Biotech firm Propanc lines up $100 million to fund crypto treasury and cancer therapy push

Australia-based Propanc Biopharma, which trades under the Nasdaq ticker PPCB, said Monday it secured up to $100 million in financing from Hexstone Capital, a family office active in bitcoin, ether, solana, dogecoin, and other digital assets.

The private-placement deal, structured through convertible preferred stock, gives Propanc an initial $1 million investment and up to $99 million in follow-on funding over the next year.

The proceeds will be used to build Propanc's digital asset portfolio and accelerate its lead oncology therapy, PRP, now targeting first-in-human trials in 2026.

CEO James Nathanielsz called the move a “transformative phase” meant to strengthen the company’s balance sheet and fund its proenzyme-based research program. The firm did not specify which digital assets it plans to acquire. 

Biomed firms turn to crypto

The announcement comes amid a wave of small biotechs embracing crypto treasuries in 2025.

It's a trend that Jefferies healthcare analyst David Windley recently described as a “last-ditch effort to reignite investor interest” as drug developers face tightening capital markets and sluggish share performance.

At least 10 drug developers, including ETHZilla (formerly 180 Sciences Corp.), Sonnet BioTherapeutics, and Sharps Technology, have unveiled similar pivots this year, often triggering short-lived stock spikes as firms seek new relevance after a slump in biotech financing.

Still, the funding news did little to stanch Propanc’s bleeding share price. PPCB fell 4% Monday to below $1, extending a 43% slide over the past month, according to Yahoo Finance data.