Story's native IP token hits all-time high as treasury company Heritage Distilling refines strategy

Heritage Distilling (ticker CASK), supposedly the first public company to build out a treasury reserve for the Story Protocol’s native IP token, is up nearly 20% on Tuesday after the company clarified its crypto strategy.

According to an announcement on Tuesday, the firm is about to begin its "first of many steps" in executing a previously announced "IP Strategy." This includes launching a Treasury Dashboard to provide visibility and analytics into its IP holdings, outstanding shares, and net asset valuation.

The firm also disclosed several high-profile additions, including B2 Capital’s Phil Blows, who will serve as chief investment officer, as well as potential board members, including former Google executive David Lee and former CoinMarketCap CEO Erick Zhang.

In August, Heritage closed $220 million in private investment in public equity (PIPE) financing to fund its IP purchases. Notable backers included a16z crypto, Arrington Capital, dao5, Hashed, Polychain Capital, and Selini Capital, among others, with Cantor Fitzgerald and Roth Capital Partners serving as placement agents.

IP rose 31% over the past 24 hours to an all-time high of $11.66, according to The Block's data , changing hands for $11.20.

Story is an intellectual property-focused Layer 1 that seeks to provide remuneration to content creators during the age of AI. The project, launched on mainnet in February, has raised $136 million from the likes of a16z crypto, Polychain, and Samsung Ventures.

The project recently made waves after co-founder and CPO Jason Zhao disclosed that he was stepping down from the project, reportedly close to a token vesting period.

In July, Grayscale announced it would launch a new single-asset trust offering exposure to IP.