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 presently owned by Animoca Manufacturers.
The deal, which is ready out in a non-binding letter of intent, may 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 important dedication provided that GMEE presently 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 seeking to launch a TON-based healthcare insurance coverage claims processing platform.
“AlphaTON Capital is focused on identifying the best founders in the Telegram ecosystem in order to support the growth of their businesses. The intended strategic acquisition of Gamee shows our conviction in both the brilliance of its team as well as the high-growth opportunity presented by its user base of over 61 million users 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 by way of 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 believe that this deal, if completed, would not only make Gamee the first Nasdaq-listed web3 gaming company with gaming assets listed on a major exchange, but also demonstrate how digital asset companies can extend into profitable operating companies such as Gamee, and use profits to continue to accumulate digital assets,” added Animoca government chairman Yat Siu.
