Tharimmune makes $540M bet on Canton Coin in crypto treasury push

Biotech company Tharimmune has raised $540 million in private funding to launch a crypto treasury strategy and acquire Canton Coin (CC), the native token of the Canton Network.

The private offering, among the largest digital asset financings to date, was led by DRW and Liberty City Ventures, with participation from ARK Invest, Polychain Capital, Kraken, and other institutional investors. The round values Tharimmune’s shares at $3.075 each.

Tharimmune said the funds will be used to purchase CC tokens, support general operations, and expand its role within the Canton ecosystem. The company also plans to become a Super Validator, operating additional nodes to earn token rewards and strengthen network performance.

Tharimmune develops therapeutic candidates for the treatment of inflammation and immunology disorders. The company’s stock rose about 14% following Monday’s announcement, closing the day up 8.4% on Nasdaq.

The Canton Network is a permissioned enterprise blockchain built for institutions, enabling interoperability between financial applications and tokenized assets. Its backers include Goldman Sachs, HSBC, BNP Paribas, Paxos, Deutsche Bank, Cboe, and others.

Related: BitGo expands institutional custody to Canton Network’s native token

Stocks move onchain

Traditional finance is accelerating its move onchain. According to data from RWA.xyz, tokenized assets are now worth more than $34.6 billion, comprising $18.4 billion in private credit, $8.7 billion in US Treasury debt, and $3 billion in commodities.

Ondo Finance announced in January that it would introduce its tokenized US Treasury fund to the XRP Ledger, giving investors access to government bonds and stablecoin redemption options. The fund officially launched in June.

In July, Centrifuge partnered with Grove to launch two Janus Henderson tokenized funds on Avalanche and separately teamed up with S&P Dow Jones Indices to bring the S&P 500 onchain for the first time.

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