AlphaTON Capital Acquires Controlling Interest in GAMEE, Adding 119 Million Users to its Telegram Ecosystem Portfolio

Rhea-AI Summary

AlphaTON Capital (Nasdaq: ATON) agreed to acquire a 60% controlling interest in GAMEE for a total transaction valuation of $18 million, with consideration of up to $11 million including a two-year EBITDA-contingent earn-out.

GAMEE reported estimated 2025 revenue of $3.54 million and a three-year CAGR of 112%, and the deal transfers significant GMEE and WAT token holdings to AlphaTON. Closing is expected within 30 days, with GAMEE management remaining in place and a Strategic Alliance formed with Animoca Brands to pursue Web3 and Telegram commercialization.

Positive

• 119 million registered users added to AlphaTON
• $3.54M estimated 2025 revenue for GAMEE
• 60% controlling stake acquisition
• Transaction includes earn-outs up to $11M
• Transfer of 878,048,199.87 GMEE and 20,478,118,311.609 WAT tokens

Negative

• High reliance on earn-outs tied to $1.2M and $1.6M EBITDA targets
• Consideration includes equity and token components that may dilute or be volatile
• AlphaTON to spend $2M buying GMEE tokens in 90 days

News Market Reaction – ATON

-2.00% 5.0x vol

15 alerts

-2.00% News Effect

+14.5% Peak Tracked

-22.6% Trough Tracked

-$167K Valuation Impact

$8M Market Cap

5.0x Rel. Volume

On the day this news was published, ATON declined 2.00%, reflecting a moderate negative market reaction. Argus tracked a peak move of +14.5% during that session. Argus tracked a trough of -22.6% from its starting point during tracking. Our momentum scanner triggered 15 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $167K from the company's valuation, bringing the market cap to $8M at that time. Trading volume was very high at 5.0x the daily average, suggesting heavy selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

GAMEE 2025 revenue: $3.54 million 3-year CAGR: 112% GAMEE valuation: $18 million +5 more

8 metrics

GAMEE 2025 revenue $3.54 million Estimated total revenue in 2025

3-year CAGR 112% GAMEE revenue growth over three years

GAMEE valuation $18 million Implied transaction valuation

Stake acquired 60% Controlling interest AlphaTON will acquire in GAMEE

Total consideration Up to $11 million Cash, equity, and earn-outs over two years

Registered users 119 million Total GAMEE registered users

Telegram users 61 million GAMEE users served within Telegram

Year 1 EBITDA target $1.2 million EBITDA threshold for Year 1 earn-out

Market Reality Check

Price: $0.3430 Vol: Volume 290,029 vs 20-day ...

normal vol

$0.3430 Last Close

Volume Volume 290,029 vs 20-day average 398,839, indicating quieter trading ahead of this news. normal

Technical Shares trade below the 200-day MA of $2.74, reflecting a prolonged downtrend from the $13.80 52-week high.

Peers on Argus

Before this acquisition news, ATON was down 3.58% with peers like EQS, GROW, BCG...

Before this acquisition news, ATON was down 3.58% with peers like EQS, GROW, BCG, RMCO, and CUBA also negative between about 1–3%, pointing to broader sector pressure rather than a company-specific move.

Previous Acquisition Reports

3 past events · Latest: Nov 24 (Positive)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Nov 24	Forbes stake offer	Positive	-6.2%	Letter of intent to acquire 51% of Forbes Media for AI and blockchain use.
Nov 05	Blockchain Wire deal	Positive	+0.2%	Definitive terms to buy profitable Blockchain Wire to build TON-based newswire.
Sep 25	TON financing & buy	Positive	+3.8%	Completed $71M financing and deployed $30M into TON to build treasury.

Pattern Detected

Acquisition- and financing-related announcements have generally been viewed positively, with most prior same-tag events followed by modest gains despite a slightly negative average move.

Recent Company History

Over the past few quarters, AlphaTON has used acquisitions and capital deployment to build a Telegram- and TON-centric ecosystem. In September 2025, it closed $71 million of financing and bought TON tokens, with shares rising 3.82%. November 2025 brought a Blockchain Wire acquisition (+0.21%) and a strategic offer for Forbes Media (-6.16%). Today’s GAMEE deal extends this roll-up strategy into Telegram-native gaming and user engagement.

