Australian biotechnology company Propanc Biopharma has raised up to 100 million USD from Hexstone Capital, a family office specializing in cryptocurrency, to build a digital asset treasury and advance the PRP cancer therapy into human trials by 2026.
The agreement includes an initial investment of 1 million USD and a maximum of 99 million USD thereafter within 12 months. CEO James Nathanielsz stated that establishing a cryptocurrency treasury will help strengthen finances and support the company's “transformative” growth phase.
Propanc has not disclosed what type of digital asset it will purchase, but Hexstone has previously invested in Bitcoin, Ether, Solana, and Injective.
This move follows the trend of biotechnology companies like Sonnet BioTherapeutics shifting to cryptocurrency, yet Propanc's PPCB stock still fell 10.5% on Nasdaq and lost 46.7% over the past month.
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