Summary Tharimmune, Inc. is the first public Canton Coin digital asset treasury, raising $545 million in November 2025. THAR's declared strategy includes acquiring Canton Coin, acting as a Super Validator to mint new Canton Coin, while investing in businesses that promote growth of the network. The Canton Network is backed by leading institutions like Goldman Sachs, Nasdaq, DTCC, and S&P Global, with robust early adoption and a unique burn-mint equilibrium model. Despite high opacity, Tharimmune offers retail investors asymmetric upside at prices equivalent to recent institutional funding rounds as they could potentially offer burning as a service to institutional clients. Introduction Tharimmune, Inc. ( THAR ) is a pre-revenue, biotech research and development firm. In their most recently published financials , this thinly traded, microcap stock with no long-term debt showed $10.3 million in annual expenses and $7.6 million in cash on hand, giving them roughly a 9-month runway. However, on November 6th, 2025, the company radically changed, announcing a $545 million issuance of common stock or pre-funded warrants to fund the establishment of a Canton Coin (CC-USD) digital asset treasury. This shift in strategy turned Tharimmune into the first and only publicly traded digital asset treasury company for the Canton Coin. The move was funded by well-established players in the financial industry, and we will get into who that includes. But first, we need to focus on the underlying asset itself: Canton Coin. The Canton Network and its Coin Canton Network The Canton Network was created by a company called Digital Asset and is a smart contract enabled, public but permissioned ledger . Founded in 2014, the funding for this company over the years has come from the likes of The Goldman Sachs Group, Inc. (GS), Citadel Securities, The Depository Trust and Clearing Corporation (DTCC), Bank of New York Mellon Corporation (BK), S&P Global Inc. (SPGI), and Nasdaq , Inc. (NDAQ). It was built to meet their needs and preferences. This has ruffled the feathers of idealistic crypto enthusiasts who champion open, decentralized, permissionless blockchain technology. Digital Asset has taken the opposite approach, prioritizing privacy, permissions, and a more centralized governance model. I’m not here to judge one way or the other. I’m just here to offer my best estimation on how to profit. The main thesis behind the network can be found in the Canton Network’s whitepaper . In it, the company makes the case that there are two problems limiting institutional adoption of existing smart contract networks. First the paper states that current smart contract networks require users to adopt fully transparent privacy models. This can be a problem for traditional financial institutions for obvious reasons. The second issue that the whitepaper addresses is that users compete for transaction throughput. In a world that thrives on predictability, this poses a problem for organizations looking for predictable pricing and consistent timeliness of transactions. So, the Canton network was created to address these limitations allowing each user to define their privacy parameters and scaling requirements while utilizing a public but permissioned network. To achieve privacy, they effectively restrict the data that each party, depending on their role, can view to where no one in the network can see the full details of a transaction. To address speed, Canton uses subnets (similar concept to an L2 but they are interoperable and still contained within Canton’s single network) allowing transactions to be ordered locally. Canton Network incentivizes its participants with the Canton Coin , a utility token which began trading publicly in November of 2025 . Unlike traditional cryptocurrencies which only incentivize validators with rewards, Canton actually incentivizes users that build applications on the network as well. The Canton Coin Whitepaper breaks participants down into 4 categories: Users: Basically, anyone that holds the coin Validator: Node that provides network access to users and validate transactions on the network (infrastructure provider) Super Validator ((SV)): Node that validates and synchronizes transactions (infrastructure provider) Application Provider: A validator that also conducts transactions of their own on the network and submits a portion of those transactions to the synchronizer Validators, super validators, and application providers are all rewarded with the ability to mint canton coins for building and processing. The pace of that minting and the allocation of the coins is shown below: Canton Coin White Paper As you can see, in the initial years the bulk of newly minted coins will go to the validators and super validators. As the infrastructure providers of the network, this incentivizes their build out. But over time, that prioritization shifts and by year ten, 75% of all new coins will be minted by those who build and operate applications on the network. This is to incentivize continued growth of the network. After year 10 there will be 100 billion coins, and the supply of newly minted coins is capped at 2.5 billion annually. Fees are priced in US Dollars to provide stable, predictable pricing. But with each transaction a corresponding number of Canton Coins based on the current conversion rate are burned as part of Canton’s burn-mint equilibrium mechanism. The way this works according to the coins white paper is as follows: users and application providers pay transaction or resource usage fees (denominated in USD) not by directly paying but by burning the corresponding number of Canton Coins. So, as the price of Canton Coin drops, more are burned with each transaction and as it rises, less are burned with each transaction. Users and application providers have the option of acquiring and burning the coins themselves or they can pay a third party to do it for them so that they are not required to actually hold Canton Coin on their balance sheet. The validators, SVs, and application providers then get to mint the appropriate amount of Canton Coin to maintain the minting curve as their reward for services