Historical Comparison

-0.7% avg move · In the past, ATON’s acquisition and deployment announcements (avg move -0.71%) saw mixed but often c...

acquisition

-0.7%

Average Historical Move acquisition

In the past, ATON’s acquisition and deployment announcements (avg move -0.71%) saw mixed but often constructive reactions. The GAMEE acquisition fits this pattern of ecosystem-building deals.

Prior acquisition activity targeted media assets, distribution (Blockchain Wire), and TON token accumulation. The GAMEE deal extends this into gaming and Telegram-native user engagement, keeping the focus on scaling the Telegram and Web3 ecosystem.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-11-06

AlphaTON has an effective Form F-3 shelf from Nov 6, 2025 registering the resale of up to 189,719 ordinary shares by a selling shareholder. The company itself does not receive proceeds from these resales. The shelf remains active through 2028-11-06 and has been used via at least 9 prospectus supplements.

Market Pulse Summary

This announcement combines a controlling 60% stake in GAMEE with access to 119 million registered us...

Analysis

This announcement combines a controlling 60% stake in GAMEE with access to 119 million registered users and 61 million Telegram users, plus performance-based earn-outs tied to EBITDA of up to $1.6 million. It extends AlphaTON’s pattern of ecosystem-building acquisitions seen since 2025. Investors may monitor how GAMEE’s 112% three-year revenue CAGR translates into EBITDA, and how equity, warrants, and token transfers affect the overall capital structure.

Key Terms

cagr, ebitda, earn-out, standstill agreement, +3 more

7 terms

cagr financial

"representing a three-year CAGR of 112%"

Compound Annual Growth Rate (CAGR) measures the average yearly growth of an investment, revenue, or other metric over a multi-year period as if it had grown at a steady rate each year. Think of it like the constant speed that would take you from the starting value to the ending value over the same time—useful because it smooths out ups and downs and lets investors compare different assets or performance periods on an even footing.

ebitda financial

"incorporating EBITDA-contingent earn-outs designed to mitigate"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

earn-out financial

"structured to include a performance-linked earn-out over two years"

An earn-out is a deal feature in mergers and acquisitions where part of the purchase price is paid later only if the acquired business meets specific future targets, such as revenue or profit goals. It matters to investors because it shares risk between buyer and seller—similar to paying for a used car only if it reaches promised mileage—affecting projected cash flows, valuation assumptions, and the likelihood of future payouts.

standstill agreement financial

"Animoca Brands has signed a two-year standstill agreement with AlphaTON"

A standstill agreement is a contract in which one party agrees to pause certain actions — such as making new claims, enforcing debt remedies, or pursuing a takeover bid — for a set period so both sides can negotiate or restructure. Think of it as a temporary pause button that reduces immediate pressure and uncertainty; investors care because it can protect value, buy time for a deal or restructuring to be completed, and signal the likelihood and timing of future corporate developments.

pre-funded warrants financial

"99,800 ATON shares and 1,900,200 Pre-funded warrants, valued at $1.00"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

web3 technical

"pursue broader commercial opportunities across blockchain and social gaming. Strategic Rationale: Accelerating Telegram Ecosystem Monetization GAMEE is one of the most established gaming platforms operating at the intersection of Web2 and Web3"

An approach to the internet that uses decentralized technologies (like blockchains and smart contracts) to give users control over data, identity and digital assets instead of relying on a single company. For investors it matters because it enables new business models—token-based ownership, marketplaces and governance structures—but also brings higher volatility, novel revenue streams and regulatory uncertainty, so investment outcomes can be very different from traditional tech.

token technical

"GMEE tokens off the market over the 90 day period from closing."

A token is a digital unit of value created on a blockchain that can represent money, access rights, ownership stakes, or unique items; think of it like a digital ticket or coupon that can be traded, used, or collected. Investors care because tokens can carry financial value, entitle holders to returns or governance rights, and their supply, legal status, and market demand affect price and risk in ways similar to stocks or commodities.

