AlphaTON: one TON provider agreement settled — another 1% related-party manager remained separately disclosed.
AlphaTON is a strong currentness control because two manager relationships launched around the same September 2025 financing but did not share the same outcome. The financing-linked DWF MaaS Treasury Management Agreement terminated in a December settlement. A separate discretionary Asset Management Agreement with Alpha Sigma Capital remained disclosed in AlphaTON's 2026 annual-report record.
Agreement family 1 — DWF MaaS treasury management
| Field | Publicly disclosed term |
|---|---|
| Provider | DWF MaaS Limited |
| Initial managed funding | $15 million contributed by DWF in the September 2025 financing |
| Planned scale-up | Further transfers were contemplated, including a path toward substantially larger managed assets |
| Profit economics | Later filings describe DWF retaining 100% of profits until its balance reached $150 million, followed by specified yield / profit-sharing economics |
| Equity compensation | 160,000 ordinary shares, initially subject to three-year vesting |
| Outcome | December 30, 2025 settlement, mutual release and termination of the Treasury Management Agreement |
AlphaTON later disclosed that the planned scale-up did not occur before settlement: only the initial $15 million provider contribution had been placed under DWF management. The settlement included repurchase / return mechanics, removal of restrictions on the provider shares, a $35,000 payment and mutual releases.
Agreement family 2 — Alpha Sigma Capital discretionary asset management
| Field | 2026 annual-report disclosure |
|---|---|
| Provider | Alpha Sigma Capital, LLC |
| Role | Discretionary investment management of designated Account Assets, principally a long-only TON strategy including staking / restaking |
| Recurring fee | 1.0% per annum of Account Assets |
| Asset control | Assets are held in the company's name and remain under company control |
| Initial term | One year, followed by automatic renewal |
| Company exit path | 90 days' notice, provided the company has decided to end the TON digital-asset treasury strategy |
| Related-party fact | AlphaTON CIO and Chairman Enzo Villani was disclosed as CEO and CIO of the Asset Manager; Alpha Sigma was also an investor in the September 2025 financing |
| FY2026 fee evidence | $80,918 total paid under the agreement |
| Managed assets at Mar. 31, 2026 | Approximately $2.5 million of digital assets |
Why this is useful for same-role fee comparison
Alpha Sigma adds a relatively clean 1% discretionary-manager control to the public comparison universe. Its one-year initial term and 90-day company notice path are structurally different from the ten- and twenty-year mandates elsewhere in the DAT market, even before the related-party relationship is considered.
The fee therefore should be compared as a package: 1% rate + discretionary TON scope + one-year renewal cycle + conditional company exit + related-party governance facts.
What this case contributes to a Board / CFO review
The AlphaTON record exposes a common failure mode: combining all treasury-provider economics into one blended “manager” line. DWF and Alpha Sigma had different funding relationships, compensation structures, scopes, termination paths and outcomes. A decision-ready record should keep those families separate before aggregating total provider cost or governance exposure.
Primary public sources
September 2025 transaction / Treasury Management Agreement disclosure
December 31, 2025 Form 6-K — DWF settlement disclosure
2026 Form 20-F/A — Alpha Sigma fee, term, related-party and managed-asset disclosure
Related research
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Public-source factual commercial research only. No legal interpretation of enforceability, no fairness or fiduciary conclusion, no accounting or investment opinion, and no recommendation concerning any provider or transaction.