In Brief
- AlphaTON Capital Corp is acquiring a 51% stake in Gamee, a Telegram-based hypercasual web3 gaming platform owned by Animoca Brands.
- The transaction includes purchasing 51% of the GMEE and WAT tokens from Gamee’s treasury and up to $4 million additional token purchases from the open market.
- CEO Brittany Kaiser of AlphaTON emphasized support for the best founders in the Telegram ecosystem, aiming for substantial growth through platforms like Gamee.
AlphaTON Capital Corp, a U.S. digital asset treasury company, has announced plans to acquire a controlling interest in Gamee. This gaming platform operates on Telegram and is currently owned by Animoca Brands. This proposed acquisition involves a 51% stake in the company.
In addition to acquiring a majority stake in Gamee, AlphaTON will also purchase 51% of the GMEE and WAT tokens managed within Gamee’s financial reserves. Following the acquisition’s finalization, AlphaTON is set to invest up to $3 million and $1 million in purchasing GMEE tokens and WAT tokens respectively from the open market. This significant investment into the tokens, which presently hold market caps of $4 million and $260,000 respectively, illustrates AlphaTON’s commitment to integrating into the Gamee business model and the broader web3 gaming arena.
AlphaTON recently boosted its financial power by securing $71 million in new capital, which includes a $35 million loan from BitGo Prime and a plan to invest $30 million into purchasing TON tokens. Moreover, they are exploring the development of a TON-based platform for healthcare insurance claims processing.
“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,” stated Yat Siu, executive chairman at Animoca.
Gamee was originally launched as a real-money mobile gaming platform and transitioned to a web3 framework in 2021 when it began its operations on the Polygon blockchain. It expanded further by launching a new Telegram-based platform called Wat Protocol in 2024, which also included airdropping WAT tokens to players.
The transition to web3 hasn’t been without its challenges. Both the GMEE and WAT tokens have seen a significant decline in their values, recording a drop of 79% and 94% respectively over the last year. Despite these downturns, the user base has grown impressively, reaching over 61 million registered participants on Telegram.
Brittany Kaiser, CEO of AlphaTON Capital, emphasized the strategic direction of the acquisition: “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.”
This strategic move by AlphaTON aims not only to expand its footprint in the digital gaming landscape but also to leverage Gamee’s vast audience for broader growth and market penetration in the evolving web3 sphere.
