Nasdaq Enlivex Pursues $212M to Establish Rain Token as Core of First DAT Company

• Enlivex is planning to launch the first digital asset treasury centered around the RAIN token, the native asset of the prediction platform.
• Enlivex shares and RAIN tokens spike following $212 PIPE investment raiser announcement.

Enlivex Therapeutics is preparing to raise $212 million through a private investment in public equity (PIPE). The company plans to use this fund to launch a Rain (RAIN) token digital asset treasury (DAT). 

According to reports, Enlivex says it would become the first DAT built around a prediction-markets token.

Notably, Enlivex is selling a massive chunk of stock at a premium to raise $212 million. The company will use this fund to buy RAIN tokens, the native asset of Rain, a decentralized prediction markets platform on Arbitrum.

Users can create markets and trade custom options on any event in any language on the Rain platform. Rain permits AI-resolved outcomes and a buyback-and-burn mechanism tied to the RAIN token. 

RAIN holders can use the token to stake for rewards, vote on markets, and earn fees. The token ranks among the top 10 digital assets in prediction markets by total-value locked (TVL), now at $1.08 million, according to DeFiLlama data.

On the other hand, Enlivex has a market cap of about $31.82 million, according to Yahoo Finance data. The company is optimistic that decentralized, open, and permissionless systems will define the next phase of prediction markets, which it believes Rain fits that model.

Shai Novik, Chairman of Enlivex’s board, commented that the open-architecture model represents the scalable growth engine the company is currently eyeing. Novik added that Enlivex views Rain as the foundational infrastructure layer for the industry, similar to the role of Uniswap in decentralized trading.

Novik further noted that Enlivex wanted early-stage exposure when asked why the company chose Rain over larger players.

Italy’s Former Prime Minister to Join Enlivex

The company highlighted that Matteo Renzi, former Prime Minister of Italy, will join the Enlivex board of directors following the closing of the private placement.

Crucially, Enlivex is not ditching drugs for crypto, but diversifying its cash pile into what executives see as a high-upside DAT. Enlivex plans to continue advancing Allocetra, its late-stage therapy designed to treat osteoarthritis, a disease affecting tens of millions of people globally.

This DAT strategy is similar to MicroStrategy, which is accumulating Bitcoin on its balance sheet.

Enlivex, under the proposed PIPE, will sell 212 million ordinary shares at $1 each. The deal is expected to close on or before November 25, subject to standard conditions. 

Once the deal pulls through, the Rain Foundation will provide a grant to adjust Enlivex’s effective entry price. This is to support an initial net asset value multiple (mNAV) of 0.95.

Enlivex can also leverage a partnership with the foundation to buy up to an additional $918 million worth of RAIN tokens over 12 months at a fixed price of $0.0033.

Following the news, Enlivex shares have surged more than 52% over the past 24 hours to around $1.37. Similarly, RAIN pumped 126% to $0.008.

Meanwhile, the news from Enlivex comes shortly after Nasdaq-listed Leap Therapeutics officially transitioned into Cypherpunk Technologies Inc. As we mentioned in our report, this marked a pivot from biotechnology into a new treasury strategy centered on Zcash (ZEC).