.1%39.3%38.7%
Rev Chg Q-1.9%-5.6%7.2%-21.6%-1.9%
QoQ Delta Rev Chg LTM-0.5%-1.3%1.6%-6.4%-0.4%
Op Mgn LTM--8.6%-90.6%-53.0%20.3%-30.8%
Op Mgn 3Y Avg--7.3%-63.5%-77.3%17.5%-35.4%
QoQ Delta Op Mgn LTM-0.1%-22.6%-2.2%-8.0%-5.1%
CFO/Rev LTM--14.1%-88.5%-88.5%33.8%-51.3%
CFO/Rev 3Y Avg--7.7%-91.0%-48.1%34.2%-27.9%
FCF/Rev LTM--4,731.3%-133.4%-176.1%33.8%-154.7%
FCF/Rev 3Y Avg--3,296.6%-121.2%-239.9%33.6%-180.6%

Valuation

ATONMSTRMARARIOTCOINMedian
NameAlphaTON.Strategy MARA Riot Pla.Coinbase. 
Mkt Cap0.037.12.94.543.24.5
P/S-77.73.26.96.06.5
P/EBIT-0.0-6.8-2.2-7.026.9-2.2
P/E-0.0-9.6-2.2-6.834.3-2.2
P/CFO--551.4-3.6-7.817.8-5.7
Total Yield-5,086.9%-10.4%-44.9%-14.8%2.9%-14.8%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg--33.4%-20.1%-28.6%3.5%-24.3%
D/E0.00.21.20.20.20.2
Net D/E-4.30.21.10.1-0.10.1

Returns

ATONMSTRMARARIOTCOINMedian
NameAlphaTON.Strategy MARA Riot Pla.Coinbase. 
1M Rtn-27.9%-2.7%-10.3%-21.4%-8.4%-10.3%
3M Rtn-54.9%-20.6%-16.4%-4.8%-32.0%-20.6%
6M Rtn-94.9%-59.2%-50.3%-27.6%-48.5%-50.3%
12M Rtn-96.9%-56.5%-35.7%72.7%-7.4%-35.7%
3Y Rtn-99.5%351.3%2.4%40.0%151.2%40.0%
1M Excs Rtn-23.8%2.3%2.7%-17.3%-3.2%-3.2%
3M Excs Rtn-46.3%-12.5%-11.2%0.1%-24.7%-12.5%
6M Excs Rtn-91.7%-54.5%-46.5%-20.0%-43.9%-46.5%
12M Excs Rtn-105.0%-73.2%-53.3%50.5%-28.4%-53.3%
3Y Excs Rtn-161.2%348.8%-58.7%-3.7%47.1%-3.7%

Comparison Analyses

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Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Single Segment899195175173
Total899195175173


Price Behavior

Price Behavior
Market Price$0.30 
Market Cap ($ Bil)0.0 
First Trading Date01/03/2007 
Distance from 52W High-97.5% 
   50 Days200 Days
DMA Price$0.49$3.81
DMA Trenddowndown
Distance from DMA-39.9%-92.2%
 3M1YR
Volatility173.4%181.5%
Downside Capture2.232.82
Upside Capture-4.83-32.05
Correlation (SPY)3.0%6.0%
ATON Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta2.06-0.93-0.791.700.641.33
Up Beta6.320.84-1.20-1.220.661.64
Down Beta-0.04-4.69-3.231.940.171.07
Up Capture-160%-82%-285%-127%-18%3%
Bmk +ve Days9203170142431
Stock +ve Days9182243100320
Down Capture447%237%416%326%153%113%
Bmk -ve Days12213054109320
Stock -ve Days12233980150422

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ATON
ATON-93.6%208.6%-0.51-
Sector ETF (XLF)-4.0%19.2%-0.331.4%
Equity (SPY)14.5%18.9%0.596.0%
Gold (GLD)50.2%27.7%1.4611.2%
Commodities (DBC)17.8%17.6%0.856.7%
Real Estate (VNQ)0.4%16.4%-0.152.8%
Bitcoin (BTCUSD)-23.7%44.2%-0.4915.5%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ATON
ATON-78.9%180.9%-0.20-
Sector ETF (XLF)9.1%18.7%0.377.7%
Equity (SPY)11.8%17.0%0.5410.2%
Gold (GLD)20.7%17.7%0.963.7%
Commodities (DBC)11.6%18.9%0.504.2%
Real Estate (VNQ)3.0%18.8%0.0711.0%
Bitcoin (BTCUSD)4.0%56.6%0.298.2%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ATON
ATON-44.8%158.4%0.24-
Sector ETF (XLF)12.0%22.1%0.508.4%
Equity (SPY)14.0%17.9%0.6710.7%
Gold (GLD)13.3%15.8%0.702.9%
Commodities (DBC)8.2%17.6%0.395.6%
Real Estate (VNQ)4.7%20.7%0.1910.4%
Bitcoin (BTCUSD)66.4%66.8%1.065.9%

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Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity0.9 Mil
Short Interest: % Change Since 2282026-28.2%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest2.2 days
Basic Shares Quantity2.5 Mil
Short % of Basic Shares35.9%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202501/13/20266-K
03/31/202507/25/202520-F
09/30/202411/26/20246-K
06/30/202408/27/20246-K
03/31/202408/14/202420-F
12/31/202302/28/20246-K
09/30/202311/28/20236-K
06/30/202308/30/20236-K
03/31/202307/31/202320-F
12/31/202203/01/20236-K
09/30/202211/29/20226-K
06/30/202208/29/20226-K
03/31/202208/01/202220-F
12/31/202102/25/20226-K
09/30/202111/23/20216-K
06/30/202108/30/20216-K