Nasdaq’s Heritage Distilling Makes $360M Token Play With Story Foundation

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Heritage to hold 52.5M $IP tokens worth $361M after PIPE deal with Story Foundation.
$82M of proceeds will buy $IP at $3.40; Story to repurchase $IP in the market.
First Nasdaq-listed firm to make $IP its primary reserve asset.
Deal backed by a16z crypto, Polychain Capital, and Amber Group.

Heritage Distilling Holding Company has announced a major move into the blockchain space. The firm revealed plans to hold $360 million worth of $IP tokens in its reserves.

This comes through a $220 million private placement involving both cash and token components. The partnership with Story Foundation also includes participation from well-known crypto investors.

According to a press release, the deal positions Heritage as the first Nasdaq-listed company to make $IP its primary reserve asset.

$IP Becomes Heritage’s Strategic Reserve

The transaction will see Heritage raise $100 million in cash and receive $120 million worth of $IP tokens. Of the cash raised, $82 million will go toward purchasing $IP directly from Story Foundation at a fixed $3.40 price.

In turn, Story Foundation will use all net proceeds from this sale to repurchase $IP on the open market within 90 days.

By the close of the deal, Heritage expects to hold around 52.5 million $IP tokens. Based on August 10, 2025 prices, that reserve is valued at roughly $361 million. This makes Heritage the largest public corporate holder of $IP, aligning it with the growing market for tokenized intellectual property.

The funding round attracted several notable backers, including a16z crypto, Amber Group, Polychain Capital, Arrington Capital, and Hashed. Cantor Fitzgerald and Roth Capital Partners acted as joint placement agents.

The move was described as a “bold leap” into the digital asset economy, designed to give Heritage a role in blockchain-powered intellectual property markets.

Story Foundation, which created the $IP token, chose Heritage as its first public partner to help expand its ecosystem. The $IP token serves as the medium for registering, licensing, and monetizing intellectual property onchain. It can also be used for staking and network validation.

The Heritage Play: Linking IP, AI, and Blockchain

Story’s blockchain has been used in collaborations with global brands and artists, including Adidas, BTS, and Justin Bieber. Its technology supports onchain registration of assets, enabling transparent licensing for both human and AI-generated works.

The network has also been involved in partnerships with Stability AI for open-source model licensing and with Grayscale to offer regulated $IP investment products. Heritage’s treasury move gives it early exposure to this sector, which is expected to grow alongside the adoption of AI-native infrastructure.

According to Story Foundation, using cash from the Heritage deal for token buybacks ensures long-term alignment between both parties. Market watchers say the structure gives equity investors indirect exposure to the $IP token without requiring crypto wallet management.

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