While Ethereum (ETH) and many altcoins continue to be adopted by major corporations as part of their treasury strategy, the latest news came for an altcoin that was completely unexpected.
Accordingly, Nasdaq-listed company Enlivex Therapeutics announced plans to raise $212 million to create a Rain (RAIN) token treasury. All of the funds raised will be used to purchase RAIN tokens on the open market.
Enlivex will sell 212 million shares to investors at a price of $1. Payments will be made in US dollars and USDT.
This will be the first institutional Digital Asset Treasury (DAT) focused on this prediction market token.
Shai Novik, Chairman of the Board of Enlivex, said in his statement:
“For us, this open architecture model represents the scalable growth engine we were looking for.
We see prediction markets as one of the most exciting emerging sectors in the blockchain space, and we believe it has tremendous long-term growth potential.
We see Rain as the foundational infrastructure layer for the industry, similar to how Uniswap supports decentralized trading.”
Rain is a decentralized prediction market protocol on the Arbitrum network.
Following the news, Rain’s price surged by over 100% and climbed above $0.0070.
*This is not investment advice.