Heritage Distilling Company establishes a $340 million fund to invest in the IP token of Story Protocol

Heritage Distilling Holding Company, a company listed on Nasdaq, plans to establish a treasury fund worth $340 million to invest in the token $IP of Story Protocol, a blockchain project focused on intellectual property.

Fundraising strategy and token purchase

Heritage Distilling will raise $220 million through a PIPE funding round. Of this, $82 million in cash will be used to directly purchase the IP token from Story Foundation at a preferential price of $3.4/token, nearly 50% lower than the market price. This plan indicates a bold investment strategy aimed at effectively accessing the digital asset market.

Personnel linkage and vision

Seung Yoon "SY" Lee, founder of Story Protocol, will become the chairman of the board of directors of Heritage, strengthening the connection between the two companies. According to Heritage, this investment will help them access the rapidly growing tokenized intellectual property economy.

IP is the token of #StoryProtocol , a layer-1 blockchain that has raised $140 million and partnered with many major names like Justin Bieber, BTS, Blackpink, Adidas, and Crocs. The continuous establishment of investment funds into IP by large companies like Heritage Distilling and Grayscale shows the increasing interest of institutions in highly applicable blockchain projects. Although the price of the IP token is currently adjusting according to the broader market, this is still a positive signal indicating the widespread acceptance of cryptocurrencies by traditional institutions.