TLDRPropanc Biopharma closed a $100 million funding agreement with Hexstone Capital to build a crypto treasuryCompany received $1 million upfront with $99 million accessible over 12 months through convertible preferred stockFunds will support digital asset purchases and cancer therapy PRP development ahead of 2026 human trialsStock plunged 10.5% following announcement and has fallen 46.7% in past monthCompany targeting undervalued digital asset treasury firms trading below net asset valuePropanc Biopharma has locked in a $100 million financing deal with crypto-focused family office Hexstone Capital. The Nasdaq-listed biotech company plans to split the funds between building a digital asset treasury and advancing its cancer treatment program.Propanc Biopharma, Inc. (PPCB)The convertible preferred stock arrangement gives Propanc $1 million immediately. Another $99 million becomes available over the next year as the company executes its dual strategy.CEO James Nathanielsz called it a “transformative phase” for the firm. The company will use the capital to strengthen its balance sheet while pushing its proenzyme cancer therapy toward clinical trials.Dual Purpose StrategyThe funding serves two distinct goals for the Australian biotech. Building a crypto treasury represents the first priority under the new plan.Propanc hasn’t disclosed which cryptocurrencies it will buy. Hexstone’s investment portfolio includes Bitcoin, Ethereum, Solana, Dogecoin, and Injective, offering clues about potential directions.The second goal focuses on PRP, the company’s lead cancer therapy. Propanc aims to start first-in-human trials in the second half of 2026.The proenzyme-based treatment targets metastatic cancer from solid tumors. Nathanielsz suggested the therapy could also address chronic diseases through its mechanism of action.Propanc announced earlier this month it would acquire undervalued digital asset treasury companies. The strategy targets DAT firms trading below their market cap to net asset value ratio.Biotech Crypto Trend GrowsSeveral biotech companies have adopted similar strategies recently. Sonnet BioTherapeutics and Sharps Technology have both turned to crypto to attract investor attention.The approach reflects a broader trend of traditional companies adding digital assets to their balance sheets. Biotech firms see it as a way to diversify funding sources while continuing core research.Hexstone Capital specializes in crypto treasury investments. The family office has backed multiple digital asset holding companies across various cryptocurrencies.Stock Takes a HitThe market didn’t embrace the news. PPCB shares dropped 10.5% on Monday following the announcement.The decline continues a difficult stretch for the stock. Shares have fallen 46.7% over the past month, according to Yahoo Finance data.The reaction mirrors challenges facing crypto treasury companies generally. Bitcoin holding firms have lost momentum as more players enter the space.Strategy’s market cap has dropped over 43% since July, falling from $122.1 billion to $69.1 billion. Metaplanet plunged 55% since late June after strong early-year performance.Some Bitcoin treasury companies have sold holdings to cover debt obligations. The trend suggests the business model faces growing pressure despite continued crypto adoption.The convertible preferred stock structure gives Propanc flexibility in accessing the remaining $99 million. The company can draw funds as needed while building its digital asset position and advancing cancer research toward 2026 clinical trials.The post Propanc Biopharma (PPCB) Stock: Biotech Secures $100M Crypto Funding as Shares Tumble appeared first on Blockonomi.