provided. The aspiration of this model is to keep the supply of Canton Coin stable while avoiding supply shortages or speculation. Digital Asset’s goal was to create a system where the price of the coin reflects the utility provided by the network, adequately rewarding those who build and maintain it. The final characteristic of the system that is worth mentioning is how to become a validator . With Bitcoin or Ethereum for example, anyone can join the network and validate transactions. With Canton, those who want to validate transactions must be sponsored by an existing SV and apply for permission from a validators committee. This mechanism helps to ensure that the members of the network making governance decisions are aligned. Current State of the Network Canton Foundation With the latest data showing $1.72 million in daily fees, this translates to an annualized number of $631.45 million. The current network value or market cap is $5.61 billion placing the network value at 8.9x the estimated annualized fees. Canton's average transaction fee is not currently published but working backwards from the data linked above, I estimate the transaction fee averages out to roughly $2.31 ($1.72 million / 743 thousand transactions = $2.31). For a comparative example, Ethereum currently has an average transaction price of .331 cents and is doing about 2.9 million transactions per day . Annualized this translates to roughly $960 million dollars in fee revenue compared to a market cap of $398 billion . This places the network value at roughly 414x the estimated annual fees. The list of companies acting as super validators on the network include Circle Internet Group, Inc. (CRCL), Chainlink, Tradeweb Markets Inc. (TW), Broadridge, and Nasdaq . When it comes to application provider highlights, DTCC announced Canton will be the first blockchain they use to begin tokenizing assets and transacting. The DTCC processed over $3.7 quadrillion worth of transactions in 2024 and provides custody services for $99 trillion worth of assets. JP Morgan Chase & Co. (JPM) recently announced they will be offering their JPM Coin on the Canton Network. Despite the network just going public in November, there is already robust usage from the world’s most recognizable financial institutions, and based on these recent announcements future usage growth looks probable. In Walks Tharimmune Many people criticize DATs and say that it is better to just buy the underlying asset. But Canton is different and that argument, while entertainable with other cryptocurrencies, has little merit when it comes to Canton Coin. The entities minting fresh Canton Coin are all large institutions that were sponsored, applied and accepted as validators. With the right set up, I can stake my own Ethereum or mine for Bitcoin but I cannot just mint new Canton Coin without permission, giving Canton Coin DATs that become Super Validators a distinct advantage over individuals that just own the underlying asset. This structure makes Tharimmune instantly relevant. The details on their treasury strategy are still limited. So, if we are going to evaluate the stock, we need to start making some assumptions. The announcement stated that out of the $545 million Tharimmune would pay transaction fees and set some aside to fund operations. $45 million seems high but let’s use that number because it is nice and round and say that they will use $500 million to acquire Canton Coin. At current network value, this would give Tharimmune just roughly 9% of the current supply of Canton Coin. Whether they will be more or less aggressive is not clear yet, but it is within the realm of possibility. One way Tharimmune could generate revenue with their supply is by being a service provider for those using the network. Remember, to transact on the network, parties must burn Canton Coin. However, some of these companies will likely not want to hold Canton Coin on their balance sheet. The Canton Coin white paper states “Participant node operators that want to connect to the Global Synchronizer can use Canton Coin to prepay their traffic directly, or they can arrange with a third party to set up a traffic balance (like a cell phone data plan paid in fiat currency) on their behalf.” Tharimmune could be that third party, providing the service of holding and burning Canton Coin. This could create a subscription like revenue model with consistent cashflow. They have not announced this as part of their strategy but by understanding how the network operates it becomes a clear opportunity to productively use their supply of Canton Coin. The next source of revenue for Tharimmune comes from acting as a Super Validator, allowing them to mint new Canton Coins. This would be similar to a Bitcoin DAT that mines for Bitcoin or an Ethereum DAT that stakes their Ethereum. Becoming a Super Validator is part of Tharimmune's announced strategy. Additionally, Tharimmune has announced plans to invest in companies that will be building on the Canton Network. This sounds similar to BMNR’s (an ETH DAT) moonshots strategy which I detailed in a previous article . Tharimmune’s pivot to become a Canton Coin DAT was funded by some fairly recognizable and established names. The following comes from the company's November 3rd, 2025 8k : "DRW and Liberty City Ventures acted as the lead investors, with participation by many prominent investors including ARK Invest, Bitwave, Broadridge, Clear Street, Copper, Digital Asset, Feynman Point Asset Management, Five North, Kaiko, Kenetic, Kraken, LendOS, Lukka, Nima Capital, MPCH, Obsidian Software, Polychain Capital, Proof Group, SBI Group, The Tie, Tradeweb Markets, and 7RIDGE." While the total amount contributed by each investor has not been publicly disclosed, I'll highlight a few points. The Canton Foundation and Digital Asset provided some of the funding. In my opinion, the fact that both are backing Tharimmune signals two significant pieces of information. First, it shows that Digital Asset and the Canton Foundation are putting their thumb on the scale, actively helping to shape the market in the Canton Networks favor. Second, it means Tharimmune is indirectly