
Nasdaq’s Heritage Distilling Makes $360M Token Play With Story Foundation
In a groundbreaking move, Heritage Distilling Holding Company has announced a significant partnership with Story Foundation to secure $360 million worth of $IP tokens. This strategic step sees the firm become the first Nasdaq-listed company to adopt $IP as its primary reserve asset.
The agreement involves a private placement of $220 million, comprising both cash and token components. The deal includes Heritage raising $100 million in cash and receiving $120 million in $IP tokens from Story Foundation. It is planned that $82 million of the raised cash will be used to purchase $IP directly from Story Foundation at a fixed price of $3.40 per token.
Story Foundation will then utilize all net proceeds from this sale to repurchase $IP on the open market within 90 days. This arrangement is expected to result in Heritage holding approximately 52.5 million $IP tokens. Based on current prices, this reserve has an approximate value of $361 million.
Heritage’s treasury move is seen as a bold leap into the digital asset economy, enabling it to take part in blockchain-powered intellectual property markets. The partnership positions Heritage as the largest public corporate holder of $IP, further solidifying its role within the rapidly growing market for tokenized intellectual property.
The funding round attracted significant attention from prominent backers, including a16z crypto, Amber Group, Polychain Capital, Arrington Capital, and Hashed. Joint placement agents Cantor Fitzgerald and Roth Capital Partners facilitated the deal.
Heritage’s decision to hold $IP tokens as its primary reserve asset is seen as a strategic move to give it an early foothold in this sector, which is expected to grow alongside the adoption of AI-native infrastructure.
Source: blockonomi.com