Author：Escape from gravity
Enlivex Therapeutics, a Nasdaq-listed clinical-stage biopharmaceutical company, plans to raise $212 million through a private investment in public equity (PIPE) to launch a Rain token digital asset treasury (DAT). The company says it would be the first DAT built around a prediction-markets token.
Rain describes itself as “a fully decentralized prediction markets protocol” on the Arbitrum network. It lets anyone create markets and trade custom options on any event in any language, with AI-resolved outcomes and a buyback-and-burn mechanism tied to the RAIN token. Enlivex, which has a market cap of about $22 million, says decentralized, open and permissionless systems will define the next phase of prediction markets — and believes Rain fits that model.
“For us, that open-architecture model represents the scalable growth engine we were looking for,” Shai Novik, chairman of Enlivex’s board, told The Block. “We view Rain as the foundational infrastructure layer for the industry — similar to how Uniswap underpins decentralized trading.”
Prediction markets have become one of crypto’s fastest-growing categories. ICE, the parent company of the New York Stock Exchange, recently invested $2 billion into Polymarket, which is also said to be in talks to raise a round that may value it between $12 billion and $15 billion. Kalshi has reportedly raised $1 billion at an $11 billion valuation. Investors point to stronger demand, clearer rules, more visible use cases and better infrastructure as reasons the sector has become more investable, as The Block reported recently.
Rain’s volume remains small compared to these giants. Its 24-hour trading volume is around $10 million, per DeFiLlama. Asked why Enlivex chose Rain over larger players, Novik said the company wanted early-stage exposure. “That difference in volume is precisely why the opportunity exists,” he said. “Our goal was not to buy into a valuation that has already reached maturity, but to position ourselves early in an asset with exponential growth potential.”
Matteo Renzi, former Prime Minister of Italy, will join the Enlivex board of directors following the closing of the private placement, the company said.
How Enlivex will buy the RAIN tokens
Under the proposed PIPE, Enlivex will sell 212 million ordinary shares at $1 each. The deal, funded with U.S. dollars and the USDT stablecoin, is expected to close on or before Nov. 25, subject to standard conditions. BTIG is the placement agent and financial advisor, with legal counsel from Greenberg Traurig, Fischer FBC, DLA Piper and Gornitzky & Co.
The company plans to use the proceeds to buy RAIN tokens, which will become its main treasury reserve asset. Enlivex will buy only unlocked tokens from the market and from liquidity providers — not from the Rain team or the Rain Foundation — and no lockups will apply, Novik said.
To support an initial modified net asset value (mNAV) of 0.95, the Rain Foundation will provide a grant to adjust Enlivex’s effective entry price. The partnership also gives Enlivex an option to buy up to an additional $918 million worth of RAIN over 12 months at a fixed price of $0.0033.
Novik said the company is not trying to time the market. “Our approach is based on long-term conviction,” he said, noting that some existing DAT firms are under pressure from falling mNAVs, buybacks and ongoing token sales.
Novik added that Enlivex was introduced to Rain by its banker and had no prior relationship with the project or its foundation.
Alongside the new treasury plan, Enlivex said it will continue advancing Allocetra, its late-stage therapy designed to treat osteoarthritis, a disease affecting tens of millions of people globally.
