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Nasdaq biotechnology company will use 100 million dollars to buy coins.
Propanc Biopharma, listed on NASDAQ, made big news by securing a $100 million financing commitment from family office Hexstone Capital to establish a digital asset portfolio. A biotech company focused on cancer therapy research is going to buy Bitcoin and Ethereum; this move is quite bold.
Hexstone itself plays with BTC, ETH, SOL, and Dogecoin. This time, choosing to provide convertible preferred shares to support crypto allocation for biotech companies indicates that institutional recognition of cryptocurrency as a reserve asset has penetrated into non-core technology sectors. Propanc is using $99 million of its follow-up financing to buy coins, reflecting that high-risk industries are starting to hedge against traditional market volatility and inflation with digital assets.
This is in line with MicroStrategy's strategy of using digital assets to hedge against currency depreciation and optimize the balance sheet. It is expected that in the future, more publicly listed companies from different backgrounds will follow this mixed reserve model. A new round of increase may be coming!
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