Tharimmune, Inc., a clinical-stage biotechnology company, has pivoted into digital assets by raising $540 million in a private placement led by DRW and Liberty City Ventures. The funding round included participation from ARK Invest, Kraken, Polychain Capital, Tradeweb, and the Canton Foundation, with Clear Street acting as the placement agent and financial advisor.
Proceeds will be used to acquire Canton Coin (CC), the utility token of the Canton Network, operate multiple validator nodes to generate CC rewards, and maintain Tharimmune's biotech operations. The company has appointed Mark Wendland as CEO to lead the treasury initiative and Mark Toomey as president.
Tharimmune becomes the first publicly traded company aligned with the Canton Network and directly backed by its foundation. The Canton Network, supported by institutions like Goldman Sachs, DTCC, and BNP Paribas, processes over 500,000 daily transactions, reflecting strong institutional adoption through interoperable smart contracts.
Following the announcement, Tharimmune's shares surged approximately 30%, while Canton Coin fell 4% due to limited liquidity and market sensitivity. The private placement is expected to close around November 6, 2025, subject to customary conditions, and the treasury strategy aims to diversify assets and promote long-term institutional blockchain exposure without speculation.
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