Enlivex Raises $212 Million for Rain Token Treasury Strategy

Enlivex Therapeutics, a Nasdaq-listed biopharmaceutical company focused on immunotherapy treatments for inflammatory diseases, has priced a private investment in public equity (PIPE) deal to raise $212 million through the sale of 212 million American Depositary Shares (ADS) at $1.00 per share. The transaction, expected to close on November 25, 2025, will provide proceeds in both U.S. dollars and USDT stablecoin, funding the company’s accumulation of RAIN tokens from Rain Protocol while supporting clinical trials for its Allocetra therapy.

Deal Structure and Strategic Focus

The PIPE offering, approved by Enlivex’s board, involves institutional investors and aims to bolster the company’s treasury with a diversified mix of fiat and digital assets. A portion of the funds will be allocated to acquiring RAIN tokens, the native asset of Rain Protocol—a decentralized platform for predictions and options on the Arbitrum network. This move positions Enlivex to participate in the growing decentralized finance (DeFi) ecosystem, particularly in prediction markets and tokenized options.

In addition to the treasury strategy, the capital will advance Allocetra’s development, a cell therapy targeting sepsis and osteoarthritis. Enlivex’s pipeline has shown promising Phase 1/2 results, with the company preparing for Phase 3 trials in 2026.

• Shares Sold: 212 million ADS at $1.00 each.
• Closing Date: November 25, 2025.
• Use of Proceeds: RAIN token purchases and clinical advancement.

Board Addition: Matteo Renzi Joins as Strategic Advisor

Enlivex has appointed Matteo Renzi, former Prime Minister of Italy (2014–2016), to its board of directors. Renzi brings extensive experience in European politics, economic policy, and international growth strategies, having served as a key figure in EU reforms and global trade initiatives. His role will focus on expanding Enlivex’s presence in European markets and navigating regulatory landscapes for biotech innovation.

CEO Ariel Sztern emphasized Renzi’s value: “Matteo’s leadership in driving economic transformation across Europe will be instrumental as we scale Allocetra globally.”

Market Reaction: Shares Surge Over 50%, RAIN Token Jumps 110%

Enlivex’s shares (NASDAQ: ENLV) surged more than 50% in pre-market trading following the announcement, reflecting investor confidence in the diversified treasury approach and clinical progress. The RAIN token, central to the strategy, experienced a 110%+ increase in the 24 hours post-news, highlighting growing interest in DeFi prediction markets.

As of November 23, 2025, Enlivex trades at $1.15 with a market cap of approximately $120 million, up from $0.75 pre-announcement.

Implications for Biotech and DeFi Intersection

Enlivex’s $212 million raise underscores a novel convergence of biotechnology and decentralized finance, using PIPE proceeds to build a crypto treasury alongside clinical advancement. This strategy diversifies funding sources and hedges against traditional market volatility, potentially setting a precedent for other biotech firms exploring digital assets.

Rain Protocol’s role in options and predictions aligns with Enlivex’s risk management needs, while Renzi’s appointment strengthens European regulatory navigation.

In summary, Enlivex’s $212 million PIPE deal at $1.00 per ADS, closing November 25, funds RAIN token accumulation and Allocetra trials, with Renzi’s board addition enhancing global strategy—driving 50%+ share gains and 110% RAIN surge.