Heritage Distilling Holding Company, Inc., a U.S.-listed beverage producer, is making a bold move into blockchain by committing $360 million to build a reserve of Story (IP) tokens.
The initiative is part of a strategic alliance with the Story Foundation, which focuses on using AI-driven blockchain solutions for the global intellectual property market.
The arrangement will be financed through a $220 million private investment in public equity (PIPE) deal. Of this, $100 million will be paid in cash and $120 million in tokens.
Heritage plans to acquire 52.5 million IP tokens, effectively making the asset the cornerstone of its digital reserve strategy.
A portion of the PIPE — around $82 million — will go toward purchasing tokens directly from the Story Foundation at a fixed price of $3.40 each.
In a bid to support market stability, the Story Foundation intends to reinvest all cash proceeds from the sale into buying IP tokens on the open market within the next three months.
This partnership aims to tap into the $80 trillion intellectual property sector, using blockchain infrastructure to enhance Heritage’s operational reach.
The project has attracted backing from major venture capital names including a16z crypto and Polychain Capital. Cantor Fitzgerald & Co. and Roth Capital Partners are serving as financial advisors and placement agents for the transaction.
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