Heritage Distilling, a subsidiary of Nasdaq, enters $360 million digital asset venture with Story Foundation
Heritage Distilling Holding Company, a Nasdaq-listed spirits manufacturer, has made a significant move into the blockchain space with a $220 million investment in the $IP token, making it the first public company to make $IP its primary reserve asset.
The transaction, backed by notable investors including a16z crypto, Polychain Capital, and Amber Group, positions Heritage as the largest public corporate holder of $IP tokens, with approximately 52.5 million tokens valued at around $361 million. This move marks a shift in how public companies use blockchain-based intellectual property (IP) tokens as strategic reserves, integrating on-chain intellectual property rights and blockchain technology into corporate reserves.
The $IP token is the native asset of Story Protocol, an AI-native blockchain designed to register, license, and monetize intellectual property onchain using smart contracts. It facilitates transactions, staking, validation, and the monetization of IP assets, connecting human and AI agents in the IP marketplace. Heritage’s adoption of $IP not only backs the token’s utility and market but also supports the broader ecosystem of tokenized intellectual property.
The funding round for the deal also attracted several other prominent venture and crypto investors, such as Arrington Capital, Samsung Ventures, Amber Group, dao5, Hashed, Mirana Ventures, Neoclassic Capital, Open World, Selini Capital, Stix, and Syncracy Capital.
Story's blockchain has been used in collaborations with global brands and artists, including Adidas, BTS, and Justin Bieber. Story Foundation, the non-profit arm of Story Protocol, chose Heritage as its first public partner to help expand its ecosystem.
The transaction is expected to close in Q4 2022, subject to customary closing conditions. $82 million of the raised cash will be used to buy $IP tokens from Story Foundation at $3.40 each. The structure of the deal gives equity investors indirect exposure to the $IP token without requiring crypto wallet management.
In addition to the cash investment, Heritage Distilling Holding Company has also received $120 million worth of $IP tokens. The company has partnerships with Stability AI for open-source model licensing and with Grayscale to offer regulated $IP investment products.
This move by Heritage Distilling Holding Company is described as a "bold leap" into the digital asset economy, demonstrating a groundbreaking integration of blockchain-registered intellectual property assets into a public company’s treasury. The investment highlights strong confidence in the Story Protocol platform and the integration of blockchain IP tokens into mainstream corporate finance and treasury management.
Sources: [1] Heritage Distilling Holding Company Press Release [2] Story Protocol Press Release [3] a16z crypto Press Release [4] Polychain Capital Press Release [5] Amber Group Press Release
- Heritage Distilling Holding Company, a Nasdaq-listed spirits manufacturer, has integrated blockchain technology into its corporate reserves by investing $220 million in the $IP token, a native asset of Story Protocol, which is an AI-native blockchain designed for intellectual property (IP) management.
- The adoption of $IP by Heritage Distilling Holding Company not only supports the token's utility and market but also marks a significant move in the use of blockchain-based IP tokens as strategic reserves within the finance sector.
