Australia-based Propanc Biopharma has secured $100 million from a crypto-focused family office to launch a crypto treasury. The private placement provides an initial $1 million investment and up to $99 million in follow-on funding over the next 12 months. The funds will be used to build a digital asset treasury and accelerate the development of its cancer therapy product.

Propanc CEO James Nathanielsz stated that the crypto treasury will assist in a transformative phase for the company. While the company did not disclose which digital assets it plans to buy, Hexstone Capital’s clients have invested in cryptocurrencies like Bitcoin, Ether, Solana, and Injective. Propanc joins other biotech companies turning to crypto for investor interest.

However, Propanc’s move was met with backlash from investors, with PPCB shares dropping 10.5% on Nasdaq, now down 46.7% over the last month. Bitcoin treasury holding companies have seen a decline in market cap, with Strategy losing over 43% since July. Metaplanet, a top-performing stock, has also fallen around 55% since June.

Read more at Cointelegraph: Propanc Biopharma Secures up to $100 million for Crypto Treasury