In this episode, I sit down with Yury Mitin, Partner and CBDO at AlphaTON Capital, one of the first public digital asset treasury companies focused on the TON ecosystem and Telegram economy.We explore the meeting point of Wall Street discipline and crypto-native culture, and how TON is evolving from a token into a real business ecosystem built on top of one of the most used apps in the world.From entering public markets through eToro to evaluating TON startups, Yury breaks down what makes TON different, how acquisitions work, and why real revenue matters more than hype.We discuss the growth of mini apps, AI agents, TON wallet adoption, Telegram bonds, MasterCard integration, and why real utility could shape TON into a top ecosystem in the coming years.Yury explains:🚀 Why TON is one of the few tokens directly tied to a real global platform📱 1B users on Telegram and what happens when crypto becomes native inside a super app🏢 Public markets vs crypto culture and why speculation alone does not survive💰 Acquisition strategy: revenue thresholds, 51 percent ownership, valuation logic🕹 TON verticals: gaming, NFT 2.0, DeFi, AI agents and media💳 TON MasterCard card and bridging crypto to everyday spending📈 How TON bonds, yield and staking feed back into acquisitions and growth🌍 North America expansion and how institutions get exposure to TONWhy watch?If you care about digital asset treasuries, TON, Telegram adoption, Web3 real-world revenue, or the intersection of traditional finance and crypto, this episode is a masterclass in how public companies can build on-chain ecosystems with real fundamentals rather than speculation.Follow AlphaTON and Yury🔗 Website: https://alphaton.capital📲 Telegram: t.me/atonofmemes💼 LinkedIn: https://linkedin.com/in/yury-mityan✖️ X: https://x.com/@AlphaTONCapitalListen to the full podcast🎧 https://anchor.fm/constantinkoganSubscribe to the channel🔗 https://www.youtube.com/@ConstantinKoganFollow me on socials🌐 Website: https://ckogan.com📲 Telegram: https://t.me/constantinkogan📸 Instagram: https://instagram.com/constkogan💻 LinkedIn: https://linkedin.com/in/constantin-kogan✖️ X: https://x.com/constkoganTimestamps0:00 Intro, who is Yury and what is AlphaTON Capital1:04 From tech founder to 17 years in venture capital2:09 First exposure to public markets through eToro4:09 What digital asset treasuries are and how they differ5:51 The summer of treasury copycats and speculation6:56 Why TON and Telegram stood out among hundreds of tokens8:07 Entering TON Open Network and working with the foundation10:57 Thousands of mini apps and filtering real businesses13:23 Key verticals: gaming, NFT 2.0, DeFi, AI agents15:06 Revenue thresholds and 51 percent acquisition model18:01 Multiples, valuation logic and public market expectations22:35 Two worlds meeting: Wall Street vs crypto culture26:10 Institutional access to TON and common treasury mistakes31:57 TON Mastercard card and real world payments34:16 Telegram bonds, yields and feedback loop to TON41:01 KPIs that matter for growth and sustainability47:00 Regions, expansion and North America strategy52:07 Blitz round: DeFi, surprises in 2026 and upside55:24 Yury on life, family and building what he loves

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