Heritage Distilling to hold $360M in Story Protocol’s IP tokens, becoming the first Nasdaq-listed firm to adopt a blockchain IP asset as reserves.
Summary
- Heritage to acquire 52.5M IP tokens worth $361M as its main treasury reserve.
- Story will use sale proceeds for IP buybacks to support market alignment.
- IP trades at $6.09, down 12% in 24h but up 36% in 30 days.
Heritage Distilling Holding Company (Nasdaq: CASK) will become the first U.S.-listed firm to adopt Story Protocol’s (IP) token as its primary reserve asset, according to an Aug. 11 announcement.
The move comes through a $220 million private placement, combining cash and token contributions, supported by Story Foundation and a roster of major crypto investors.
First-of-its-kind corporate reserve strategy
The deal allocates $82 million from Heritage’s financing to purchase IP directly from Story Foundation at $3.40 per token. At closing, Heritage’s treasury will hold roughly 52.5 million IP tokens, valued at about $361 million based on the Aug. 10 market price of $6.8785.
The company will also raise $100 million via common stock and warrants, with additional token contributions from strategic partners.
Story Foundation will use all net cash proceeds from the sale to repurchase IP on the open market within 90 days, a step designed to align incentives and support market stability. Cantor Fitzgerald and Roth Capital Partners are serving as joint placement agents, while blockchain advisory firm Open World is providing strategic guidance.
Tokenized IP meets public markets
IP is the native asset of Story Protocol, an AI-native blockchain for registering, licensing, and monetizing intellectual property onchain. Applications like Aria and Ablo, which have enabled high-profile IP tokenization with companies and artists like Adidas, BTS, and Justin Bieber, are powered by IP. It also facilitates transactions, staking, and validation.
Heritage’s move signals a growing trend of corporations treating digital assets not just as stores of value but as yield-bearing, ecosystem-aligned reserves. The deal follows Story Protocol’s Feb. 2025 mainnet launch and builds on partnerships with Stability AI, Grayscale, and other institutional players.
Despite the announcement, IP fell 12% in the past 24 hours to $6.09, though it remains up 36% over the last month after a strong rally. The token’s market cap stands at $1.8 billion, with prices still 16% below its all-time high set in February.
