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Morgan Stanley for Russia, Charles Schwab for Russia, Goldman Sachs for the Russian investment market

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• Investment Management: Manages diverse portfolios of securities, including stocks, bonds, and alternative assets, for institutional and individual clients.
• Wealth Management: Provides comprehensive financial planning, investment advice, and bespoke financial services to high-net-worth individuals and families.
• Corporate Advisory: Offers strategic guidance to corporations on mergers, acquisitions, divestitures, initial public offerings (IPOs), and capital raising activities.
• Private Equity Investments: Deploys capital into private companies or acquires public companies to take them private, aiming to enhance value over a multi-year investment horizon.

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Major Customers of AlphaTON Capital (ATON)

AlphaTON Capital (symbol: ATON) is presented as a public company. Based on its name, "AlphaTON Capital" is indicative of a financial services firm likely engaged in areas such as asset management, investment banking, and wealth management. For such a diversified financial institution, institutional clients often represent the primary major customer base due to the large sums of capital managed and significant transaction fees generated.

Given that AlphaTON Capital (ATON) is a hypothetical entity for which specific real-world customer data is unavailable, the following are descriptions of the types of major institutional customers it would primarily serve:

• Pension Funds and Endowments: These are large institutional investors, including corporate and public pension funds, university endowments, and charitable foundations. They seek sophisticated asset management services for long-term growth and preservation of capital to meet their future liabilities or philanthropic goals. These entities represent significant mandates in terms of assets under management. (As these are categories of institutions, specific public company symbols for individual customer names are not applicable.)
• Sovereign Wealth Funds (SWFs): State-owned investment funds that manage national reserves for various objectives, such as economic stabilization, future generations, or strategic investments. Due to their immense size and global investment mandates, SWFs often require a broad range of investment advisory, asset management, and execution services. (As these are categories of institutions, specific public company symbols for individual customer names are not applicable.)
• Corporations (Public and Private): AlphaTON Capital would serve other businesses by providing investment banking services. This includes advising on mergers and acquisitions (M&A), facilitating initial public offerings (IPOs) and secondary equity offerings, structuring debt financing, and offering other strategic financial advisory services. These relationships are often project-based but involve substantial fees. (As these are categories of companies engaging services, specific public company symbols for individual customer names are not applicable for the customer type itself.)

While a firm like AlphaTON Capital would also cater to high-net-worth and ultra-high-net-worth individuals through its wealth management divisions, the scale of assets and transaction values associated with the institutional clients described above typically positions them as the primary major customers for a firm branded "Capital."

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Brittany Kaiser Chief Executive Officer

Brittany Kaiser is internationally recognized for her leadership in digital rights, data sovereignty, and ethical innovation in Web3. As CEO of AlphaTON Capital, she drives investments in early-stage blockchain and AI ventures that prioritize transparency, user empowerment, and regulatory clarity. She is also involved in AlphaTON Capital's legacy business, which advances potentially first-in-class therapies targeting checkpoint resistance pathways, and provides strategic counsel for the development of novel immunotherapy assets. Kaiser focuses on integrating digital assets into financial systems, notably through blockchain-based asset tokenization for cancer research funding.

Wes Levitt Chief Financial Officer

Wes Levitt was appointed Chief Financial Officer of AlphaTON Capital on October 24, 2025. He brings a distinguished background in finance, investment management, and blockchain strategy. Prior to AlphaTON, Levitt served as 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. He also held the position of Head of Strategy at Theta Labs, where he led global corporate strategy, marketing, analytics, and token infrastructure initiatives, contributing to the scaling of a recognized decentralized video and data delivery platform.

Enzo Villani Executive Chairman and Chief Investment Officer

Enzo Villani serves as AlphaTON Capital's Executive Chairman and Chief Investment Officer. His responsibilities include network validation and staking operations, the development of Telegram-based applications, and strategic investments in TON-based decentralized finance protocols, gaming platforms, and business applications. He has highlighted the significance of confidential compute architecture, such as Cocoon's, in meeting market demands for private AI inference.

Yury Mitin Chief Business Development Officer

Yury Mitin is the Chief Business Development Officer at AlphaTON Capital. He is part of the leadership team overseeing the company's focus on the Telegram ecosystem and the management of TON tokens.

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1. Weak Financial Health and Lack of Profitability: AlphaTON Capital exhibits significant financial challenges, including currently reporting zero revenue and negative earnings per share of -$64.67, indicating substantial losses. The company's financial health is rated as weak with a GF Score of 41, and it has a negative debt-to-equity ratio of -0.23, suggesting potential instability. Furthermore, its profitability measures are concerning, with a negative return on assets of -37.71%, highlighting ineffective asset utilization. The company also faces a negative price-to-book ratio of -50.76 and a low Piotroski F-Score of 3, both pointing to poor operational health and market perception. Total liabilities also overshadow total assets.
2. Cryptocurrency Market Volatility and Regulatory Uncertainty: As a specialized digital asset company primarily focused on managing a strategic reserve of TON tokens and developing the Telegram ecosystem, AlphaTON Capital is highly exposed to the inherent volatility of cryptocurrency markets. This exposure is further emphasized by the company's beta of -1.26, indicating high volatility and an inverse correlation with market movements. Additionally, the digital asset sector is subject to evolving regulatory developments, which could significantly impact AlphaTON Capital's operations and financial performance.
3. Risks Associated with AI Technology Development and Adoption: AlphaTON Capital is making substantial investments in decentralized AI computing and GPU infrastructure to support initiatives like the Telegram AI Cocoon. The success of these strategic initiatives is dependent on the successful development and widespread adoption of AI technologies, as well as overcoming technical challenges in infrastructure deployment. The rapidly evolving nature of AI technology and the competitive landscape pose significant risks to the realization of expected returns from these investments.

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• Expansion within the TON Ecosystem and Telegram's User Base: AlphaTON Capital is strategically focused on building and managing a reserve of TON tokens and actively developing the Telegram ecosystem. The company aims to offer public market investors exposure to this ecosystem and Telegram's vast user platform. Growth in the adoption and activity within the TON ecosystem, coupled with the expansion of Telegram's user base, is expected to directly enhance the value of AlphaTON Capital's TON token reserves and the potential returns from its ecosystem investments.
• Strategic Partnerships and New Digital Asset/Fintech Offerings: AlphaTON Capital is pursuing growth through strategic acquisitions and joint ventures to expand its digital asset and fintech footprint. Recent developments include the acquisition of the crypto newswire Blockchain Wire to strengthen its position in digital asset communications within the Telegram ecosystem. Additionally, a strategic joint venture with Pago Pay and ALT5 Sigma aims to launch a crypto-enabled TON Mastercard. These initiatives are designed to introduce new revenue streams by broadening the company's services and market reach.
• Increased Engagement in Decentralized Finance (DeFi) and Tokenization: The company's involvement in discussions and presentations on topics like DeFi, tokenization, and digital asset treasuries, as highlighted by Brittany Kaiser's planned presentation at SALT London 2025, indicates a strategic focus on these emerging financial trends. As the DeFi and tokenization markets mature and gain wider adoption, AlphaTON Capital's specialized knowledge and service offerings in these areas are anticipated to attract increased demand, thereby boosting revenue.
• Returns from Validator Operations and Strategic Token Acquisition: AlphaTON Capital employs a comprehensive treasury strategy that includes direct acquisition of TON tokens and engaging in validator operations within the blockchain network. By acting as a validator, the company can earn fees for processing transactions and securing the TON blockchain. Profitable management and appreciation of its directly acquired TON token reserves also contribute to revenue generation, aligning with its strategy to create sustainable shareholder returns.

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