Biotech firm Propanc secures $100m for digital asset acquisition

Propanc Biopharma, a Nasdaq-listed biotech firm, has secured up to $100 million to bolster its digital asset strategy.

Australia-based Propanc, which announced plans for a diversified digital asset portfolio earlier this month, said on Monday that it had secured $100 million in financing via a securities purchase deal with family office Hexstone Capital.

The agreement with Hexstone is key, as the company already has notable traction as an investor in digital asset treasury companies. Hexstone’s portfolio includes DATs across Bitcoin, Ethereum, Solana, Dogecoin, and Injective, among others.

Propanc gets initial $1 million investment

In their agreement, Propanc has received an initial $1 million, with up to $99 million available over the next year. The deal’s structure is a convertible preferred stock, and Propanc plans to leverage this to expand both its crypto strategy and to bolster its research in the cancer field.

Taking such a business model is one path towards revolutionizing funding. It is also a crucial avenue in the quest to grow Propanc’s intellectual property portfolio and fast-track research and development in metastatic cancer.

Earlier this month, the biopharmaceutical company disclosed plans for a strategic initiative that would see it acquire undervalued DATs as part of its digital asset foray.

The target would be DATs that currently trade below their market cap to net asset value. Putting this into action offers an avenue for a strategic diversification, with the result being the potential to unlock more value for shareholders.