Nasdaq-listed Enlivex plans $212 million fundraise for Rain token treasury, calling it first prediction-markets DAT

Nasdaq-listed Enlivex Therapeutics is planning a $212 million Private Investment in Public Equity (PIPE) to establish a treasury backed by the Rain token, which the company claims will be the first Digital Asset Treasury (DAT) centered on a prediction-markets token.

Rain is a decentralized prediction markets protocol on Arbitrum that allows users to create markets on any event. Enlivex's chairman, Shai Novik, views Rain as foundational infrastructure for the industry, similar to Uniswap for decentralized trading, and chose the early-stage project for its exponential growth potential despite its smaller current volume compared to giants like Polymarket.

The $212 million raise involves selling 212 million ordinary shares at $1 each, funded by USD and USDT, expected to close by November 25. Enlivex will use the proceeds to buy unlocked RAIN tokens from the market and liquidity providers to serve as its main treasury reserve asset. The Rain Foundation will provide a grant to adjust Enlivex’s effective entry price, and Enlivex also has an option to purchase an additional $918 million worth of RAIN tokens over 12 months at a fixed price. Former Italian Prime Minister Matteo Renzi will join Enlivex's board post-placement, and the company will continue developing its drug therapy, Allocetra.

(Source：The Block)