What To Know:
- Enlivex Therapeutics plans a $212 million PIPE to build a digital asset treasury centered on the RAIN token, marking what it calls the first treasury dedicated to a prediction-markets asset.
- The company frames the move as a long-term shift into decentralized financial infrastructure, citing Rain’s early-stage network potential.
- The company aims to position it against larger players like Polymarket and Kalshi.
Enlivex Therapeutics, a Nasdaq-listed biopharmaceutical company, has announced plans for a $212 million private investment in public equity to establish a digital asset treasury centered on the Rain token. The company says the initiative would create the first treasury structure dedicated to a prediction-markets asset. Enlivex, which holds a market capitalization of roughly $22 million, is positioning the move as a long-term strategic shift into decentralized financial infrastructure.
Enlivex Intends To Position Itself Around Prediction Markets
Rain operates on the Arbitrum network and promotes itself as a fully decentralized prediction markets protocol. Users can create custom markets on any topic, trade event-driven options, and rely on automated resolution tools. The platform includes a buyback-and-burn model linked to the RAIN token. Enlivex argues that prediction markets are moving toward more open, permissionless networks and that Rain aligns with this direction.
Shai Novik, chairman of Enlivex’s board, said the company sought an early-stage platform with a broad design scope. He called Rain an infrastructure layer that could support growth across multiple prediction-market applications. Novik compared Rain’s long-term potential to decentralized trading platforms that gained scale once early infrastructure matured. His comments focus on the idea that network-level protocols can generate new categories of demand when supported by committed treasury structures.
The prediction-markets sector has drawn significant institutional attention. ICE, parent company of the New York Stock Exchange, recently invested $2 billion in Polymarket. Reports indicate that Polymarket is in discussions for a new round that may place its valuation between $12 billion and $15 billion. Kalshi, another major player, has reportedly secured a $1 billion raise at an $11 billion valuation. Investors have attributed sector growth to stronger rules, broader awareness, more demonstrable use cases, and infrastructure that now supports global retail and institutional participation.
Compared with Polymarket and Kalshi, Rain processes a far smaller transactional footprint. Its 24-hour trading volume of roughly $10 million, according to DeFiLlama, shows early adoption rather than scale. Novik said that difference is precisely why Enlivex selected Rain over larger competitors. The company wanted exposure at a stage where token values have not yet priced in high-volume expectations. He said early positioning allows Enlivex to build a treasury structure tied to projected growth rather than current size.
Enlivex says former Italian Prime Minister Matteo Renzi will join its board of directors once the private placement is completed. The appointment signals the company’s intention to combine traditional governance with digital asset-centered strategy.
The PIPE arrangement calls for Enlivex to sell 212 million ordinary shares at one dollar each. The raise will be funded in US dollars and USDT. Closing is expected on or before November 25, subject to standard conditions. BTIG serves as placement agent and financial advisor. Legal counsel includes Greenberg Traurig and Fischer FBC for Enlivex, and DLA Piper and Gornitzky & Co for BTIG.
Enlivex plans to use the proceeds to purchase unlocked RAIN tokens from open markets and liquidity providers. Novik said the company will not buy tokens from the Rain team or the Rain Foundation. No lockups will apply. To support an initial mNAV of 0.95, the Rain Foundation will provide a grant that adjusts Enlivex’s effective token entry price. The agreement also gives the company an option to purchase up to an additional $918 million in RAIN tokens over 12 months at a fixed price of $0.0033.
Novik emphasized that the treasury design is built for multi-year conviction. Several existing digital asset treasury firms have come under pressure this year due to declining mNAVs, accelerated buybacks, and token-supply issues. Novik said Enlivex considered those headwinds but views the Rain structure as fundamentally different because its focus is network-level exposure rather than short-term asset appreciation. He added that Enlivex was introduced to Rain by its banker and had no prior relationship with the project.
The company will continue to advance its core biotechnology program. Allocetra, Enlivex’s late-stage therapy candidate for osteoarthritis, remains its primary scientific asset.
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