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

On November 11th, according to The Block, Nasdaq-listed biopharmaceutical company Propanc Biopharma (ticker symbol: PPCB) announced a funding agreement of up to $100 million with Hexstone Capital, a family office focused on cryptocurrency investments.

Hexstone Capital has a strong presence in several mainstream and emerging digital assets, including Bitcoin, Ethereum, Solana, and Dogecoin.

This funding round is a private placement using convertible preferred stock as the investment vehicle. Propanc will receive an initial investment of $1 million in the first round, with subsequent investments of up to $99 million over the next year, subject to availability.

Propanc plans to use the funds raised for two main purposes:

First, to build its own digital asset portfolio, gradually expanding into the crypto asset space;

Second, to accelerate the development of its core anti-tumor therapy, PRP.

Currently, the PRP therapy is expected to enter its first human clinical trial in 2026. While the company has not disclosed which specific digital assets will be allocated, this funding move clearly demonstrates its strategic intention to integrate biotechnology and crypto-finance.

However, the market reaction to this news was not positive. Despite the substantial financing amount, Propanc's stock price did not receive a boost. On Monday (the day the news was announced), PPCB's stock price continued to decline, falling by 4% and dropping below the $1 mark.

Looking back at its performance over the past month, its cumulative decline has reached 43%, reflecting lingering investor concerns about the company's current strategy or operational status.