Tharimmune raises $540 million from ARK Invest, DRW, Kraken and others to build Canton Coin treasury
Quick Take
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The Canton Foundation’s participation marks its first investment in a publicly traded company.
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Tharimmune’s pivot from biotech to blockchain adds to a wave of public firms adopting digital-asset treasury models.
Nasdaq-listed Tharimmune Inc. (ticker THAR) said Monday it raised about $540 million in a private placement to fund a new digital-asset treasury strategy centered on Canton Coin.
The token powers the Canton Network, a blockchain built to link regulated institutions through a privacy-enabled system supporting atomic settlement across multiple asset classes.
The deal, priced at $3.075 per share, is expected to close around Nov. 6. Investors include DRW, Liberty City Ventures, ARK Invest, Broadridge, Kraken, and Polychain Capital, among others. Last week, Bloomberg reported that trading firm DRW Holdings and Liberty City Ventures would contribute a portion of the treasury's funds directly in the form of Canton Coins, which are not yet listed on crypto exchanges.
The Canton Foundation, which oversees the network, also participated, marking its first investment in a listed company.
Tharimmune said it will use the funds to acquire Canton Coin, run validator nodes, and build applications on the network while maintaining its biotech business.
Developed by Digital Asset Holdings, Canton Network underpins tokenization and settlement infrastructure used by firms including Goldman Sachs, BNP Paribas, and DTCC.
Digital Asset raised $135 million earlier this year in a Goldman-backed round led by DRW and Tradeweb to expand institutional use cases.
Shares of Tharimmune surged more than 120% to nearly $6.70 following the announcement, but quickly gave back most of those gains, trading around $3.39 by Monday afternoon — still up nearly 15% on the day.
Tharimmune (THAR) Stock Price. Source: Google Finance
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