Australia-based Propanc Biopharma has announced securing $100 million from Hexstone Capital, a crypto-focused family office, to launch a crypto treasury aimed at bolstering its cancer treatment efforts. The CEO described it as a transformative step, coinciding with the human trials for their cancer therapy product scheduled for next year.

The funding includes an initial $1 million investment with an option for an additional $99 million in the next year through convertible preferred stock. The funds will primarily support the creation of a digital asset treasury and accelerate the development of their lead therapy PRP, which is slated to enter human trials in the latter half of 2026.

“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 specifics on which digital assets will be included in the treasury were not disclosed, Hexstone’s clients have previously invested in various cryptocurrencies including Bitcoin (BTC), Ether (ETH), Solana (SOL), and others.

Biotech Companies Embracing Crypto Strategies

Propanc is part of a trend among biotech firms, including Sonnet BioTherapeutics and Sharps Technology, that are adopting cryptocurrency to recapture investor interest. However, this announcement led to a 10.5% share drop for Propanc on the Nasdaq.

PPCB shares are now down 46.7% over the last month.

Recent Struggles of Crypto Treasury Strategies

Many Bitcoin treasury holding companies have recently faced difficulties as competition increases. For instance, Strategy, known as the largest corporate Bitcoin holder, saw its market cap drop by more than 43% in recent months.
Some companies have even been forced to liquidate portions of their Bitcoin holdings to cover debts.