Propanc Biopharma shares fall 10.02% intraday after announcing $100M crypto funding deal with Hexstone Capital.

Propanc Biopharma (PPCB) fell 10.02% intraday following an announcement of a $100 million funding agreement with Hexstone Capital to build a crypto treasury and advance its cancer therapy PRP. The convertible preferred stock deal provides $1 million upfront, with $99 million accessible over 12 months. Despite CEO James Nathanielsz describing the move as a "transformative phase," the stock plunged 10.5% on the news, extending a 46.7% decline over the past month. The market’s negative reaction reflects skepticism toward the company’s dual strategy of investing in cryptocurrencies and biotech development, amid broader challenges for crypto treasury firms. The funding announcement, while intended to strengthen Propanc’s balance sheet, appears to have intensified investor concerns about the viability of its unconventional approach, particularly as similar biotech-crypto ventures face declining valuations and operational pressures.