Heritage Distilling (ticker: CASK) surged nearly 20% on Tuesday after the company detailed its approach to building a treasury reserve for the Story Protocol’s native IP token, a move it says will anchor its long-term strategy in digital intellectual property.
The announcement positions Heritage as the first public company to establish such a reserve, drawing significant attention from investors.
At the time of writing, the stock was trading at $0.46, up by 15.26%.
Treasury dashboard and strategic roadmap
In its Tuesday update, Heritage confirmed it is preparing to launch a Treasury Dashboard, designed to offer transparency into its intellectual property holdings, outstanding shares, and net asset valuation.
The dashboard marks what the company called the “first of many steps” in executing its IP Strategy.
The firm emphasized that this initiative is intended to provide both visibility and analytics to stakeholders as it develops a sustainable framework around Story Protocol’s ecosystem.
Heritage’s strategy appears aimed at institutionalizing the management of IP-linked digital assets, a theme gaining traction as blockchain-based intellectual property models evolve in the age of artificial intelligence.
Leadership expansion and high-profile backing
Heritage also disclosed several notable leadership additions. B2 Capital’s Phil Blows will join as chief investment officer, while former Google executive David Lee and former CoinMarketCap CEO Erick Zhang are being considered for board positions.
The update comes on the heels of Heritage’s $220 million PIPE financing round completed in August, which was used to fund IP purchases.
That deal drew backing from major crypto investors including a16z crypto, Arrington Capital, dao5, Hashed, Polychain Capital, and Selini Capital.
Cantor Fitzgerald and Roth Capital Partners acted as placement agents for the raise, underscoring strong institutional support.
Market activity surrounding the Story Protocol token has also reflected rising investor interest.
The IP token rose 31% over the past 24 hours to an all-time high of $11.66, before recently trading at $11.20, according to data from The Block.
Story Protocol’s growing influence
Heritage’s move comes at a pivotal time for Story Protocol, a Layer 1 blockchain project that focuses on intellectual property and aims to ensure content creators are compensated fairly in the AI era.
Launched on mainnet in February, the project has attracted $136 million in funding from backers such as a16z crypto, Polychain Capital, and Samsung Ventures.
The protocol has seen its share of turbulence in recent weeks, with co-founder and CPO Jason Zhao stepping down, reportedly close to a token vesting period.
Despite the leadership shakeup, institutional interest continues to build.
In July, Grayscale announced plans to launch a single-asset trust offering exposure to the IP token, a sign of mainstream recognition for Story Protocol’s growing footprint.
For Heritage, aligning its corporate treasury with the IP token represents a bet on the maturation of blockchain-based IP markets.
With fresh financing, high-profile investors, and a leadership team expanding into both traditional and digital finance, the company appears intent on positioning itself at the forefront of this emerging asset class.
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