Story Foundation announces $360 million token reserve with US-listed Heritage Distilling Company
Summary
- Story Foundation announced that it will form a Story Token Reserve worth $360 million together with Heritage Distilling Company.
- Heritage Distilling Company revealed plans to use $82 million from its $220 million PIPE fundraising to purchase Story Tokens from Story Foundation at $3.40 per token.
- Story Foundation stated that it intends to use all proceeds from the sale to repurchase tokens in the open market within 90 days after the purchase.
Story Foundation, which operates the Story (IP) intellectual property blockchain, announced on the 12th that it will form a 'Story Token Reserve' worth $360 million (about ₩494 billion) in partnership with Nasdaq-listed spirits manufacturer Heritage Distilling Company.
For this token reserve program, Heritage Distilling Company will raise $220 million through a private investment in public equity (PIPE). Of this amount, $100 million will be in cash and the remaining $120 million will be provided as Story Tokens.
Leading global investment firms participated in the investment, including a16z Crypto, Arrington Capital, Amber Group, DAO5, Hashed, Mirana, Neo Classic Capital, OpenWorld, Polychain, Styx, Selini Capital, and Syncracy Capital.
Specifically, as part of its digital asset financial strategy, Heritage Distilling Company plans to use $82 million of the raised funds to purchase Story Tokens from Story Foundation at $3.40 each. Story Foundation intends to use the entire cash proceeds to repurchase Story Tokens in the open market within 90 days after the purchase.
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