Tharimmune Launches $540M Digital Asset Treasury for Canton Coin

Canton DAT: On Monday, U.S.-listed biotech company Tharimmune announced a $540 million fundraise to establish a digital asset treasury (DAT) centered on Canton Coin, the yet-to-be-listed native token of the Canton Network. Participants of the deal include major firms such as DRW Holdings, ARK Invest, Tradeweb, and Kraken.

• Why it matters: Tharimmune will mark the first dedicated digital asset treasury vehicle for Canton Coin, giving public investors indirect exposure to the utility token powering one of the most institutionally adopted blockchains. The move follows Digital Asset’s $135 million raise earlier this year, backed by Goldman Sachs, DTCC, BNP Paribas, and Citadel Securities, as the company expands its footprint across capital markets.

Blockchain pioneer: Founded in 2014 by capital markets veterans from Citadel and DRW, Digital Asset initially focused on building smart-contract infrastructure for financial institutions. The key realization at the time was that institutions needed strong privacy while still being able to interoperate openly with other market participants — something existing blockchain infrastructure couldn’t provide.

• “The biggest gap we saw was that public blockchains exposed too much, and private ones connected too little,” said Don Wilson, founder of DRW and co-founder of Digital Asset. “If we wanted real markets to move onchain, we needed a system where institutions could transact privately but still operate within a shared, open network.”

“Network of networks”: To address these limitations, Digital Asset developed Canton, a privacy-preserving blockchain that lets financial institutions operate their own ledgers with custom rules while remaining interoperable with others. Its coordination layer — known as the Global Synchronizer — ensures that all those independent networks stay in sync, allowing transactions to settle atomically across systems without exposing sensitive data.

Embedded into finance: In practice, Canton links directly with the systems financial institutions already use — custodians, clearing houses, and broker-dealers — bringing blockchain interoperability into existing market infrastructure.

• “Canton integrates directly with participants like DTCC, prime brokers, custodians, rather than trying to bypass them. That’s why institutions are comfortable using it; it fits into their existing workflows instead of asking them to rebuild everything,” said co-founder and CEO Yuval Rooz.

Growing traction: That compatibility is paying off. According to company data, Canton now counts over 575 validators and supports 20 to 30 active applications spanning treasuries, repo, private credit, and insurance. Recent proof-of-concepts include the first onchain U.S. Treasury repo executed between Tradeweb and DTCC, settled in USDC.

Converging with DeFi: People close to the company say Digital Asset is now entering its next growth phase, focused on scaling the network’s ecosystem, expanding custody integrations, onboarding additional institutional applications, and fostering a developer base that bridges its institutional core with DeFi-native markets. The new Tharimmune DAT could become a crucial voice in sharing this story with the capital markets.

John Mulreany is Senior Protocol Specialist at Kiln. The firm is a "super validator" on the Canton Network and currently supports over 40 institutions, providing them with operational reliability and infrastructure uptime.

Canton’s momentum has shifted from steady to exponential. We’ve been collaborating for about a year and launched our white-label validator service in April, but over the past six months network activity has been steadily increasing.

Both transaction volumes and interactions with apps are going up exponentially. The pace of new app deployments is also unlike anything I’ve seen on other networks. Developers are even starting to migrate from EVM and SVM ecosystems because they see where institutional adoption is actually happening.

As this growth continues, I expect Canton over the next six to nine months to attract more participants and liquidity from traditional markets onto blockchain rails, bringing net new capital onchain rather than competing for what already exists on other networks.