Propanc Biopharma, headquartered in Australia, announced that it has secured up to $100 million in funding from a family office focused on cryptocurrency to launch a crypto treasury. The company's CEO described the move as "transformative," as its cancer treatment product is set to enter human trials next year.
This private placement is structured through convertible preferred stock, providing Propanc with an initial investment of $1 million, along with up to $99 million in follow-on funding from Hexstone Capital over the next 12 months. Hexstone Capital is a family office that invests in several crypto treasury companies.
The cancer treatment biotechnology company stated that the funds will be used to establish a digital asset treasury and accelerate the development of its lead cancer therapy, PRP, which is planned to enter its first human trial in the second half of 2026.
Propanc CEO James Nathanielsz stated that the crypto treasury will help the company enter a "transformational phase" by strengthening its balance sheet and advancing its enzyme-based oncology platform.
While Propanc did not disclose which digital assets it plans to purchase for its crypto treasury, Hexstone's clients have invested in a variety of assets ranging from Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Injective (INJ), to some lesser-known cryptocurrencies.
Propanc joins the ranks of biotechnology companies like Sonnet BioTherapeutics, Sharps Technology, and others that are turning to cryptocurrency to reignite investor interest.
However, Propanc's initiative has not been well received by investors. According to Yahoo Finance data, PPCB shares fell 10.5% on Nasdaq on Monday.
Bitcoin treasuries have lost some luster in recent months as more companies flood into the space.
Even the largest corporate Bitcoin holder, Strategy, has seen its market value drop over 43% from $122.1 billion in July to $69.1 billion today.
Metaplanet, one of the best-performing stocks on the Tokyo Stock Exchange at the beginning of the year, has been hit harder, falling about 55% since late June, while other Bitcoin treasury companies have even had to sell part of their BTC holdings to repay outstanding debts.
Related: BitMine accelerates coin hoarding: purchased 110,000 Ethereum (ETH) last week, a 34% increase from the previous week.
Original article: “Biopharmaceutical Company Propanc Plans to Invest $100 Million to Establish Crypto Treasury to Support Cancer Treatment”
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