AI-generated analysis. Not financial advice.

GAMEE generated an Estimated $3.54 million total revenue in 2025, representing a three-year CAGR of 112%. The transaction values GAMEE at an $18 million valuation, incorporating EBITDA-contingent earn-outs designed to mitigate upfront consideration risk over a two-year performance period.

Tortola, British Virgin Islands, March 19, 2026 (GLOBE NEWSWIRE) -- AlphaTON Capital Corp. (Nasdaq: ATON), a public technology company dedicated to scaling the Telegram super-app ecosystem, today announced it has entered into a definitive agreement to acquire a 60% controlling interest in GAMEE, a leading mobile gaming platform and wholly owned subsidiary of Animoca Brands. Concurrently, AlphaTON and Animoca Brands have formalized a Strategic Alliance to pursue broader commercial opportunities across blockchain and social gaming.

Strategic Rationale: Accelerating Telegram Ecosystem Monetization 

GAMEE is one of the most established gaming platforms operating at the intersection of Web2 and Web3, boasting over 119 million registered users and a history of more than 10 billion gameplay sessions. It holds a particularly strong foothold within the Telegram ecosystem, where it serves over 61 million users. The acquisition will provide AlphaTON with immediate, scaled user engagement across Telegram's approximately one billion addressable users, a distribution advantage management believes is unmatched among publicly traded digital asset companies. 

Strategic Alliance with Animoca Brands

Concurrent with entering into the acquisition purchase agreement, AlphaTON and Animoca Brands, which is one of the most prominent investors in Web3 infrastructure globally, formalized a Strategic Alliance to identify and develop commercial opportunities across blockchain and social gaming. The alliance combines AlphaTON's position as the leading public company scaling the Telegram ecosystem with Animoca Brands' unparalleled Web3 portfolio and institutional relationships. Both organizations share a commitment to advancing digital property rights and broadening Web3 accessibility through the Telegram platform.

Transaction Structure 

Under the terms of the agreement, AlphaTON Capital will acquire a 60% controlling interest stake and assume day-to-day management of GAMEE for a total consideration of up to $11 million structured to include a performance-linked earn-out over two years. Animoca Brands has signed a two-year standstill agreement with AlphaTON Captial that prohibits Animoca Brands from acquiring a controlling position in AlphaTON Capital.

I. Consideration at Closing: $3.5 million

• $1.5 million in cash.
• 99,800 ATON shares and 1,900,200 Pre-funded warrants, valued at $1.00 per share.
• AlphaTON to acquire $2 million of GMEE tokens off the market over the 90 day period from closing.

II. Year 1 Earn-Out: Up to $3.5 million

• $2.0 million in cash.
• 1.0 million ATON shares, valued at $1.50 per share, contingent upon GAMEE achieving annual EBITDA of $1.2 million.
  • Note: If EBITDA is greater than zero but less than $1.2M, the payout will be calculated pro-rata.

III. Year 2 Earn-Out: Up to $4.0 million

• $2.0 million in cash.
• 1.0 million ATON shares, valued at $2.00 per share, contingent upon GAMEE achieving annual EBITDA of $1.6 million.
  • Note: If EBITDA is greater than zero but less than $1.6M, the payout will be calculated pro-rata.

Digital Assets: GMEE and WAT Tokens

The transaction includes a transfer of digital assets from Animoca Brands' treasury:

• 878,048,199.87 GMEE tokens (51% of Seller's treasury holdings)
• 20,478,118,311.609 WAT tokens (51% of Seller's treasury holdings)

The signing of the SPA today reflects the shared vision of Animoca Brands and AlphaTON Capital to promote digital property rights and expand Web3 accessibility on a large scale by leveraging Telegram. The transaction is expected to close within 30 days, subject to customary closing conditions.

The entire team at GAMEE are expected to stay on board and continue to operate the GAMEE. Martin Zakovec will continue as CEO, Miroslav Chmelka as Co-Founder and CTO, and Founder Bozena Rezab will move into a strategic role as Head of AlphaTON Gaming at closing. The board of GAMEE will consist of three members, two from AlphaTON and one from Animoca Brands. 

