Heritage Distilling and Story Foundation announced the launch of a $360 million IP Token reserve, with notable investors including a16z crypto.

Golden Finance reports that Heritage Distilling Holding Company, Inc. announced a $220 million private sale financing (PIPE) to establish a financial reserve strategy centered around IP (the native token of the Story Network). Heritage will allocate $82 million from private equity financing (PIPE) to purchase IP tokens from Story Foundation at a fixed price of $3.40 per IP token. Story Foundation plans to use 100% of the net cash proceeds from the sale of IP tokens to Heritage for a strategic repurchase of IP tokens on the open market within a period not exceeding 90 days after the transaction is completed. Story Foundation is the operating entity of the Story project, which is an AI-native blockchain infrastructure aimed at the $80 trillion¹ intellectual property economy. This collaboration aims to expand Heritage's relevant business activities within this network. This transaction is jointly arranged by Cantor Fitzgerald & Co. and Roth Capital Partners as the placement agents and financial advisors.