AlphaTON Capital (ATON)
Market Price (3/30/2026): $0.2958 | Market Cap: $0.7 MilSector: Financials | Industry: Asset Management & Custody Banks
AlphaTON Capital (ATON)
Market Price (3/30/2026): $0.2958Market Cap: $0.7 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet 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 returns2Y Excs Rtn is -119%, 3Y Excs Rtn is -161% | Penny stockMkt Price is 0.3 |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 | |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5091% | ||
| High stock price volatilityVol 12M is 209% | ||
| Significant short interestShort 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% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -433% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -119%, 3Y Excs Rtn is -161% |
| Penny stockMkt Price is 0.3 |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5091% |
| High stock price volatilityVol 12M is 209% |
| Significant short interestShort 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% |
Qualitative Assessment
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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 "$30 million strategic investment" in his firm. This direct refutation of AlphaTON's announcement and the accusation of dishonesty "eroded investor trust" and contributed to significant stock declines.
2. Significant Share Dilution Impacted Stock Value.
Shareholders experienced substantial dilution, with the total shares outstanding growing by 1324.2% in the year leading up to September 29, 2025. As of February 19, 2026, AlphaTON Capital had 23,434,588 ordinary shares outstanding, a substantial increase that inherently devalued existing shares.
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Stock Movement Drivers
Fundamental Drivers
The -84.3% change in ATON stock from 11/30/2025 to 3/29/2026 was primarily driven by a -57.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.89 | 0.30 | -84.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 3 | -57.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| 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) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.20 | 0.30 | -95.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 3 | -57.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| 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) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.51 | 0.30 | -93.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 3 | -57.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| 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) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.40 | 0.30 | -99.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 3 | -66.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| ATON | -99.6% | |
| Market (SPY) | 69.4% | 9.3% |
| Sector (XLF) | 40.5% | 6.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ATON Return | -45% | -51% | -66% | -86% | -88% | -45% | -100% |
| Peers Return | 66% | -84% | 420% | 85% | -20% | -7% | 94% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| ATON Win Rate | 50% | 17% | 33% | 25% | 42% | 33% | |
| Peers Win Rate | 48% | 31% | 71% | 46% | 54% | 33% | |
| S&P 500 Win Rate | 75% | 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
| Event | ATON | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -97.5% | -25.4% |
| % Gain to Breakeven | 3827.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 74 days | 148 days |
| 2018 Correction | ||
| % Loss | -100.0% | -19.8% |
| % Gain to Breakeven | 617900.0% | 24.7% |
| Time to Breakeven | 193 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -93.3% | -56.8% |
| % Gain to Breakeven | 1400.0% | 131.3% |
| Time to Breakeven | 530 days | 1,480 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.
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About AlphaTON Capital (ATON)
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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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| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| 8-Day Sell-Off Sends AlphaTON Capital Stock Down 60% | 12/19/2025 | |
| AlphaTON Capital Stock In Shambles: Down 48% With 7-Day Losing Streak | 12/18/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to ATON.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | ALAB | Astera Labs | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.80 |
| Mkt Cap | 4.5 |
| Rev LTM | 647 |
| Op Inc LTM | -41 |
| FCF LTM | -1,175 |
| FCF 3Y Avg | -923 |
| CFO LTM | -320 |
| CFO 3Y Avg | -150 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 23.8% |
| Rev Chg 3Y Avg | 38.7% |
| Rev Chg Q | -1.9% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Mgn LTM | -30.8% |
| Op Mgn 3Y Avg | -35.4% |
| QoQ Delta Op Mgn LTM | -5.1% |
| CFO/Rev LTM | -51.3% |
| CFO/Rev 3Y Avg | -27.9% |
| FCF/Rev LTM | -154.7% |
| FCF/Rev 3Y Avg | -180.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.5 |
| P/S | 6.5 |
| P/EBIT | -2.2 |
| P/E | -2.2 |
| P/CFO | -5.7 |
| Total Yield | -14.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -24.3% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -10.3% |
| 3M Rtn | -20.6% |
| 6M Rtn | -50.3% |
| 12M Rtn | -35.7% |
| 3Y Rtn | 40.0% |
| 1M Excs Rtn | -3.2% |
| 3M Excs Rtn | -12.5% |
| 6M Excs Rtn | -46.5% |
| 12M Excs Rtn | -53.3% |
| 3Y Excs Rtn | -3.7% |
Price Behavior
| Market Price | $0.30 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 01/03/2007 | |
| Distance from 52W High | -97.5% | |
| 50 Days | 200 Days | |
| DMA Price | $0.49 | $3.81 |
| DMA Trend | down | down |
| Distance from DMA | -39.9% | -92.2% |
| 3M | 1YR | |
| Volatility | 173.4% | 181.5% |
| Downside Capture | 2.23 | 2.82 |
| Upside Capture | -4.83 | -32.05 |
| Correlation (SPY) | 3.0% | 6.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.06 | -0.93 | -0.79 | 1.70 | 0.64 | 1.33 |
| Up Beta | 6.32 | 0.84 | -1.20 | -1.22 | 0.66 | 1.64 |
| Down Beta | -0.04 | -4.69 | -3.23 | 1.94 | 0.17 | 1.07 |
| Up Capture | -160% | -82% | -285% | -127% | -18% | 3% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 9 | 18 | 22 | 43 | 100 | 320 |
| Down Capture | 447% | 237% | 416% | 326% | 153% | 113% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 12 | 23 | 39 | 80 | 150 | 422 |
[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% | -0.33 | 1.4% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 6.0% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 11.2% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 6.7% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 2.8% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 15.5% |
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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% | 0.37 | 7.7% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 10.2% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 3.7% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 4.2% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 11.0% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
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% | 0.50 | 8.4% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 10.7% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 2.9% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 5.6% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 10.4% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 5.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 01/13/2026 | 6-K |
| 03/31/2025 | 07/25/2025 | 20-F |
| 09/30/2024 | 11/26/2024 | 6-K |
| 06/30/2024 | 08/27/2024 | 6-K |
| 03/31/2024 | 08/14/2024 | 20-F |
| 12/31/2023 | 02/28/2024 | 6-K |
| 09/30/2023 | 11/28/2023 | 6-K |
| 06/30/2023 | 08/30/2023 | 6-K |
| 03/31/2023 | 07/31/2023 | 20-F |
| 12/31/2022 | 03/01/2023 | 6-K |
| 09/30/2022 | 11/29/2022 | 6-K |
| 06/30/2022 | 08/29/2022 | 6-K |
| 03/31/2022 | 08/01/2022 | 20-F |
| 12/31/2021 | 02/25/2022 | 6-K |
| 09/30/2021 | 11/23/2021 | 6-K |
| 06/30/2021 | 08/30/2021 | 6-K |
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