"This acquisition is a transformative milestone for AlphaTON Capital," said Brittany Kaiser, CEO of AlphaTON Capital. "By bringing GAMEE’s 119 million users and deep Telegram integration under our umbrella, we are not just acquiring a gaming platform, we are capturing a massive, active gateway to the next billion Web3 users. Our alliance with Animoca Brands further solidifies our position as the primary engine scaling the Telegram super-app ecosystem. We are ready to leverage our operational expertise to drive GAMEE’s EBITDA growth and deliver long-term value to our shareholders."

Bozena Rezab, founder of GAMEE and, on closing, Head of AlphaTON Gaming, commented: "Our mission has always been to onboard the masses to Web3 through the power of play. By deepening our synergy with AlphaTON Capital, we are not just providing entertainment; we are giving our 119 million players true digital ownership and a gateway into a broader, interconnected ecosystem. This next phase is about turning players into stakeholders.” 

Yat Siu, Co-founder and Executive Chairman of Animoca Brands, said: "GAMEE has consistently proven that gaming is the 'killer app' for blockchain adoption. We are thrilled to support GAMEE and AlphaTON as they continue to build gaming on Telegram, IOS and Android. This collaboration reinforces our commitment to building a digital economy where every user has the opportunity to own their digital assets and benefit from their contributions."

About AlphaTON Capital Corp. (Nasdaq: ATON)

AlphaTON Capital Corp (NASDAQ: ATON) is a publicly-traded technology company scaling the Telegram super app, with an addressable market of 1 billion monthly active users. The Company is delivering a comprehensive hyperscaler strategy on the Telegram ecosystem through a combination of software products, middleware assets, and AI infrastructure hardware clusters deploying Confidential AI for the Telegram ecosystem.

Through its operations, AlphaTON Capital provides public market investors with institutional-grade exposure to the Telegram ecosystem and its 1 billion-user platform while maintaining the governance standards and reporting transparency of a Nasdaq-listed company. The Company's activities span AI Confidential Compute, network validation and staking operations, development of Telegram-based applications including strategic investments and acquisitions of decentralized finance platforms, gaming and markets, and business applications.

AlphaTON Capital Corp is incorporated in the British Virgin Islands and trades on Nasdaq under the ticker symbol "ATON". AlphaTON Capital, through its legacy business, is also advancing first-in-class therapies targeting known checkpoint resistance pathways to achieve durable treatment responses and improve patients' quality of life. AlphaTON Capital actively engages in the drug development process and provides strategic counsel to guide the development of novel immunotherapy assets and asset combinations. 

Website: https://alphatoncapital.com
Telegram: https://t.me/alphatoncapital_official
X: https://x.com/AlphaTONCapital
LinkedIn: https://www.linkedin.com/company/alphaton-capital/
Stocktwits: https://stocktwits.com/AlphaTONCapital_Official

About GAMEE 

GAMEE was founded in 2015 and has been a subsidiary of Animoca Brands since 2020. GAMEE is a high-engagement mobile gaming platform focused on onboarding a mass gaming audience to Web3. It has over 119 million registered users and has served over 10 billion gameplay sessions across multiple ecosystems. GAMEE’s WATCoin airdrop collectively onboarded 4 million user wallets into the TON ecosystem. The company has partnered with over 40 major Web3 communities including Mocaverse, TON, Notcoin, The Sandbox, and Cool Cats. Learn more at www.gamee.com or get updates by following on X.

About Animoca Brands

Animoca Brands Corporation Limited (ACN: 122 921 813) is a global digital assets leader building and investing in impactful technologies and ecosystems to reimagine future economies. It has received broad industry and market recognition including Fortune Crypto 40, Top 50 Blockchain Game Companies 2025, Financial Times’ High Growth Companies Asia-Pacific, and Deloitte Tech Fast. Animoca Brands is recognized for building digital asset platforms such as the Moca Network, Open Campus, Anichess, and The Sandbox, as well as institutional-grade platforms; providing digital asset services to help Web3 companies launch and grow; and investing in frontier Web3 technology, with a portfolio of over 600 companies and digital assets. For more information visit www.animocabrands.com or follow on X, YouTube, Instagram, LinkedIn, Facebook, and TikTok.

