Story partners with Heritage Distilling to launch a $360 million $IP strategic reserve, with a16z participating for the first time in the token treasury allocation of a public company.

PANews August 11 news, Story Protocol announced on the X platform that the AI-native infrastructure and programmable IP Blockchain Story has jointly launched a $360 million $IP token reserve plan with NASDAQ-listed company Heritage Distilling (NASDAQ: CASK), supported by top institutions such as a16z crypto, Selini Capital, Amber Group, Arrington Capital, dao5, and Hashed. Heritage will receive 52.4 million $IP tokens and will lock them up for the long term; the Story Foundation will use $82 million to fully repurchase the same amount of $IP within 90 days, or provide strong support to the market. This transaction is highly similar to the case where BitMine's stock price surged 30 times after releasing its Ethereum digital asset reserve strategy. It is worth noting that this is a16z's first participation in the strategic allocation of digital assets for a publicly listed company, and it is also a case of the lowest market capitalization company on Nasdaq introducing digital asset reserves. The native token of Story, $IP, was listed on Upbit, the largest virtual currency exchange in South Korea, last Friday, and was selected by Grayscale, the largest digital asset management company in the world, into the "Top 20 crypto assets to watch" list, launching the "Grayscale Story Trust" to provide direct investment channels for institutional investors. In the past 30 days, the $IP token has risen by 135.9%, currently priced at $6.77.