funded by those funding Digital Asset- companies like Nasdaq, Bank of New York Mellon, and S&P Global. Additionally, DRW, Tradeweb, and Broadridge are also worth highlighting as investors in THAR. DRW , one of the two lead investors, processes roughly 1 million transactions per day while Broadridge and Tradeweb represent a combined daily trading volume of $12.8 trillion. If Tharimmune does decide to offer burning as a service, companies like Broadridge, Tradeweb, DRW, Nasdaq, Bank of New York Mellon, and S&P Global might just turn into their customer base. To facilitate this pivot, Tharimmune brought in a new President, CEO, and CFO all of which come with decades of experience in the financial industry. I’ll highlight Mark Wedland , the new CEO as of November. Previously, Mark served as a treasurer at Citadel and at DRW before taking on the COO role for DRW. Citadel , a well-known market maker and liquidity provider, was one of the early investors in Digital Asset and the Canton Network. When it comes to DRW , one of their primary functions is to serve as a liquidity provider in various markets, including crypto assets. This background makes Mark extremely well suited to lead Tharimmune as a Canton Coin treasury. THAR's most recent S-3 stated that this shift in strategy will not materially change their day-to-day operations in the biotech business. Currently, their pipeline includes two products and oncology research efforts: 1. TH104 is a buccal film technology built to protect military and first responders involved in chemical incident response. The company is clear to file a new drug application with the FDA, as no further testing is required for this indication. 2. TH023 , an oral antibody used to treat autoimmune conditions, is currently being prepared for phase 1 trials 3. Gravitas Life Sciences : THAR's oncology segment is currently researching two potential therapies. It is not clear if or when these treatments will enter clinical trials. While it is important to monitor Tharimmune's pipeline, Canton Coin is the primary driver of Tharimmune's stock performance going forward. Tharimmune's pivot is a massive bet on the future of the Canton Network. The biotech side of the business will at best be a source of positive upside surprise and at worst a temporary drag on growth. Risks Right now, one of the biggest risks is opacity. This strategy is in its early days and as a small company, Tharimmune has less stringent reporting requirements. This risk will diminish as time passes and more information is disclosed but for now, we are lacking information. On the financial front, we don't know how much Canton Coin they own. On the strategy front, we've only received broad strokes with little detail. Ultimately, if they do not capitalize on the ability to become a service provider for the burning of Canton Coin, I might consider selling the stock. The stock is also currently non-compliant with Nasdaq and at risk of delisting due to the composition of their board. Tharimmune filed an 8-k stating they anticipate this issue will be remedied at their upcoming shareholders meeting on January 30 th . It appears to be a simple enough fix, but still an issue worth monitoring. The price of Canton Coin also poses a risk. Because it just became available to trade in November, we have no idea what the price action will be like. In the long term, Canton Coin may be less volatile compared to other cryptocurrencies because of the burn mint structure. But if the network is not adopted the coin’s value will be inflated away to effectively $0. It is not clear how this burn mint structure will impact the value of the coin even if there is massive adoption. My best guess is that the 2.5 billion coins that are minted per year after year ten will need to be valued high enough to at least cover the costs incurred by validators and super validators. But it is possible that the Canton Network could just become basically free infrastructure, used by major institutions where the operation of the network is done at a loss and the efficiency gains are all captured by the individual businesses that use the network effectively. Conclusion Tharimmune raised $545 million at $3.075 per share. When the announcement was made, the stock rallied to around $4 but has since declined back to $3.01, offering retail investors the ability to purchase shares at the same price where large institutional investors recently valued the shares. Seeking Alpha The current lack of details surrounding long term strategy and financial position is providing this opportunity. But I believe to understand the opportunity ahead, we just need to be paying attention. The biggest financial players in the world are telling us they are going to use the Canton Network. They’ve funded it, slowly built it and tested it over the past decade. Now it is going public, and the financial giants of the world are moving on to it. Some of these companies may not want to hold Canton Coin on their balance sheets because it is an asset with very little history. As a result, they will want someone to do that for them. I think this is where Tharimmune will play a pivotal role, as they could offer burning as a service to the financial community on the Canton Network enabling Tharimmune to effectively sell Canton Coin at a premium while continuously minting new coins as a Super Validator. This is obviously highly speculative. Do not invest in Tharimmune what you cannot afford to lose. But right now, retail investors have an opportunity to invest at the same price as those who funded the shift and who possess a deep understanding of this project. Additionally, Canton Coin is in its infancy. Unlike more established cryptocurrencies like Bitcoin or Ethereum, there are no ETFs for it, there are no other DATs, banks are not accepting it as collateral yet, and no governments hold it on their balance sheet. Canton Coin has all of that potential still in front of it. This is a highly asymmetric bet that will play out over the next decade. I’ve bought Tharimmune. I know my downside. But the potential upside is hard to fathom. Either way, I’m excited to see where this goes.
