Nasdaq-listed Enlivex Plans $212m Rain Token Play With Ex-italian...

Former Italian Prime Minister Matteo Renzi will join the Enlivex board to support its policy efforts in establishing the first corporate treasury holding a prediction market token.

A Nasdaq-listed biotech firm is raising $212 million in a late-cycle pivot into crypto, planning to buy the token of a decentralized prediction market even as other digital-asset treasuries (DATs) struggle to stay afloat.

Enlivex Therapeutics (ENLV), a clinical-stage macrophage reprogramming immunotherapy company, said on Monday it plans to raise $212 million through private investment in public equity, selling 212 million shares at $1 each. The price represents an 11.5% discount to Friday’s close, according to the company’s filing with the US Securities and Exchange Commission.

The company plans to invest the majority of the $212 million in Rain (RAIN), the utility token behind the Rain decentralized prediction market on the Arbitrum network, marking the first corporate strategy centered on a prediction market token, according to a Monday announcement shared with Cointelegraph.

“We see prediction markets as one of the most exciting emerging sectors in the blockchain space,” with “exceptional” long-term growth potential, Shai Novik, executive chairman at Enlivex Therapeutics, told Cointelegraph.

When asked about the reason for choosing the Rain protocol, Novik said that its “decentralized” architecture stood out, as it serves as a “scalable model which supports global access and growth.”

Enlivex expects to complete its Rain purchases within 30 days of the offering’s close.

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Rain is the 10th largest prediction market in the blockchain industry, with $1 million in total value locked (TVL) and $73,378 in monthly revenue generated during the past 30 days, according to blockchain data aggregator DefiLlama.

In comparison, Polymarket boasts a $259 million TVL, but doesn’t share its monthly revenue figures.

Source: CoinTelegraph