Biotechnology company Propanc raises $100 million for cryptocurrency reserves and cancer therapy research

According to market news, digital asset finance company Propanc Biopharma (NASDAQ: PPCB) announced on Monday that it has secured up to $100 million in financing from family office Hexstone Capital, which is active in the fields of Bitcoin, Ethereum, Solana, Dogecoin, and other digital assets.

The private placement transaction is structured through convertible preferred stock, with Propanc receiving an initial investment of $1 million 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 the development of its lead oncology therapy PRP, which is currently planned to begin its first human trials in 2026. CEO James Nathanielsz described this move as a "transformational phase," aimed at strengthening the company's balance sheet and providing funding support for its enzyme-based research projects. The company did not specify which digital assets it plans to acquire. The financing news did not stop the decline in Propanc's stock price. On Monday, PPCB's stock fell by 4%, dropping below $1, with a cumulative decline of 43% over the past month.