Nasdaq-Genten Heritage Distilling Holding Company has unveiled a $ 360 million digital assets Treasury strategy aimed at the story (IP) token, according to a statement of 11 August provided to CryptoSlate.
The company said it obtained $ 220 million through a private placement, consisting of $ 100 million in cash and $ 120 million in recovery tokens.
Of the total proceeds, $ 82 million will be used to buy extra IP tokens from the Story Foundation. In the meantime, the foundation is planning to use the entire cash part to buy back IP tokens on the open market within 90 days after the transaction.
The move marks the first time that a Nasdaq-listed company has taken over the IP token as its primary reserve assets, which reflects a broader shift among traditional companies that integrate alternative assets into their treasury. Important backers in the financing round are A16Z Crypto, Amber Group and Arrington Capital.
However, the announcement coincided with a competitive market in the shares of Heritage and the value of IP.
Google Finance facts Shows the barrel shares of Heritage decreased at almost $ 0.49 on the press of almost $ 0.49. At the same time, CryptoSlate’s Data also registered a decrease of 3.65% in the value of the IP -token to around $ 6.35.
Insight into the Nasdaq movement of the story
Story CEO Sy Lee said The decision to mention on Nasdaq was driven by the desire to expand the story of the project outside the crypto community.
According to him:
“We don’t do this not only because everyone is. Our reason is clear: Our story must be told further than crypto. There is no better way to do that than by building a presence on the largest capital market in the world, the US stock market. “
Lee described story as a blockchain network that worked at the intersection of crypto, artificial intelligence and intellectual property. Instead of competing with returns or transaction speed, the company focuses on unlocking what it regards as a $ 80 trillion of asset class that spans AI datasets, entertainment franchises and biomedical patents.
Story is intended to enable attribution, traceability and fair compensation for makers by making IP programmable. Lee emphasized that the next competitive battlefield in AI is data possession and income, not just computational power.
Lee pointed out that the network has already secured an important acceptance, because its layer 1 blockchain already has hundreds of thousands of IPs, including works by artists such as Justin Bieber, Blackpink and BTS, as well as global brands such as Crocs and Adidas.
