Biotech's First Move: Blockchain Treasury Targets Crypto's Fastest-Growing Sector

Enlivex Therapeutics (ENLV), a Nasdaq-listed biotech firm, has raised $212 million through a private placement to fund a novel treasury strategy centered on RAIN, a blockchain-based prediction market token, marking the first such move by a U.S.-traded public company. The Israel-based firm, which has a market capitalization of $22 million, plans to allocate the majority of proceeds to accumulate RAIN tokens, which will serve as its primary treasury reserve asset. The RAIN protocol, built on the Arbitrum network, allows users to create and trade prediction markets on real-world events, with outcomes resolved via oracles or AI tools. The token also features a deflationary "buyback and burn" mechanism to reduce supply.

The fundraising includes 212 million shares sold at $1.00 apiece, a 11.5% premium to the stock's closing price on November 21. Proceeds will also support Enlivex's ongoing clinical trials for Allocetra, its macrophage therapy for osteoarthritis, which recently showed positive six-month efficacy data in a Phase IIa trial. The firm has simultaneously appointed former Italian Prime Minister Matteo Renzi to its board, adding a high-profile political figure to its governance structure.

Enlivex's move aligns with growing institutional interest in prediction markets, including a $2 billion investment in Polymarket by the New York Stock Exchange's parent company and a $300 million funding round for Kalshi led by Andreessen Horowitz. Shai Novik, Enlivex's chairman, stated the firm aims to position itself as a "first-mover" in providing investors exposure to a sector he described as "one of the fastest-growing in crypto." The RAIN treasury strategy, however, introduces risks tied to token volatility, regulatory uncertainty, and custody challenges.

The transaction, expected to close by November 25, 2025, is being facilitated by BTIG as the sole placement agent according to sources. Enlivex has emphasized it will continue clinical development of Allocetra, a therapy targeting a $30 billion osteoarthritis market. The firm's dual focus on biotech and crypto has already driven its stock up 22% in premarket trading following the trial update.