Nasdaq-listed Heritage Distilling Holding Company (CASK) has partnered with Story Foundation to establish a $360 million reserve strategy centered on Story Protocol's IP token. Under the agreement, Heritage will acquire 52.5 million IP tokens—valued at $361 million based on pre-announcement prices—making it the first U.S.-listed company to adopt a blockchain-based intellectual property asset as its primary treasury reserve.
The $220 million private placement includes $100 million in cash and $120 million in token contributions, with $82 million allocated to purchase IP tokens directly from Story Foundation at a fixed price of $3.40 per token. Story Foundation will use all net cash proceeds to repurchase IP tokens on open markets within 90 days, aiming to stabilize token value and align incentives.
Major investors backing the deal include a16z crypto and Polychain, with Cantor Fitzgerald and Roth Capital Partners serving as financial advisors. Story Protocol, whose AI-native blockchain enables IP registration and monetization, powers applications used by Adidas, BTS, and Justin Bieber. Despite the announcement, IP traded at $6.09 post-reveal—down 12% in 24 hours but up 36% over 30 days—with a $1.8 billion market cap.
