Tharimmune Raises $540M to Build Canton Coin Treasury Strategy

Nasdaq-listed Tharimmune ( THAR ) has raised about $540 million in a private placement led by DRW and Liberty City Ventures, as the biotech firm pivots to a digital asset treasury (DAT) strategy centered on coin (CC) coins, the company said in a press release Monday.

THAR is up about 30% on the announcement. Canton’s little-traded currency, the utility token that powers the Canton Network, a blockchain designed for institutional finance, is down 4%.

The round also attracted participation from a wide range of crypto-native and traditional financial players, including ARK Invest, Bitwave, Broadridge, Clear Street, Copper, Digital Asset, Kaiko, Kenetic, Kraken, Lukka, Polychain Capital, Proof Group, SBI Group, and Tradeweb Markets, among others.

The Cantonal Foundation, which governs the Cantonal Network, also joined the round, marking Tharimmune as the first publicly funded company directly supported by the Foundation.

The company expects to close the deal around November 6, pending customary conditions. Proceeds will fund the acquisition of canton currency, operating costs, and a plan to run multiple validator nodes on the Canton Network to earn CC rewards.

The Canton Network, backed by major financial institutions such as Goldman Sachs, DTCC, and BNP Paribas, aims to connect traditional financial infrastructure through interoperable smart contracts. The network is about processing more than 500,000 transactions every daysignaling increasing institutional adoption.

Tharimmune’s biotech operations will continue under its existing team, but the firm has appointed Mark Wendland as CEO to lead the treasury initiative and Mark Toomey as president.

Clear Street acted as the sole placement agent and financial advisor for the offering.

Read more: Canton network activity increases as exchanges join validators: searching for copper