Heritage Distilling Holding Company - a Nasdaq-listed company with the ticker CASK - has drawn significant attention by announcing a digital asset management strategy worth $360 million, focusing entirely on Story Token (IP). This information was released on 8/11, marking the first time a US-listed company has chosen an IP token as its primary reserve asset.
According to the plan, Heritage has successfully raised $220 million through a private placement, including $100 million in cash and $120 million in Story tokens. Of this capital, $82 million will be used to directly purchase IP tokens from Story Foundation. The entire cash amount will be deployed by the company to buy back IP tokens in the open market within 90 days after completing the transaction.
Notably, this funding round includes participation from major venture capital investors such as a16z crypto, Amber Group, and Arrington Capital - names known for strategic investments in global blockchain projects.
Mr. SY Lee, CEO of Story, explained that this is not just about raising capital but also about expanding influence beyond the crypto community.
"We are not doing this just because others are doing it. Our story needs to be told on a global scale. And there is no better way than to be present in the world's largest capital market - the US stock market," Lee emphasized.
Surprisingly, immediately after the announcement, both CASK stock and IP token experienced significant drops. Data from Google Finance shows Heritage's stock price lost nearly 30%, around $0.49 per share. Meanwhile, data from CryptoSlate recorded the IP token dropping 3.65% to approximately $6.35. This development raises questions about market psychological pressure and traditional investors' acceptance of digital assets.
