Key Highlights
Enlivex is raising $212M to build the first public company treasury focused on Rain (RAIN) tokens.
RAIN token surged 122% in 24 hours, trading at $0.007645 with $119.46M volume.
Former Italian PM Matteo Renzi will join Enlivex board to support the treasury strategy.
Rain (RAIN), the native token linked to the Arbitrum-based prediction market platform, saw a sharp jump after Enlivex Therapeutics, a Nasdaq-listed clinical firm, announced a $212 million private placement to start a digital asset treasury strategy built around the token.
Over the last 24 hours, the token has surged 122% and currently trades for $0.007636. This is thanks to trading activity which is up 573% over the same period, recording over $119 million in trading volume. The market cap now sits at about $181 billion.
Rain Token Price Chart | Source: CoinMarketCap
RAIN initially moved from $0.0038 after the news, before settling near $0.007, which shows the strong interest following Enlivex’s plan to make it the core of its new treasury initiative.
Enlivex makes a $212M move
In the announcement, Enlivex said it will raise the funds through a PIPE deal involving 212 million ordinary shares priced at $1 each, which the firm noted is an 11.5% premium to its closing share price on November 21, 2025.
The company said the proceeds, funded with USD and USDT, will support the first prediction-market token treasury formed by a public company, with closing expected on or before November 25, 2025, pending standard conditions.RAIN powers a decentralized system that lets users create, trade, and settle prediction markets, using AI-assisted outcome checks, custom options, and a buyback-and-burn system tied to the token.
Competing Kalshi and Polymarket
According to Enlivex Chairman Shai Novik, the protocol offers a “scalable model which supports global access and growth,” and added that the team sees Rain as a foundational layer for prediction markets as the industry expands.
Novik also said, “Our goal was not to buy into a valuation that has already reached maturity, but to position ourselves early in an asset with exponential growth potential.”
According to data from DeFiLlama, Rain’s 24-hour trading volume is around $10 million, which is smaller than Polymarket or Kalshi, the two major platforms in the sector. However, Enlivex said this early-stage size was part of the opportunity it wanted. As part of the plan, former Italian Prime Minister Matteo Renzi will join the Enlivex board after the placement closes.
While building the Rain treasury, Enlivex said it will continue advancing its clinical work on Allocetra, a therapy for osteoarthritis, following positive Phase IIa results earlier in the year reported by the company.
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