Tharimmune raises $540 million to acquire Canton Coin digital assets

Tharimmune Inc. (NASDAQ: THAR) announced it has entered into subscription agreements for a private placement offering of approximately $540 million in gross proceeds, with shares priced at $3.075 each.

DRW and Liberty City Ventures led the funding round, with participation from ARK Invest, Bitwave, Broadridge, Clear Street, Copper, Digital Asset, Polychain Capital, SBI Group, Tradeweb Markets, and other institutional investors. The Canton Foundation, which oversees the Canton Network blockchain, also participated in the transaction.

The company plans to use proceeds to acquire Canton Coin, a utility token for the Canton Network blockchain, and for working capital. Tharimmune intends to operate as a Super Validator on the Canton Network to obtain additional tokens through network participation.

The offering is expected to close on or about November 6, 2025, subject to standard closing conditions. Clear Street served as sole placement agent for the transaction.

Tharimmune appointed Mark Wendland as chief executive officer to oversee the digital asset treasury strategy and Mark Toomey as president. The company's existing management team will continue operating its clinical-stage biotechnology business.

The Canton Network reported more than 500,000 daily transactions as of September 30, 2025, according to Copper Research. The blockchain network connects financial institutions including Goldman Sachs, DTCC, and BNP Paribas.

The securities were offered to institutional accredited investors under Section 4(a)(2) of the Securities Act of 1933 and were not registered with the Securities and Exchange Commission. The private placement was conducted in accordance with Nasdaq rules.

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