Enlivex Becomes First U.S. Listed Company to Adopt Prediction Market Token as Primary Treasury Asset

Enlivex Therapeutics (ENLV) has raised $212 million through a private investment in public equity (PIPE) to fund a groundbreaking treasury strategy centered on the RAIN token, a decentralized prediction market protocol built on the Arbitrum blockchain. The clinical-stage biotech firm, which focuses on macrophage reprogramming immunotherapies, sold 212 million ordinary shares at $1.00 each—representing an 11.5% premium to its closing price on November 21, 2025—according to a statement. The proceeds, partially funded in USDT stablecoin, will be allocated to RAIN token purchases, marking the first corporate strategy to adopt a prediction market token as a primary treasury asset.

The move triggered a sharp surge in RAIN's price, with the token doubling from $0.0038 to $0.0076 within hours of the announcement, reflecting nearly 100% growth in 24 hours. RAIN operates on a permissionless platform enabling users to create and trade prediction markets on real-world events, with outcomes settled via AI oracles and a deflationary "buyback and burn" mechanism according to Cointelegraph. Enlivex's chairman, Shai Novik, emphasized the sector's maturing potential, citing institutional investments in rivals like Polymarket and Kalshi, and positioned the firm as the first U.S.-listed company to provide direct exposure to prediction markets.

While the treasury shift is novel, Enlivex will continue its core focus on osteoarthritis treatments, including Allocetra, a therapy showing promising Phase IIa trial results for knee osteoarthritis. Positive six-month data demonstrated statistically significant pain and function improvements, reinforcing the company's therapeutic pipeline. The strategy also includes appointing former Italian Prime Minister Matteo Renzi to the board, signaling a strategic pivot toward governance and global expansion.

The RAIN protocol's growing traction is underscored by its $862 million market cap and $1 million in total value locked (TVL), though it lags behind Polymarket's $259 million TVL according to Cointelegraph. Enlivex's approach, however, introduces corporate-scale adoption risks, including regulatory scrutiny over token custody and accounting practices. The firm plans to finalize the transaction by November 25, 2025, with a formal treasury policy expected.

This bold foray into digital assets aligns with broader trends in prediction markets, where institutional interest is rising. Novik highlighted the sector's "exceptional long-term growth potential", noting Enlivex's first-mover advantage in a space poised for expansion. Meanwhile, the biotech firm's stock surged 85% post-announcement, reflecting investor optimism despite a 23% year-to-date decline.