Nasdaq-listed Heritage Distilling Holding Firm has unveiled a $360 million digital asset treasury technique centered on the Story (IP) token, in response to an Aug. 11 assertion offered to CryptoSlate.
The corporate stated it secured $220 million by a personal placement, comprising $100 million in money and $120 million in Story tokens.
Of the full proceeds, $82 million might be used to buy extra IP tokens from the Story Basis. In the meantime, the Basis plans to deploy the whole money portion to repurchase IP tokens on the open market inside 90 days of the transaction.
The transfer marks the primary time a Nasdaq-listed firm has adopted the IP token as its main reserve asset, reflecting a broader shift amongst conventional corporations integrating different belongings into their treasuries. Key backers within the funding spherical embrace a16z Crypto, Amber Group, and Arrington Capital.
Nevertheless, the announcement coincided with sharp market declines in Heritage’s inventory and IP’s worth.
Google Finance knowledge exhibits Heritage’s CASK shares plunged practically 30% to round $0.49 at press time. On the identical time, CryptoSlate’s knowledge additionally recorded a 3.65% decline within the IP token’s worth to roughly $6.35.
Understanding Story’s Nasdaq transfer
Story CEO SY Lee stated the choice to record on Nasdaq was pushed by a want to increase the undertaking’s narrative past the crypto group.
In line with him:
“We’re not doing this simply because everybody else is. Our purpose is obvious: our story must be advised past crypto. There’s no higher manner to do this than by constructing a presence on the earth’s largest capital market, the US inventory market.”
Lee described Story as a blockchain community working on the intersection of crypto, synthetic intelligence, and mental property. Fairly than competing on yield or transaction pace, the corporate focuses on unlocking what it views as an $80 trillion asset class spanning AI datasets, leisure franchises, and biomedical patents.
Story goals to allow attribution, traceability, and truthful compensation for creators by making IP programmable. Lee emphasised that the subsequent aggressive battleground in AI might be knowledge possession and monetization, not simply computational energy.
Lee identified that the community has already secured important adoption as its Layer 1 blockchain already has a whole lot of hundreds of IPs, together with works from artists like Justin Bieber, Blackpink, and BTS, in addition to world manufacturers resembling Crocs and Adidas.
