Australia-based Propanc Biopharma has announced it has secured $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 12 months.
The private placement, structured through convertible preferred stock, provides Propanc with an initial investment of $1 million and as much as $99 million in follow-on financing over the following 12 months from Hexstone Capital, a family office that invests in multiple crypto treasury corporations.
The cancer-treating biotech company said the proceeds can be used to construct a digital asset treasury and speed up the event of its leading cancer therapy PRP, which is scheduled to start human trials within the second half of 2026.
Propanc CEO James Nathanielsz said the crypto treasury will support a “transformational phase” for the corporate by strengthening its balance sheet and advancing its proenzyme-based oncology platform.
“Based on the mechanism of motion of proenzyme therapy, we are able to goal not only patients affected by metastatic cancer as a result of solid tumors, but additionally several chronic diseases.”
While Propanc didn't say which digital assets it plans to buy for its crypto treasury, Hexstone's customers have invested in every part from Bitcoin (BTC), Ether (ETH), Solana (SOL), Injective (INJ) and a few lesser-known cryptocurrencies.
Biotech corporations are pursuing a crypto strategy
Propanc joins Sonnet BioTherapeutics, Sharps Technology and other biotech corporations which have turned to crypto to rekindle investor interest.
However, Propanc's move was not well received by investors, with PPCB shares plunging 10.5% on the Nasdaq on Monday, in line with Yahoo Finance data.
PPCB shares have fallen 46.7% within the last month. Source: Yahoo Finance
Crypto treasury strategies haven’t performed well recently
Bitcoin treasury holding corporations have lost a few of their luster in recent months as more corporations flock to the space.
Even Strategy, the biggest corporate Bitcoin holder, saw its market cap fall by over 43% from $122.1 billion in July to $69.1 billion today.
