The RAIN token surged 120% in 24 hours after Enlivex Therapeutics said it plans to raise $212 million and use the proceeds to accumulate RAIN for its corporate treasury. The token behind the Rain prediction and options protocol traded near $0.008 with a market value of about $1.7 billion, placing it 65th by market cap and the day's second-biggest gainer among the top-100, according to CoinGecko.
A rare treasury bet from a Nasdaq biotech
Enlivex (Nasdaq: ENLV) intends to raise the funds through a private investment in public equity, or PIPE. The company plans to sell 212 million shares at $1.00 each, an 11.5% premium to the Nov. 21 close. Management says the cash will be used to acquire RAIN and to continue development of Allocetra, its therapy for knee osteoarthritis.
Enlivex would be the first U.S.-listed company to orient its treasury around a prediction-market token, according to the firm's board chair. The move highlights a growing interest in digital asset treasury (DAT) strategies beyond Bitcoin.
Key numbers at a glance
- RAIN price: ~$0.008; market cap: ~$1.7B; rank: #65 (CoinGecko)
- 24-hour move: +120%; second-largest gainer among top-100 tokens
- ENLV stock: ~$1.30, up ~45% on the day
- PIPE terms: 212M shares at $1.00, 11.5% above prior close
Prediction markets pick up steam
The timing aligns with a broader upswing in event-trading platforms. Kalshi, a U.S. prediction marketplace that has begun integrating on-chain infrastructure, reportedly raised $1 billion in a new round, following a $300 million raise at a $5 billion valuation last month. October was the sector's strongest month to date, with Kalshi and on-chain platform Polymarket handling a combined $7.4 billion in volume.
What Rain is and how it works
Rain is a decentralized app on Arbitrum, an Ethereum scaling network. It lets users create and trade custom markets about future events, similar to placing a wager on a question like "Will inflation fall next month?" but done on a blockchain.
Market outcomes are resolved using artificial intelligence to interpret results and data sources. The RAIN token powers the system and includes a buyback-and-burn feature designed to reduce supply over time.
Why this matters
- Public-company crypto treasuries are evolving: This is a notable shift from the common "hold Bitcoin" playbook toward a niche token tied to prediction markets.
- Signal for the sector: A Nasdaq-listed firm allocating to RAIN could draw more attention to on-chain markets as a new asset class.
- Liquidity test ahead: With a market cap near $1.7B, large-scale token purchases may impact price and slippage, depending on float, market depth, and the pace of accumulation.
- Diversification vs. volatility: RAIN's sharp move shows potential upside but also highlights the risks that come with concentrating a corporate treasury in a single token.
What to watch
- Deal completion: Terms and timing for the PIPE closing and any lockups or accumulation schedule.
- Treasury policy: How Enlivex plans custody, risk limits, and reporting for digital assets.
- Regulatory backdrop: Event markets face ongoing oversight; any changes could affect platforms like Rain, Kalshi, and Polymarket.
- Governance moves: Former Italian Prime Minister Matteo Renzi is expected to join Enlivex's board once the deal closes.