Little-known cryptocurrency Rain grew by a record 115% per day

Editor’s note: not investment advice!

Shares of Nasdaq-listed Enlivex Therapeutics have risen after the company announced its intention to raise $ 212 million to create the world’s first digital asset treasury based on the RAIN token. The company announced that it will conduct a private placement (PIPE) in which it will issue 212 million shares at a price of $ 1 per share, which is 11.5% higher than the closing price last Friday. All of the proceeds will be used to purchase RAIN tokens, while Enlivex will continue its core biopharmaceutical business.

Despite wider concerns, markets reacted enthusiastically to Enlivex’s announcement. The company’s shares closed on Monday up 13%, while RAIN shares have soared 115% in the last 24 hours at the time of publication.

RAIN is a native token of the decentralized prediction market on the Arbitrum blockchain. The platform allows users to place bets on the outcomes of real-world events — from elections to showbiz — without intermediaries, thanks to smart contracts that ensure transparency and secure payments.

Enlivex also announced that former Italian Prime Minister Matteo Renzi will join the company’s board of directors after the deal closes. The management believes that this will strengthen the company’s position in the international market and enhance its reputation among investors.

Enlivex’s interest in prediction markets coincides with the rapid growth of this sector after the 2024 elections. In particular, the Polymarket platform has raised $ 2 billion in investment from ICE, the parent company of the New York Stock Exchange, and Kalshi has received $ 1 billion in a new round from Sequoia Capital and Capital. Enlivex CEO Chai Novick noted that «institutional interest in leading companies in the predictive markets space is a testament to the industry’s maturity and potential.»

Despite the general weakening of the digital asset market, the news has provoked a positive reaction from investors: Enlivex shares rose by 13% in Monday’s trading, and the RAIN token rose by 115% over the past day.

The No Worries editorial team strongly advises readers not to invest their own funds in dubious crypto projects and little-known digital assets!