Australian bio company Propanc to establish a USD 100 million crypto treasury

Australia-based biopharmaceutical Propanc Biopharma (Propanc Biopharma) said it will create a USD 100 million crypto treasury to secure funding for cancer drug development and enhance corporate value.

According to Cointelegraph on the 11th (local time), Propanc has entered into an investment agreement for up to USD 100 million with crypto-focused investment firm Hexstone Capital through a convertible preferred shares (private placement) structure. The funds will be used to build the company's crypto treasury and accelerate development of its lead anticancer therapy 'PRP'. The initial investment is USD 1 million, and up to USD 99 million will be added within the next 12 months.

James Nathanielsz, Propanc's chief executive officer (CEO), said, "This establishment of a crypto strategic treasury will be a 'turning point' that can simultaneously strengthen the company's financial stability and anticancer platform development," and "We plan to expand indications to treat not only patients with metastatic solid tumors but also patients with various chronic diseases."

Hexstone Capital is a family office that has invested in major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Injective (INJ) as well as emerging projects, and a similar portfolio is expected to be applied to Propanc's treasury composition.