Monday Nov 24 2025 13:10
2 min
Enlivex Therapeutics (ENLV), a Nasdaq-listed biotech firm specializing in macrophage reprogramming immunotherapy, has announced plans to raise $212 million through a private investment in public equity (PIPE) offering. The company intends to invest the majority of the proceeds in Rain (RAIN), the utility token behind the Rain decentralized prediction market on the Arbitrum network.
This move marks the first corporate strategy centered around a prediction market token, highlighting Enlivex's growing interest in blockchain technology. According to Shai Novik, executive chairman at Enlivex Therapeutics, the company views prediction markets as "one of the most exciting emerging sectors in the blockchain space," with "exceptional" long-term growth potential.
Novik explained that the selection of the Rain protocol was driven by its "decentralized" architecture, which provides a "scalable model which supports global access and growth." Enlivex expects to complete its Rain purchases within 30 days of the offering's close.
Rain is currently the 10th largest prediction market in the blockchain industry, boasting a total value locked (TVL) of $1 million and monthly revenue of $73,378 over the past 30 days, according to blockchain data aggregator DefiLlama. In comparison, Polymarket has a TVL of $259 million but does not publicly share its monthly revenue figures.
Launched on September 9th, the Rain token is the 203rd largest with a market capitalization of $862 million. The token's price has increased by over 9% in the past month and approximately 795% since its launch, according to CoinMarketCap.
In addition to the capital raise, Enlivex announced that former Italian Prime Minister Matteo Renzi will join its board of directors to help guide its treasury strategy. Renzi will contribute to the company's strategic and policy decisions, including navigating the evolving regulatory landscape and strengthening international relationships.
Meanwhile, falling stock and cryptocurrency prices are threatening the sustainability of smaller crypto treasury firms with limited runways, as declining net asset values (NAVs) are making it difficult for companies to raise new capital.
The mNAV ratio compares a company's enterprise value to the value of its crypto holdings. An mNAV below 1 makes it more challenging for companies to raise funds by issuing new shares, potentially limiting their cryptocurrency purchases.
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