AlphaTON Capital to Acquire Controlling Stake in Animoca Brands' GAMEE, Signals Web3 Gaming Public Listing Trend

Executive Summary

NASDAQ-listed AlphaTON Capital Corp. has announced a non-binding letter of intent to acquire a controlling interest in GAMEE, a Web3 gaming subsidiary of Animoca Brands. This strategic move involves both equity and token investments, with AlphaTON Capital planning to acquire 51% of GAMEE's equity and 51% of its GMEE and WAT token treasuries. The announcement, made on September 30, 2025, positions AlphaTON Capital to expand its presence within the high-growth Telegram ecosystem, while potentially establishing GAMEE as a pioneering Nasdaq-listed entity in Web3 gaming.

The Event in Detail

On September 30, 2025, AlphaTON Capital Corp. (Nasdaq: ATON) and Animoca Brands disclosed a non-binding letter of intent regarding a proposed equity and token investment. Under the terms, AlphaTON Capital aims to acquire a 51% equity interest in GAMEE, a wholly-owned subsidiary of Animoca Brands. Concurrently, AlphaTON Capital intends to acquire 51% of the GMEE and WAT tokens currently held within GAMEE's treasury. Following the proposed transaction's completion, AlphaTON Capital has articulated plans to purchase up to US$3 million worth of GMEE tokens and up to US$1 million worth of WAT tokens on the open market, thereby strengthening its digital asset portfolio. GAMEE operates as a prominent Web3 gaming company within the Telegram ecosystem, reporting over 119 million registered users and exceeding 10 billion gameplay sessions across its various platforms. Over 61 million users are specifically active within the Telegram ecosystem. AlphaTON Capital, headquartered in the British Virgin Islands, functions as a specialized digital asset treasury company concentrating on building a strategic TON reserve and facilitating public market access to the Telegram ecosystem. Its leadership includes CEO Brittany Kaiser and Executive Chairman and Chief Investment Officer Enzo Villani.

Market Implications

The proposed acquisition of GAMEE by AlphaTON Capital carries several potential market implications. In the short term, the announced open market purchases of up to US$3 million in GMEE tokens and US$1 million in WAT tokens could introduce increased trading volume and potential price fluctuations for these specific digital assets. The transaction also enhances visibility for both GAMEE and its parent company, Animoca Brands, within the broader Web3 ecosystem, drawing attention to their established user base and technological developments. Long-term, the acquisition is expected to accelerate development and growth for GAMEE's metaverse and gaming initiatives by injecting capital and institutional backing. This strategic investment by a NASDAQ-listed entity may attract a wider audience of traditional investors and players to the Web3 gaming space, contributing to its maturation.

Expert Commentary

Yat Siu, co-founder and executive chairman of Animoca Brands, characterized the potential strategic acquisition as a "significant milestone for Web3 gaming and the TON ecosystem." Siu further stated his belief that, if completed, this transaction "would not only make GAMEE the first Nasdaq-listed Web3 gaming company with gaming assets." This perspective highlights the transformative potential of public market integration for Web3 native companies and the broader validation of digital property rights within gaming.

Broader Context

This non-binding letter of intent between Animoca Brands and AlphaTON Capital underscores a broader trend of public companies making strategic investments in established Web3 entities. AlphaTON Capital's strategy to expand gaming within the Telegram ecosystem, coupled with its focus as a TON treasury company, aligns with a model seen in other public firms that have integrated digital assets into their corporate treasury or operational strategies. The move by AlphaTON Capital to acquire a controlling stake and actively purchase tokens reflects a commitment to deepen its digital asset portfolio and leverage the high-growth Telegram user base. For the Web3 ecosystem, this deal represents a potential bridge between traditional financial markets and decentralized applications, fostering greater institutional participation and potentially setting a precedent for future public listings of Web3 gaming companies. The involvement of a company like Animoca Brands, with its extensive portfolio of over 570 Web3 businesses, further validates the long-term potential seen in digital property rights and the open metaverse.