A Nasdaq-listed biotech firm, Enlivex Therapeutics (ENLV), is initiating a substantial shift into cryptocurrency, seeking to raise $212 million via a private investment in public equity. The company plans to sell 212 million shares at $1 each, reflecting an 11.5% discount compared to Friday’s closing price. This investment will primarily target Rain (RAIN), the utility token of a decentralized prediction market operating on the Arbitrum network.

Shai Novik, the Executive Chairman of Enlivex, expressed optimism about this emerging sector:

“We see prediction markets as one of the most exciting emerging sectors in the blockchain space with exceptional long-term growth potential.”
“By entering now, we benefit from a first-mover advantage in a fundamentally strong category.”

Enlivex anticipates finalizing its acquisition of Rain tokens within 30 days following the offering’s closure. In a strategic move, former Italian Prime Minister Matteo Renzi will join the company’s board, focusing on treasury strategy and regulatory navigation.

Renzi stated:

“I see real potential in blockchain technologies and in the emergence of prediction-driven models that encourage greater clarity, participation, transparency, and long-term thinking.”

Currently, the Rain token ranks as the 10th largest prediction market, holding approximately $1 million in total locked value (TVL). The price of the Rain token has surged by around 795% since its inception.

Despite Enlivex’s aspirations, the turbulence in the crypto market poses challenges for smaller digital-asset treasuries, as diminishing net asset values make capital acquisition increasingly difficult.