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Investing.com -- Tharimmune, Inc. (NASDAQ:THAR) stock surged 100% following the announcement of a private placement offering expected to raise approximately $540 million, led by DRW and Liberty City Ventures. The funds will be used to acquire Canton Coin, a utility token supporting the Canton Network blockchain.
The company entered into subscription agreements with institutional and accredited investors for the purchase and sale of common stock at $3.075 per share. The impressive roster of participants includes ARK Invest, Tradeweb Markets, Polychain Capital, and the Canton Foundation itself - making Tharimmune the first publicly traded company supported by the foundation.
Upon closing the offering, expected around November 6, Tharimmune plans to implement a digital asset treasury strategy that includes acquiring Canton Coins and generating additional tokens by applying to become a Super Validator on the Canton Network. The company will also invest in developing applications that drive institutional adoption across capital markets.
The Canton Network connects major financial institutions on a secure, interoperable blockchain with support from organizations like Goldman Sachs, DTCC, and BNP Paribas. According to the company, the network processed over 500,000 daily transactions as of September 30, 2025.
To support this strategic shift, Tharimmune has appointed Mark Wendland as Chief Executive Officer overseeing the digital asset treasury strategy, while Mark Toomey joins as President. The existing management team will continue to oversee the company’s clinical-stage biotech business.
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