Nasdaq-listed Tharimmune (THAR) has raised approximately $540 million in a private placement led by DRW and Liberty City Ventures, as the biotechnology company moves toward a digital asset treasury (DAT) strategy centered around Canton Coin (CC), the company announced in a press release Monday.
THAR is up about 30% from the announcement. The thinly traded Canton coin, the utility token that powers the Canton Network, a blockchain designed for institutional finance, is 4% lower.
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 Canton Foundation, which manages the Canton Network, also joined the round, making Tharimmune the first publicly traded company directly supported by the Foundation.
The company expects to close the deal around November 6, subject to customary conditions. Proceeds will fund Canton coin acquisition, operational 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 infrastructures via interoperable smart contracts. The network reportedly processes over 500,000 transactions daily, demonstrating growing institutional adoption.
Tharimmune’s biotechnology operations will continue under the leadership of its existing team, but the company has named Mark Wendland as CEO to lead the treasury initiative and Mark Toomey as president.
Clear Street acted as sole placement agent and financial advisor for the offering.
Learn more: Canton Network Activity Increases as Exchanges Join Validators: Copper Research
