The biotech firm shifts toward a bold crypto treasury strategy, planning one of the largest corporate bets on a prediction market token amid a turbulent environment for digital-asset treasuries
A Nasdaq-traded biotech company is making one of the most unconventional pivots of the year, announcing plans to raise $212 million and deploy most of it into RAIN, the token powering a decentralized prediction market on Arbitrum. The move positions Enlivex Therapeutics as the first corporation to build a treasury centered on a prediction market asset — even as many digital-asset treasuries struggle with falling valuations.
Enlivex’s $212M Raise Signals a Strategic Shift Toward Blockchain
Enlivex Therapeutics said it will raise the capital through a private investment in public equity, issuing 212 million shares at $1 each, an 11.5% discount to its latest closing price.
The company plans to complete its RAIN token acquisition within 30 days of the financing round’s close.
Executive chairman Shai Novik described prediction markets as one of the most promising emerging categories in blockchain, highlighting their expected long-term expansion.
Novik said the firm sees a “first-mover advantage in a fundamentally strong category” and praised Rain’s decentralized architecture for enabling scalable global access.
Why Enlivex Chose Rain’s Prediction Market Model
RAIN is currently the 10th largest prediction market protocol, holding $1 million in TVL and producing more than $73,000 in monthly revenue. Though far smaller than Polymarket, which has $259 million in TVL, Rain’s utility token has risen nearly 795% since launching on Sept. 9, reaching an $862 million market cap.
The strategic timing comes as Enlivex’s own stock has dropped 23% year-to-date, reflecting broader pressure across clinical-stage biotech firms.
Former Italian Prime Minister Matteo Renzi Joins the Board
In a rare political crossover, former Italian Prime Minister Matteo Renzi will join Enlivex’s board to guide its treasury transition. Renzi, now a senator for Florence and a member of JPMorgan’s International Council, will assist with global policy strategy and regulatory navigation.
Renzi said he sees “real potential in blockchain technologies and prediction-driven models that foster clarity, participation and transparency.”
His appointment underscores Enlivex’s ambition to formalize one of the first corporate treasuries built on a decentralized prediction ecosystem.
Crypto Treasury Firms Face Pressure as mNAV Ratios Decline
While Enlivex enters prediction markets with confidence, many existing digital-asset treasuries are showing signs of strain. The mNAV ratio — measuring enterprise value relative to crypto holdings — has dipped across multiple firms, making fresh capital raises more difficult.
Bitmine, the world’s largest corporate Ether holder, recently saw its mNAV fall to 0.77, paired with $3.7 billion in unrealized losses. Other companies such as Strategy, Metaplanet, Sharplink Gaming and DeFi Development Corp. have also recorded sharp declines.
Enlivex’s $212 million move into the RAIN token marks a bold strategy shift that pairs biotech with decentralized prediction markets — an uncommon alliance in today’s tech landscape. With Matteo Renzi joining the board, the company aims to navigate global regulation while establishing a pioneering crypto treasury model, even as broader market pressures challenge other digital-asset treasuries.
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