Bitcoin News Update: Propanc’s Cryptocurrency-Driven Cancer Initiative Encounters Doubt from Investors, Stock Falls by 10.5%
- Australia-based Propanc Biopharma secured up to $100M from Hexstone Capital to build a crypto treasury and advance its cancer therapy PRP, targeting first-in-human trials by 2026. - The funding strategy reflects a growing trend in biotech to leverage crypto assets for non-dilutive capital, with Hexstone’s portfolio including Bitcoin , Ether , and Solana . - CEO James Nathanielsz called the move "transformative," aiming to diversify Propanc’s assets while tying capital to clinical milestones, though share
Headquartered in Australia,
This financing approach mirrors a rising trend among biotech companies turning to crypto treasuries as traditional capital markets become more challenging. Firms such as Sonnet BioTherapeutics and Sharps Technology have also embraced digital asset strategies to attract investors and diversify their funding streams
Hexstone Capital, which has supported other crypto treasury projects, has not specified which digital assets Propanc intends to purchase. Still, its holdings include Bitcoin (BTC), Ether (ETH),
The broader landscape for crypto treasury firms has encountered difficulties, with companies like Strategy and Metaplanet seeing notable drops in market capitalization
Propanc’s combined focus on cancer research and digital assets places it at the crossroads of two rapidly expanding industries. Preclinical studies of PRP have demonstrated a 70% reduction in tumor size in animal tests
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