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Heritage Distilling Adopts Story Protocol Token as $360M Treasury Reserve

Heritage’s $360 million strategy hinges on a private placement with token contributions underpinned by a 90-day buyback pledge.

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Overview

  • Heritage will become the first Nasdaq-listed U.S. company to adopt Story Protocol’s IP token as its primary treasury reserve.
  • The deal secures $220 million via a private placement comprised of $100 million in cash and $120 million in IP tokens.
  • Heritage will allocate $82 million of cash to buy IP tokens from the Story Foundation at $3.40 each and the foundation will repurchase net proceeds within 90 days.
  • Upon closing, Heritage’s treasury will hold about 52.5 million IP tokens, valued at roughly $361 million based on August 10 prices.
  • Heritage’s shares plunged nearly 30% and the IP token fell more than 10% after the announcement as investors assessed the unconventional reserve strategy.