US Capital fund treasury 360 million USD for token IP (Story Protocol)

Overview of the $360 million deal

Story Protocol, a blockchain project focused on on-chain intellectual property (IP) management, has gained attention in the Web3 space due to its platform that allows creators to register, track, and monetize their content. The company, founded in the United States in 2022 by founders Seung Yoon Lee, Jason Zhao, and Jason Levy, has raised over $143 million in funding rounds. In August 2022, it reached a valuation of $2.25 billion after its Series B round.

Heritage Distilling Company (NASDAQ: CASK), a prominent US-based distillery known for its artisanal products, has recently moved into investing in digital assets. On August 12, 2025, Heritage Distilling took a major step towards bringing digital assets to public companies by establishing a $360 million investment fund focused on Story Protocol’s IP token.

Deal progress

Heritage Distilling announced a $220 million private placement (PIPE) round on August 11, 2025, consisting of $100 million in cash and $120 million in IP tokens. This was the start of the event. To establish a $360 million investment fund, a large portion is expected to be used to purchase IP tokens directly at a discount from Story Protocol, and the remainder will be spent on purchasing IP tokens on the open market within the next 90 days. Heritage has experience in combining digital and traditional assets, so this move is seen as part of their strategy to diversify their portfolio.

The main driver of the Story Protocol ecosystem, the IP token, is expected to generate a price spike in the same way as Ethena's ENA token. Story Protocol plans to use $220 million from Heritage to buy back IP tokens on the market to reduce circulating supply and increase value for investors. After the announcement, people on social media platforms expressed optimism, with many suggesting that the price of IP could rise sharply. However, some are concerned about the sustainability of this approach.

Impact on the Story Protocol Ecosystem

Heritage Distilling has raised a $360 million fund, elevating the status of IP tokens as a potential investment asset in the blockchain industry and providing Story Protocol with a large amount of capital. This could help the Story Protocol ecosystem grow, especially for intellectual property protection through AI technology. Heritage Distilling has the opportunity to increase the value of CASK shares, which have increased sharply recently, and put the company on the list of top digital asset listing companies.

The capital for Story Protocol's platform development is enhanced by Heritage Distilling's support, especially in expanding the application of IP to industries such as entertainment and AI. In addition, this makes the project better and attracts more developers and investors, especially when the crypto community expresses excitement on online forums.

This event is likely to promote the institutionalization of digital assets in the market and can expand the adoption of $IP tokens globally. This could lead to a domino effect, encouraging other businesses to list and accumulate Web3 assets and increase the liquidity and market value of similar tokens.

Conclusion and evaluation

Heritage Distilling’s establishment of a $360 million investment fund focused on Story Protocol’s $IP token is a major milestone, reflecting the intersection of traditional finance and blockchain technology. This event brings growth opportunities for both companies and the Web3 market, albeit with risks from price volatility and regulation.

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