The money raised will also be used to fund Propanc’s upcoming cancer therapy trials. The biotech firm sees the move as a “transformative phase” to strengthen its balance sheet and advance its proenzyme-based treatment. However, investors reacted negatively by sending its stock down 12%. .
Propanc Turns to Crypto
Australia-based Propanc Biopharma secured up to $100 million from Hexstone Capital, a crypto-focused family office, to establish a digital asset treasury as part of its plan to fund upcoming human trials for its cancer therapy product. The private placement, structured through convertible preferred stock, begins with an initial $1 million investment and allows for up to $99 million in follow-on funding over the next 12 months.
Announcement from Porpanc
Propanc said the proceeds will be used to develop its digital asset treasury and accelerate the advancement of its lead oncology therapy, PRP, which targets metastatic cancer from solid tumors and is expected to enter human trials in the second half of 2026. CEO James Nathanielsz described the crypto treasury initiative as a “transformative phase” for the company, and said that it will strengthen its balance sheet and advance its proenzyme-based cancer treatment platform.
While Propanc did not disclose which digital assets it plans to buy, Hexstone’s portfolio includes investments in Bitcoin, Ethereum, Solana, Injective, and other cryptocurrencies. The move places Propanc among the growing number of biotech companies, like Sonnet BioTherapeutics and Sharps Technology, that have turned to crypto strategies to attract new investors.
Despite the bold initiative, Propanc’s stock price fell 12% on the Nasdaq after the announcement. This certainly reflects some of the market sentiment toward crypto treasury strategies, which recently struggled due to declining valuations for major Bitcoin-holding companies.
Propanc’s stock price over the past 24 hours (Source: Google Finance)
Strategy is the largest corporate Bitcoin holder, and saw its market cap fall 40+% since July. Japan’s Metaplanet, which was once among the best-performing stocks of the year, dropped roughly 55% since June.
Other firms with crypto-heavy treasuries have also been forced to sell portions of their Bitcoin holdings to cover debt obligations, which raises serious concerns about the sustainability of such strategies.
