Story and Heritage Distilling launch a $360 million IP coin strategic plan, a16z participates in digital asset allocation for the first time

According to reports, Story Protocol announced on social media that its AI-native infrastructure and programmable IP blockchain, Story, has launched a $360 million IP token reserve program in partnership with Heritage Distilling (NASDAQ: CASK), supported by top institutions such as a16z crypto, Selini Capital, and Amber Group. Heritage Distilling will receive 52.4 million IP tokens, which will be locked for the long term. The Story Foundation plans to use $82 million to repurchase an equivalent amount of IP tokens in the next 90 days to provide strong support for the market. This transaction is similar to the case where BitMine's stock price skyrocketed 30 times after announcing its Ethereum digital asset reserve strategy. Notably, this is the first time a16z has participated in the digital asset strategic allocation of a listed company and is also an example of the Nasdaq's lowest market capitalization company introducing a digital asset reserve. The native token IP of Story was listed on South Korea's largest cryptocurrency exchange, Upbit, last Friday, and was included in the list of 'Top 20 crypto assets to watch' by the world's largest digital asset management company, Grayscale, which launched the 'Grayscale Story Trust' to provide direct investment channels for institutional investors. In the last 30 days, the IP token has risen by 135.9%, currently priced at $6.77.