Australia-based biotech firm Propanc Biopharma has secured $100 million from a crypto-focused family office to establish a crypto treasury— a move its CEO describes as “transformative” as its cancer therapy product prepares to enter 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. Hexstone is a family office known for investing in several crypto treasury companies.
Propanc plans to use the proceeds to build a digital asset treasury and accelerate the development of its lead cancer therapy, PRP. The therapy aims to enter first-in-human trials in the second half of 2026.
Propanc CEO James Nathanielsz stated that the crypto treasury will support a “transformative phase” for the company by strengthening its balance sheet and advancing its proenzyme-based oncology platform. He added, “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 has not disclosed which digital assets it intends to acquire for its crypto treasury, Hexstone’s portfolio includes investments in Bitcoin (BTC), Ether (ETH), Solana (SOL), Injective (INJ), as well as several lesser-known cryptocurrencies.
### Biotech Companies Adopting Crypto Strategies
Propanc joins other biotech companies such as Sonnet BioTherapeutics and Sharps Technology that have turned to crypto-related strategies to reinvigorate investor interest.
However, Propanc’s announcement was not well-received by investors. According to Yahoo Finance data, Propanc’s shares (PPCB) dropped 10.5% on the Nasdaq on Monday following the news.
### Challenges for Crypto Treasury Strategies
Crypto treasury strategies have faced headwinds recently. Bitcoin treasury holding companies have seen a decline in their appeal as more companies enter the space.
For example, Even Strategy, the largest corporate Bitcoin holder, has experienced its market capitalization slide over 43%, falling from $122.1 billion in July to $69.1 billion today.
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https://cointelegraph.com/news/propanc-secures-100-million-launch-crypto-treasury
