The company becomes the first publicly traded firm backed by the Canton Foundation.
Tharimmune (THAR) raised $540 million in a private placement to implement a treasury strategy based on canton coin (CC), the cryptocurrency powering the Canton Network. The round was led by DRW and Liberty City Ventures, with participation from ARK Invest, Kraken, Polychain Capital, Tradeweb, and the Canton Foundation.
The firm plans to use the proceeds to acquire canton coin, cover operational costs, and launch multiple validator nodes on the Canton Network, which will generate CC rewards. Tharimmune will continue its biotech operations with its current team, while appointing Mark Wendland as CEO to lead the treasury initiative and Mark Toomey as president. Clear Street acted as the placement agent and financial advisor for the offering.
The Canton Network, supported by institutions such as Goldman Sachs, DTCC, and BNP Paribas, connects traditional financial infrastructure through interoperable smart contracts. According to network data, it processes more than 500,000 daily transactions, reflecting strong institutional adoption. With this move, Tharimmune becomes the first publicly traded company aligned with the Canton Network and directly backed by its foundation.
The private placement allows Tharimmune to access significant capital without disrupting daily operations. The treasury strategy aims to diversify the company’s assets and mark the beginning of institutional blockchain exposure.
Following the announcement, Tharimmune’s shares rose approximately 30%, reflecting market confidence in the company’s strategic direction. Canton coin, by contrast, fell 4%, a movement attributed to the token’s limited liquidity and market sensitivity to new institutional adoption news.
The company aims to expand its financial profile without compromising its core business. The placement is expected to close around November 6, subject to customary conditions. Tharimmune has emphasized that its CC treasury will be managed transparently, focused on long-term positioning rather than speculation.
Tharimmune has positioned itself as a pioneering public company integrating institutional-grade cryptocurrency into its balance sheet, a step that could attract specialized blockchain funds and strengthen the Canton Network’s relevance in the financial ecosystem
