1 week ago
Nasdaq-listed Heritage Distilling Holding Company has unveiled a $360 cardinal integer plus treasury strategy centered connected the Story (IP) token, according to an Aug. 11 connection provided to CryptoSlate.
The institution said it secured $220 cardinal done a backstage placement, comprising $100 cardinal successful currency and $120 cardinal successful Story tokens.
Of the full proceeds, $82 cardinal volition beryllium utilized to acquisition further IP tokens from the Story Foundation. Meanwhile, the Foundation plans to deploy the full currency information to repurchase IP tokens connected the unfastened marketplace wrong 90 days of the transaction.
The determination marks the archetypal clip a Nasdaq-listed institution has adopted the IP token arsenic its superior reserve asset, reflecting a broader displacement among accepted firms integrating alternate assets into their treasuries. Key backers successful the backing circular see a16z Crypto, Amber Group, and Arrington Capital.
However, the announcement coincided with crisp marketplace declines successful Heritage’s banal and IP’s value.
Google Finance data shows Heritage’s CASK shares plunged astir 30% to astir $0.49 astatine property time. At the aforesaid time, CryptoSlate’s data besides recorded a 3.65% diminution successful the IP token’s worth to astir $6.35.
Understanding Story’s Nasdaq move
Story CEO SY Lee said the determination to database connected Nasdaq was driven by a tendency to widen the project’s communicative beyond the crypto community.
According to him:
“We’re not doing this conscionable due to the fact that everyone other is. Our crushed is clear: our communicative needs to beryllium told beyond crypto. There’s nary amended mode to bash that than by gathering a beingness successful the world’s largest superior market, the US banal market.”
Lee described Story arsenic a blockchain web operating astatine the intersection of crypto, artificial intelligence, and intelligence property. Rather than competing connected output oregon transaction speed, the institution focuses connected unlocking what it views arsenic an $80 trillion plus people spanning AI datasets, amusement franchises, and biomedical patents.
Story aims to alteration attribution, traceability, and just compensation for creators by making IP programmable. Lee emphasized that the adjacent competitory battleground successful AI volition beryllium information ownership and monetization, not conscionable computational power.
Lee pointed retired that the web has already secured important adoption arsenic its Layer 1 blockchain already has hundreds of thousands of IPs, including works from artists similar Justin Bieber, Blackpink, and BTS, arsenic good arsenic planetary brands specified arsenic Crocs and Adidas.
The station Heritage bets $360M connected Story’s IP token portion markets respond with crisp sell-off appeared archetypal connected CryptoSlate.
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