NASDAQ-listed company Heritage $CASK announced the completion of a $223.8 million private placement, which includes $95 million in cash and $128.8 million in $IP tokens.
This transaction is supported by the Story Foundation and several well-known investment institutions, including a16z crypto, Amber Group, Arrington Capital, dao5, Hashed, Mirana Ventures, Neoclassic Capital, Open World, Polychain Capital, Selini Capital, Stix, and Syncracy Capital.
As of August 25, 2025, Heritage holds 53.2 million IP tokens, valued at approximately $308 million based on a price of $5.8.
This includes 23,529,411 IP tokens purchased for $80 million in cash at a price of $3.4, indicating that Heritage acquired the IP at a relatively low price, with a discount of over 40%, meaning approximately 60% of the original price.
NASDAQ-listed company Heritage $CASK announced the completion of a $220 million PIPE financing, becoming the first to hold a strategic reserve of the Story native token $IP.
Of this, $100 million in cash was raised through the issuance of common stock and pre-purchase warrants; $120 million equivalent in $IP tokens was contributed by the Story Foundation.
$82 million in cash was used to purchase $IP from the Story Foundation at $3.40.
It is expected to reserve 52.5 million IP tokens, which, based on the August 10 price of $6.8785, amounts to approximately $361 million.
The Story Foundation will use the cash from this sale of IP to repurchase IP, to be completed within 90 days.
In addition to the Story Foundation, this round of investors includes: a16z crypto, Amber Group, Arrington Capital, dao5, Hashed, Mirana Ventures, Neoclassic Capital, Open World, Polychain Capital, Selini Capital, Stix, Syncracy Capital, and others.
Key members include:
Story founder and PIP Labs CEO S.Y. Lee serving as the chairman of Heritage's advisory board.
Phil Blows, co-founder of AQRU & B2 Capital Management, is set to become Heritage's CIO.
Ravi Kaza, CIO of Arrington Capital.
Erick Zhang, founding partner of Nomad Capital and former CEO of CoinMarketCap.
David Lee, former Google executive.
However, Heritage's pre-market dropped 14%, trading at $0.60.
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