Australia-based Propanc Biopharma has announced that it has secured $100 million from a crypto-focused family office to launch a crypto treasury — a move its CEO described as “transformative” as its cancer therapy product enters human trials next year.
The private placement, structured through convertible preferred stock, provides Propanc with an initial $1 million investment 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-treating biotech company stated that the proceeds will be used to build a digital asset treasury 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 treasury would assist a “transformative phase” for the company by strengthening its balance sheet and advancing its proenzyme-based oncology platform.
“We can target not only patients suffering from metastatic cancer from solid tumors, but several chronic diseases based upon the mechanism of action of proenzyme therapy.”
While Propanc didn’t say which digital assets it plans to buy for its crypto treasury, Hexstone’s clients have invested in everything from Bitcoin (BTC), Ether (ETH), Solana (SOL), Injective (INJ) as well as some lesser-known cryptocurrencies.
Biotech companies 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 move was not received well by its investors, with PPCB shares diving 10.5% on the Nasdaq on Monday, according to Yahoo Finance data.
PPCB shares are now down 46.7% over the last month. Source: Yahoo Finance
Crypto treasury strategies haven’t fared well lately
Bitcoin treasury holding companies have lost some of their sheen over the last few months as more companies flood into the space.
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Even Strategy, the largest corporate Bitcoin holder, has seen its market cap slide 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 to start the year, has been hit even harder, falling around 55% since late June, while other Bitcoin treasury companies have even had to offload some of their BTC holdings to pay outstanding debt.
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