Australian company Propanc Biopharma announced it has secured up to $100 million from a crypto-focused family office to launch a crypto treasury – a move its CEO called “transformative” as its cancer therapy product enters human trials next year.
The private placement, structured through convertible preferred stock, provides Propanc with an initial investment of $1 million and up to $99 million in follow-on funding over the next 12 months from Hexstone Capital, a family office that invests in several crypto treasury companies.
The cancer treatment biotech company said the profits would be used to build a treasury of digital assets and accelerate the development of its lead cancer therapy, PRP, which aims to enter first-in-human trials in the second half of 2026.
Propanc CEO James Nathanielsz said the crypto cash would contribute to a “transformational phase” for the company by strengthening its balance sheet and advancing its proenzyme-based oncology platform.
“We can target not only patients with metastatic cancer from solid tumors, but also several chronic diseases based on the mechanism of action of proenzyme therapy.”
Although Propanc has not specified which digital assets it plans to purchase for its crypto treasury, Hexstone clients have invested in everything from Bitcoin (BTC), Ether (ETH), Solana (SOL), Injective (INJ) as well as some lesser-known cryptocurrencies.
Biotech companies are adopting a crypto strategy
Propanc joins Sonnet BioTherapeutics, Sharps Technology and other biotech companies that have turned to crypto to reignite investor interest.
However, Propanc’s decision did not go down well with its investors, with PPCB shares plunging 10.5% on the Nasdaq on Monday, according to data from Yahoo Finance.
Crypto Cash Strategies Have Not Performed Well Lately
Bitcoin cash holding companies have lost some of their luster in recent months as more companies flock into the space.
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Even Strategy, the largest holding company in Bitcoin, saw its market capitalization drop by more than 43%, from $122.1 billion in July to $69.1 billion today.
Metaplanet, one of the best-performing stocks on the Tokyo Stock Exchange earlier this year, was hit even harder, falling around 55% since the end of June, while other Bitcoin cash companies even had to dump some of their BTC holdings to pay off their outstanding debt.
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