A US-Based Company Announces Significant Investment in a Token That Is Not Even Among the Top 50 Altcoins

US-based Heritage Distilling Holding Company, Inc. announced the launch of a $360 million Story (IP) token reserve strategy under an agreement with the Story Foundation.

The deal will be funded by a $220 million PIPE (Private Equity Investment in a Public Company) investment and will include $100 million in cash and $120 million in tokens.

The company will purchase 52.5 million IP tokens, making IP its primary reserve asset. The $82 million raised from the PIPE financing will be used to purchase IP tokens from the Story Foundation at a fixed price of $3.40 per token.

The Story Foundation will invest all cash proceeds from the sale in open market repurchases of IP tokens within 90 days. Focusing on the $80 trillion intellectual property economy through its AI-based blockchain infrastructure, the Story Foundation aims to expand Heritage's network operations through this partnership.

The deal is backed by a16z crypto, Polychain and other leading investors, while Cantor Fitzgerald & Co. and Roth Capital Partners are acting as financial advisors and placement agents.

*This is not investment advice.