Heritage Distilling Forms Historic Partnership with Story Foundation to Acquire $360 Million in Tokens
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Nasdaq’s Heritage Distilling Makes $360M Token Play with Story Foundation
Heritage Distilling Holding Company, a listed firm on the prestigious Nasdaq exchange, has recently made a groundbreaking move into the blockchain space. In an unprecedented deal, the company has agreed to hold $360 million worth of $IP tokens in its reserves.
This strategic partnership with Story Foundation marks a significant milestone in the crypto market as it positions Heritage Distilling as the first publicly traded firm to make $IP its primary reserve asset. The massive transaction involves a private placement of cash and token components, valued at $220 million.
As part of the agreement, Heritage will be issuing new shares worth $100 million, while also receiving $120 million in $IP tokens from Story Foundation. Notably, the majority of this amount ($82 million) will be utilized to purchase $IP directly from Story Foundation at a fixed price of $3.40. The remaining funds will be allocated towards strategic investments and business development.
Upon the closure of the deal, Heritage Distilling expects to hold a staggering 52.5 million $IP tokens. With the current market valuation, this reserve would amount to approximately $361 million. This move solidifies Heritage’s position as the largest publicly listed corporate holder of $IP tokens.
The highly anticipated funding round was backed by several prominent cryptocurrency investors, including a16z crypto, Amber Group, Polychain Capital, Arrington Capital, and Hashed. Cantor Fitzgerald and Roth Capital Partners acted jointly as placement agents.
Heritage Distilling’s bold leap into the digital asset economy is set to position the company at the forefront of blockchain-powered intellectual property markets. Story Foundation, having developed the $IP token, has chosen Heritage as its first public partner in expanding its ecosystem.
The significance of this partnership lies in the fact that it will allow intellectual property registration, licensing, and monetization on-chain, thereby promoting transparency and trust within the industry. The $IP token serves multiple purposes, including staking and network validation.
Source: blockonomi.com
