Article Highlights:
- Significant Funding: Tharimmune raises $540 million to invest in cryptocurrency.
- Canton Coin Acquisition: The company plans to acquire the native token of the Canton Network.
- Crypto Treasury Strategy: Tharimmune aims to solidify its presence in the blockchain space.
- Financial Transformation: This move reflects the increasing convergence of traditional finance and digital assets.
Deal Details:
Biotech company Tharimmune has successfully raised a substantial $540 million through a private funding round, earmarked for launching a crypto treasury strategy and acquiring Canton Coin (CC), the native token of the Canton Network. This significant funding round, ranking among the largest digital asset financings to date, was spearheaded by DRW and Liberty City Ventures, with notable participation from ARK Invest, Polychain Capital, Kraken, and other prominent institutional investors. The round valued Tharimmune’s shares at $3.075 apiece.
Investment Objectives:
Tharimmune has stated that the funds will be strategically deployed to purchase CC tokens, support ongoing general operations, and expand its influence within the Canton Network ecosystem. The company also intends to become a Super Validator, operating additional nodes to earn token rewards and enhance network performance.
Company and Network Overview:
Tharimmune focuses on developing therapeutic candidates targeting inflammation and immunology disorders. The company's stock experienced a surge of approximately 14% following Monday’s announcement, ultimately closing the day up by 8.4% on Nasdaq. The Canton Network is a permissioned enterprise blockchain designed for institutional use, facilitating interoperability between financial applications and tokenized assets. Its backers include industry giants such as Goldman Sachs, HSBC, BNP Paribas, Paxos, Deutsche Bank, Cboe, and numerous others.
Onchain Asset Migration:
Traditional finance is increasingly embracing onchain solutions. According to data provided by RWA.xyz, tokenized assets now hold a total value exceeding $34.6 billion, comprising $18.4 billion in private credit, $8.7 billion in US Treasury debt, and $3 billion in commodities.
Related Initiatives:
Ondo Finance announced in January its intention to introduce its tokenized US Treasury fund to the XRP Ledger, granting investors access to government bonds and stablecoin redemption options. This fund was 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.
