Nasdaq-listed Heritage Distilling Holding Company has unveiled a $360 million digital asset treasury strategy centered on the Story (IP) token, according to an Aug. 11 statement provided to CryptoSlate.
The company said it secured $220 million through a private placement, comprising $100 million in cash and $120 million in Story tokens.
Of the total proceeds, $82 million will be used to purchase additional IP tokens from the Story Foundation. Meanwhile, the Foundation plans to deploy the entire cash portion to repurchase IP tokens on the open market within 90 days of the transaction.
The move marks the first time a Nasdaq-listed company has adopted the IP token as its primary reserve asset, reflecting a broader shift among traditional firms integrating alternative assets into their treasuries. Key backers in the funding round include a16z Crypto, Amber Group, and Arrington Capital.
However, the announcement coincided with sharp market declines in Heritage’s stock and IP’s value.
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