Forward-Looking Statements

All statements in this press release, other than statements of historical facts, including without limitation, statements regarding the Company’s business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words “believe,” “expects,” “anticipates,” “intends,” “estimates,” “will,” “may,” “plans,” “potential,” “continues,” or similar expressions or variations on such expressions are forward-looking statements. Forward-looking statements in this press release include statements concerning, among other things, the Company’s expectations that the GAMEE acquisition will provide the Company with immediate, scaled user engagement across Telegram's users; the Company’s belief that its distribution advantage will be unmatched among publicly traded digital asset companies; the Company’s plans for the Strategic Alliance to support the growth of GMEE, TON and WAT; the Company’s plans to pursue and develop broader commercial opportunities across blockchain and social gaming; the Company’s commitment to advance digital property rights and broaden Web3 accessibility through the Telegram platform; the Company’s plans to acquire a controlling interest stake and assume day-to-day management of GAMEE; the timing of the transaction closing; the Company’s expectation to capture an active gateway to the next billion Web3 users; the plans to turn players into stakeholders; the Company’s plans, through its legacy business, to advance first-in-class therapies to achieve durable treatment responses and improve patients' quality of life; the Company’s plans to drive GAMEE EBITDA growth and deliver long-term value to its shareholders; and other statements that are not historical fact. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but not limited to: the risk that the proposed transaction may not be completed in a timely manner or at all, the possibility that various closing conditions for the transaction may not be satisfied or waived, the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement, the potential that the strategic benefits, synergies or opportunities expected from the proposed transaction may not be realized or may take longer to realize than expected, the timing, progress and results of the Company’s strategic initiatives, the Company’s reliance on third parties, the operational strategy of the Company, the Company’s executive management team, risks from Telegram’s platform and ecosystem, the potential impact of markets and other general economic conditions, and other factors set forth in “Item 3 – Key Information – Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended March 31, 2025 and included in the Company’s Form 6-Ks filed with the Securities and Exchange Commission on September 3, 2025 and January 13, 2026. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

Contact Information 

AlphaTON Capital Investor Relations
Alphaton@icrinc.com
+1 (203) 682-8200 

AlphaTON Capital Media Inquiries
Richard Laermer, RLM PR
alphaTON@rlmpr.com
+1 (212) 741-5106 X 216

Animoca Brands
press@animocabrands.com

FAQ

What stake did AlphaTON (ATON) acquire in GAMEE and what is the valuation?

AlphaTON acquired a 60% controlling interest in GAMEE at an $18 million valuation. According to the company, the consideration totals up to $11 million including cash, ATON equity, and two-year EBITDA-contingent earn-outs.

How much revenue did GAMEE generate in 2025 and what growth rate was reported?

GAMEE generated an estimated $3.54 million in 2025 revenue, with a reported three-year CAGR of 112%. According to the company, that growth underpins the earn-out structure tied to future EBITDA performance.

What are the earn-out targets and maximum payouts in the AlphaTON-GAMEE deal?

The deal includes up to $3.5M Year 1 and $4.0M Year 2 earn-outs tied to EBITDA thresholds. According to the company, payouts are pro-rata if EBITDA is positive but below the $1.2M and $1.6M targets respectively.

What digital assets transfer to AlphaTON as part of the GAMEE acquisition?

AlphaTON will receive 51% of the seller's treasury: 878,048,199.87 GMEE and 20,478,118,311.609 WAT tokens. According to the company, these token transfers are included in the transaction consideration and strategic alliance.

How will the GAMEE acquisition affect AlphaTON's presence on Telegram and management continuity?

The acquisition adds GAMEE’s 119 million users and over 61 million Telegram users to AlphaTON’s ecosystem. According to the company, GAMEE’s leadership will remain, with founder moving to Head of AlphaTON Gaming and AlphaTON assuming day-to-day management.