It is rare to see news about financing and acquisitions related to blockchain games recently:
On March 19, the NASDAQ-listed company AlphaTON Capital (stock code: ATON) announced that it has signed a final agreement to acquire a 60% stake in the mobile gaming platform GAMEE, owned by Animoca Brands, for a total consideration of up to $11 million, valuing GAMEE at $18 million. At the same time, AlphaTON has officially signed a strategic alliance agreement with Animoca Brands to jointly explore business opportunities in the blockchain and social gaming sectors, with the transaction expected to close within 30 days.
According to the agreement, the total transaction price is a maximum of 11 million USD, paid in three parts: 3.5 million USD at the time of the transaction, including 1.5 million USD in cash and approximately 2 million USD worth of ATON stock and pre-paid warrants, additionally AlphaTON will purchase 2 million USD worth of GMEE tokens from the public market within 90 days after the delivery; the first year's performance guarantee has a maximum payment of 3.5 million USD (including 2 million USD in cash and 1.5 million USD worth of ATON stock), with the triggering condition being GAMEE's annual EBITDA reaching 1.2 million USD; the second year's performance guarantee has a maximum payment of 4 million USD (including 2 million USD in cash and 2 million USD worth of ATON stock), with the triggering condition being the annual EBITDA reaching 1.6 million USD, with both years having proportional payment terms. In addition, the transaction also includes the transfer of approximately 878 million GMEE tokens and approximately 2.0478 billion WAT tokens from Animoca Brands' treasury, each accounting for 51% of their respective holdings.
✅ I checked the background of the acquirer AlphaTON Capital:
Originally Portage Biotech Inc., later transformed into a company focusing on digital assets, registered in the British Virgin Islands, listed on NASDAQ under the ticker "ATON", focusing on building and managing TON token strategic reserves, and planning the Telegram ecosystem. Its strategy includes direct token acquisitions, operating validation nodes, and strategic investments in the ecosystem.
👉 So AlphaTON is a Digital Asset Treasury Company (DAT) in the TON ecosystem—using TON tokens as core reserve assets, it's a micro-strategy for hoarding Ton tokens.
As of January 2026, AlphaTON Capital has accumulated net financing of 44 million USD, but its current market value is approximately 8.3 million USD.
👉 The listed company raised 44 million USD, but its current market value is only 8.3 million USD. The assets of this Ton treasury have shrunk significantly, it's really surprising!
✅ Looking at AlphaTON Capital's latest financing of 15 million USD in January 2026, mainly for the expansion of Cocoon AI's GPU infrastructure, and they promised to purchase 576 NVIDIA B300 chips, with a total investment of 46 million USD.
👉 The DAT narrative is no longer attracting buyers, stock prices and valuations have dropped significantly, so this year it has also shifted to an AI data center narrative.
✅ The acquired GAMEE:
GAMEE is a highly interactive social casual gaming platform founded in 2015. One of the founders is Jan Rezab (founder of SocialBakers), and the CEO is Bozena Rezab (former Google employee). The initial idea was simple: to create a multi-game aggregation platform similar to Gameboy.
In November 2016, GAMEE became one of the 14 initial partners of Facebook Instant Games, and also the global launch partner for gaming features on Telegram and Kik Messenger, having collaborated with brands like Coca-Cola, Škoda, NASA, etc. A total of 14 developers participated in the Facebook Instant Games launch, including King, Bandai Namco, Konami, Zynga, and GAMEE was among them.
In 2020, Animoca Brands acquired 100% ownership of GAMEE for approximately 4 million euros in stock, with an additional performance guarantee payment of up to 1 million euros. At that time, GAMEE had 13 million registered users, 1.3 million monthly active users, and over 80 HTML5 games.
Subsequently, GAMEE transformed into a Web3 gaming platform. In October 2020, Animoca and GAMEE jointly launched the GMEE token (ERC-20 utility token) for in-game incentives and creator ecosystem development.
✅ Total supply of GMEE: 3.18 billion.
In the aforementioned transaction, Animoca transferred approximately 878 million GMEE tokens and 2.05 billion WAT tokens (each accounting for 51% of Animoca's holdings) to AlphaTON. This means that Animoca held approximately 1.7 billion GMEE at the time of the acquisition transaction in 2026, transferring half of it.
GMEE's historical highest price was around 0.08 to 0.10, and if Animoca held 1.7 billion GMEE at that time, the book value would exceed 100 million USD.
Today, the market value of GMEE tokens is 4.84 million USD.
In April 2021, the peak market value when issuing tokens was 3.06 billion USD.
👉 Compared to the peak, the market value and current price of GMEE tokens are only 15% left, and this overall valuation of 18 million USD for AlphaTON's acquisition of GAMEE also seems to be overvalued. However, Animoca's cash portion is only 1.5 million USD + approximately 2 million USD in stock.
👉 Animoca purchased GAMEE for nearly 5 million USD in 2020 and plans to sell 60% by 2026 at a valuation of 18 million USD. Considering that Animoca should have cashed out tokens when GMEE was issued, selling 60% of GAMEE control in 2026 and disposing of this asset for cashing out 3.5 million USD is still quite good.
✅ According to the official disclosure in March 2026, GAMEE had accumulated 119 million registered users by the end of 2025, with Telegram platform contributing 61 million users, accumulating over 10 billion game sessions, and introducing 4 million user wallets into the TON ecosystem through WATCoin airdrops.
In terms of finance, GAMEE's revenue in 2025 is approximately 3.54 million USD, with a three-year compound annual growth rate of 112%.
👉 An annual revenue of 3.54 million USD for a platform with "119 million users" can be considered extremely low, and this 3.54 million USD is just the annual revenue, not the profit.
✅ Cathy played the ARC8 App of GAMEE a few years ago, and there are many mini-games inside that are still quite good.
Later, Animoca's Mocaverse also used GAMEE's content as one of the narratives of the MOCA ecosystem, but I did not receive the MOCA token airdrop, that's another story.
✅ The acquisition of GAMEE by AlphaTON Capital seems to be aimed at gaining control of the largest gaming platform in the Telegram ecosystem. GAMEE's 60 million Telegram users + 4 million TON wallet users are very eye-catching, and this acquisition can be said to be a significant move by AlphaTON Capital in laying out the gaming infrastructure of the TON ecosystem.
However, considering that AlphaTON's market value is only 8.3 million USD, this Ton treasury's small-cap shell company on NASDAQ is actually facing delisting pressure. AlphaTON spent about 18 million USD for the valuation, actually paid 3.5 million USD in cash, buying a traffic asset with a large user base but weak monetization capability, seemingly still trying to give its stock story a lifeline.
At least after the announcement of this transaction, the price of GMEE tokens instantly rose a lot! AlphaTON's stock price also increased by 3.18% (the price of Ton tokens didn't really change), indicating that the Web2 capital market is still buying.
✅ Following closely how AlphaTON Capital will continue to operate after acquiring 60% control of GAMEE on Telegram/Ton.
✳️ Welcome players who have played games on the GAMEE platform and hold GMEE tokens to share your stories!
