Tharimmune, Inc., a clinical-stage biotechnology companytraditionally focused on developing therapies for rare immune, inflammatory, and oncologic diseases, is making a bold move into the digital asset space, announcing a \$540 million private placement to establish a Canton Coin (CC) treasury and validator strategy. This strategic shift reflects Tharimmune's confidence in Canton's blockchain technology and its potential to positively impact financial infrastructure.
The funding round was led by DRW and Liberty City Ventures, with participation from institutional investors including ARK Invest, Bitwave, Broadridge, Clear Street, Copper, Digital Asset, Feynman Point Asset Management, Five North, Kaiko, Kenetic, Kraken, LendOS, Lukka, Nima Capital, MPCH, Obsidian Software, Polychain Capital, Proof Group, SBI Group, The Tie, Tradeweb Markets, 7RIDGE, and the Canton Foundation. The Canton Foundation's involvement is particularly noteworthy, making Tharimmune the first publicly traded company supported by the Canton Foundation.
The private placement involves the sale of common stock at \$3.075 per share, with expected gross proceeds of approximately \$540 million before deducting placement agent fees and other offering expenses. The offering is expected to close on or about November 6, 2025, subject to customary closing conditions.
Tharimmune intends to use the net proceeds to acquire Canton Coin (CC), the utility token used to support interoperability and settlement across the Canton Network. The company also plans to fund a diversified digital-asset-treasury (DAT) strategy and for working capital and general corporate purposes. As part of its strategy, Tharimmune intends to operate as a Super Validator and run additional validators on the Canton Network as a mechanism to obtain additional CC tokens.
To spearhead this new direction, Tharimmune has appointed Mark Wendland as chief executive officer to oversee the digital asset treasury strategy and Mark Toomey as president. The company's existing management team will continue to operate its clinical-stage biotechnology business.
The Canton Network, a blockchain network connecting financial institutions such as Goldman Sachs, DTCC, and BNP Paribas, reported more than 500,000 daily transactions as of September 30, 2025, according to Copper Research. Tharimmune's move into digital assets follows similar steps by other medical firms, such as Helius Medical Technologies and TNF Pharmaceuticals, indicating a growing trend of companies exploring the potential of cryptocurrency and blockchain technology.
This private placement was conducted under Section 4(a)(2) of the Securities Act of 1933 and was not registered with the Securities and Exchange Commission. The offering was conducted in accordance with Nasdaq rules.
