Heritage Creates First Public IP Treasury for Blockchain Era

Heritage Distilling (ticker: CASK) shares rose nearly 20% on September 9, 2025, as the firm outlined its strategy to build a treasury reserve for the native IP token of the Story Protocol. The move, described as a cornerstone of its long-term digital intellectual property (IP) strategy, has positioned Heritage as the first public company to implement such a reserve, attracting significant investor interest. At the time of the report, the stock traded at $0.46, reflecting a 15.26% increase.

As part of its strategic roadmap, Heritage confirmed it is preparing to launch a Treasury Dashboard. The platform is designed to provide transparency into the company’s intellectual property holdings, outstanding shares, and net asset valuation. The firm emphasized that the dashboard represents the “first of many steps” in executing its IP strategy, with the aim of offering stakeholders visibility and analytical tools to support the development of a sustainable framework around the Story Protocol ecosystem.

Heritage’s IP strategy is aligned with the growing evolution of blockchain-based intellectual property models in the context of artificial intelligence. The company aims to institutionalize the management of IP-linked digital assets, a trend gaining momentum as more businesses and investors explore the potential of decentralized systems to manage and monetize intellectual property.

In support of this initiative, Heritage has made several leadership additions. Phil Blows of B2 Capital will join as chief investment officer, while former Google executive David Lee and former CoinMarketCap CEO Erick Zhang are being considered for board positions. These appointments come following the company’s $220 million private investment in public equity (PIPE) financing round in August, which was used to fund IP token purchases. The round was backed by notable crypto investors, including a16z crypto, Arrington Capital, dao5, Hashed, Polychain Capital, and Selini Capital. Cantor Fitzgerald and Roth Capital Partners served as placement agents, reflecting strong institutional support for the company’s strategy.

Market activity around the Story Protocol’s native IP token has also shown increasing investor interest. Over the past 24 hours, the IP token surged 31% to an all-time high of $11.66 before trading at $11.20, according to The Block.

Heritage’s move coincides with a critical development phase for the Story Protocol, a Layer 1 blockchain project focused on intellectual property. The project, which launched on mainnet in February, has raised $136 million from backers such as a16z crypto, Polychain Capital, and Samsung Ventures. Despite recent leadership changes, including the departure of co-founder and CPO Jason Zhao, institutional interest in the protocol remains strong. In July, Grayscale announced plans to launch a single-asset trust offering exposure to the IP token, signaling broader market recognition of Story Protocol’s potential.

For Heritage, integrating the IP token into its corporate treasury represents a strategic bet on the maturation of blockchain-based intellectual property markets. With new financing, high-profile institutional backing, and a leadership team bridging traditional and digital finance, the company appears focused on establishing itself as a leading player in this emerging asset class.