Enlivex Therapeutics Raises $212M for RAIN Prediction Market Token Treasury Strategy

Enlivex Therapeutics, an Israel-based clinical-stage biotech firm, announced it is raising $212 million via a private placement to become the first publicly traded U.S. company to designate a blockchain-based prediction market token, RAIN, as its main treasury reserve asset. The RAIN token powers a decentralized protocol on the Arbitrum blockchain that facilitates trading predictions on real-world events, featuring a deflationary buyback and burn mechanism. Enlivex, which currently has a $22 million market cap, intends to use the majority of the funds to acquire RAIN tokens, viewing the growing prediction markets sector as a strategic growth area, citing institutional interest in competitors like Polymarket and Kalshi. Concurrently, the company will continue clinical trials for its lead drug candidate, Allocetra, a macrophage therapy for osteoarthritis. Following the deal's close on November 25, former Italian Prime Minister Matteo Renzi is expected to join Enlivex’s board. The company had previously approved purchasing up to $1 million in Bitcoin for its cash-management strategy last year.

(Source：CoinDesk)