Australian biopharmaceutical company Propanc Biopharma is making a bold move to fund the fight against cancer, securing up to $100 million to establish a corporate crypto treasury. This strategy aims to accelerate the development of its lead cancer treatment while navigating the volatile digital asset market.
A Dual-Purpose Financing Strategy
In early November 2025, Propanc Biopharma announced a securities purchase agreement with Hexstone Capital LLC, a crypto-focused family office, for a private placement of up to $100 million. The funding is structured as convertible preferred stock, with the company receiving an initial $1 million upfront. The remaining $99 million is available over the next 12 months.
The capital has a dual objective. A portion will be used to build a digital asset treasury, strengthening the company’s balance sheet. The primary focus, however, remains on advancing Propanc’s lead product candidate, PRP—a proenzyme-based therapy designed to prevent cancer recurrence and metastasis by targeting cancer stem cells. The company is aiming for first-in-human trials to begin in the second half of 2026.
CEO James Nathanielsz described this as a “transformative phase”, suggesting the crypto treasury could revolutionize how the company funds its intellectual property portfolio and accelerates its research and development processes.
A High-Risk Bet in a Volatile Market
Propanc’s strategy places it at the forefront of a niche trend, joining other biotech firms like Sonnet BioTherapeutics and Sharps Technology that are turning to digital assets to attract capital and boost market visibility. The move can be seen as an effort to secure alternative, non-dilutive financing and tap into a new class of crypto-focused investors.
However, the market’s initial reaction was notably cautious. Following the announcement, Propanc’s stock (PPCB) fell 10.5% on the Nasdaq, signaling investor skepticism about a clinical-stage biotech company embracing the inherent risks of the crypto market. This caution is compounded by the recent performance of corporate crypto treasuries in general. Even the largest Bitcoin-holding corporations have seen their market capitalizations drop significantly in recent months, with some firms forced to sell their digital holdings to cover liabilities.
The Road Ahead for a Pioneering Model
Propanc has not officially disclosed which specific digital assets it will acquire for its treasury, though Hexstone Capital’s previous investments provide some clues, spanning major cryptocurrencies like Bitcoin (BTC), Ether (ETH), and Solana (SOL), as well as other assets . The company is also pursuing a related strategic plan to acquire undervalued Digital Asset Treasury (DAT) companies, further cementing its commitment to this unconventional path.
The success of this high-stakes financial and scientific bet will hinge on two parallel tracks: the successful clinical progression of the PRP therapy and the company’s ability to navigate the volatility of the crypto market. For investors and corporate treasuries watching this space, Propanc’s journey will be a telling case study in whether digital assets can truly provide a stable bridge to long-term clinical validation.
