Enlivex Integrates Biotechnology and Blockchain for a Treasury Transformation

Enlivex Therapeutics, an Israeli biotech company in the clinical stage, has secured $212 million through a private placement, making it the first publicly listed U.S. firm to use a blockchain-based prediction market token as its main treasury asset. The capital will be used to purchase RAIN, a token that powers a decentralized platform for building and trading prediction markets on real-world outcomes, developed on the

blockchain . This step puts at the leading edge of a rising movement, as major players such as the parent company of the New York Stock Exchange and Andreessen Horowitz have recently backed rival platforms like Polymarket and Kalshi .

The deal, set at $1 per share—an 11.5% premium over Enlivex’s closing price on November 21—was funded with a combination of U.S. dollars and the stablecoin USDT

. The company stressed that this investment will not interfere with its ongoing clinical research on Allocetra, a macrophage-based therapy for osteoarthritis, a condition impacting more than 32.5 million people in the U.S. . Enlivex further revealed that Matteo Renzi, the former prime minister of Italy, will join its board of directors after the transaction closes on November 25 . Renzi, known for supporting innovation, expressed his intention to help shape the company’s “strategic direction for the future” .

RAIN’s protocol, often called the “Uniswap for prediction markets,” enables participants to launch and trade custom markets on topics from elections to sports, with results determined by AI-powered oracles . The token incorporates a deflationary “buyback and burn” feature to decrease supply, aiming to stabilize price swings . Enlivex’s move to adopt RAIN mirrors a broader institutional shift toward this space, as seen in Polymarket’s $2 billion investment round led by ICE and Kalshi’s $300 million funding from Sequoia Capital .

The market responded swiftly to the news. Enlivex’s shares

within minutes of the announcement, while RAIN’s price over the next day. Shai Novik, chairman of Enlivex’s board, explained the company’s reasoning: “This sector is evolving rapidly and holds significant growth prospects,” he stated, for prediction markets to become a major force in the crypto industry.

Nonetheless,

for digital asset treasuries (DATs), as many firms are valued below their net assets amid a broader downturn in the crypto market. Enlivex’s strategy of combining biotech advancement with blockchain integration represents a high-risk, high-reward approach. The company currently has a $22 million market capitalization on Nasdaq , and a current ratio of 6.43, suggesting it has enough liquidity to cover its $11.5 million annual cash outflow .

As Enlivex explores this new path, its progress could set a precedent for how listed companies incorporate digital assets into their financial planning. With Renzi’s political experience and RAIN’s innovative technology, the company seeks to unite biotech and blockchain to enhance shareholder value.