Biopharma raises $100M for crypto treasury to back cancer treatment
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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
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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