Arbitrum

Biotech

Polymarket

Rain

A Nasdaq-listed biotech firm is raising $212 million in a late-cycle pivot into crypto, planning to buy the token of a decentralized prediction market even as other digital-asset treasuries (DATs) struggle to stay afloat.
Enlivex Therapeutics (ENLV), a clinical-stage macrophage reprogramming immunotherapy company, said on Monday it plans to raise $212 million through private investment in public equity, selling 212 million shares at $1 each. The price represents an 11.5% discount to Friday’s close, according to the company’s filing with the US Securities and Exchange Commission.
The company plans to invest the majority of the $212 million in Rain (RAIN), the utility token behind the Rain decentralized prediction market on the Arbitrum network, marking the first corporate strategy centered on a prediction market token, according to a Monday announcement shared with Cointelegraph.
“We see prediction markets as one of the most exciting emerging sectors in the blockchain space,” with “exceptional” long-term growth potential, Shai Novik, executive chairman at Enlivex Therapeutics, told Cointelegraph.
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 “By entering now, we benefit from a first-mover advantage in a fundamentally strong category.”
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When asked about the reason for choosing the Rain protocol, Novik said that its “decentralized” architecture stood out, as it serves as a “scalable model which supports global access and growth.”
Enlivex expects to complete its Rain purchases within 30 days of the offering’s close.
Related: <a href="https://cointelegraph.com/news/strategy-bitcoin-treasury-sp500-inclusion-mnav-drawdown" rel="noopener noreferrer nofollow">Strategy rides out Bitcoin crash, still on track for S&amp;P 500 spot: Matrixport</a>
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 <img src="https://s3.cointelegraph.com/uploads/2025-11/019ab594-f5b1-7e6f-b8ae-cf16585ed446" title="" alt="Nasdaq-listed Enlivex plans $212M RAIN token play with ex-Italian PM onboard">
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 Top prediction market protocols by TVL. Source: DeFiLlama.com
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Rain is the 10th largest prediction market in the blockchain industry, with $1 million in total value locked (TVL) and $73,378 in monthly revenue generated during the past 30 days, according to blockchain data aggregator <a href="https://defillama.com/protocols/prediction-market" rel="noopener noreferrer nofollow" target="_blank">DefiLlama</a>.
In comparison, Polymarket boasts a $259 million TVL, but doesn’t share its monthly revenue figures.
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 <img src="https://s3.cointelegraph.com/uploads/2025-11/019ab594-f7e3-7cdd-a3fd-af0d51c08629" title="" alt="Nasdaq-listed Enlivex plans $212M RAIN token play with ex-Italian PM onboard">
 <figcaption style="text-align: center;">
 RAIN/USD, all-time chart. Source: CoinMarketCap
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Launched on Sept. 9, the Rain token is the 203rd largest with a $862 million market capitalization. The token’s price has risen by over 9% during the past month and by about 795% since its launch, according to <a href="https://coinmarketcap.com/currencies/rain/" rel="noopener noreferrer nofollow" target="_blank">CoinMarketCap</a>.&nbsp;
Enlivex’s stock price has fallen 23% year-to-date and over 16% during the past month, according to <a href="https://www.google.com/finance/quote/ENLV:NASDAQ?sa=X&amp;ved=2ahUKEwisw-md1YqRAxX0gP0HHTjNCqQQ3ecFegQIMxAT&amp;window=1M" rel="noopener noreferrer nofollow" target="_blank">data</a> from Google Finance.
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 <img src="https://s3.cointelegraph.com/uploads/2025-11/019ab598-12ff-7971-a8ec-120b98075ed3" title="" alt="Nasdaq-listed Enlivex plans $212M RAIN token play with ex-Italian PM onboard">
 <figcaption style="text-align: center;">
 ENLV/USD, year-to-date chart. Source: Google Finance
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Related: <a href="https://cointelegraph.com/news/pumpfun-transfers-436m-as-memecoin-market-slumps" rel="noopener noreferrer nofollow">Pump.fun’s massive $436M cash-out turns heads as memecoin mania fades</a>
<h2 id="former-italian-prime-minister-joins-enlivex-board">Former Italian prime minister joins Enlivex board</h2>
Alongside the raise, Enlivex said former Italian Prime Minister Matteo Renzi will join its board to help guide its treasury strategy. Renzi, now a senator representing Florence, also sits on JPMorgan’s International Council.
Renzi will contribute to the company’s strategic and policy decisions, including helping to navigate the evolving regulatory landscape and strengthening international relationships, according to Envilex.
“I see real potential in blockchain technologies and in the emergence of prediction-driven models that encourage greater clarity, participation, transparency and long-term thinking,” Renzi told Cointelegraph.
Meanwhile, falling stock prices 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, which may limit their cryptocurrency purchases.
Notably, Bitmine’s basic mNAV fell to 0.77 on Thursday, as the world’s largest corporate Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) holder was sitting on a cumulative <a href="https://cointelegraph.com/news/bitmine-3-7b-ether-loss-dat-hotel-california-blackrock-staked-eth-etf" rel="noopener noreferrer nofollow">unrealized loss of $3.7 billion</a>, Cointelegraph reported.
<a href="https://cointelegraph.com/news/digital-asset-treasuries-mnav-collapse-standard-chartered" rel="noopener noreferrer nofollow">Other DATs also</a> suffered a sharp decrease in their mNAVs, including Strategy, Bitmine, <a href="https://cointelegraph.com/news/metaplanet-bitcoin-share-offering-2025" rel="noopener noreferrer nofollow">Metaplanet</a>, <a href="https://cointelegraph.com/news/sharplink-gaming-shares-buyback-ethereum-treasury-net-asset-value" rel="noopener noreferrer nofollow">Sharplink Gaming</a>, Upexi and <a href="https://cointelegraph.com/news/galaxy-digital-scoops-306m-solana-after-deal-for-crypto-treasury" rel="noopener noreferrer nofollow">DeFi Development Corp</a>.<iframe width="100%" height="315" src="https://www.youtube.com/embed/kwdsrgNHrUo?start=" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen loading="lazy" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
Magazine: <a href="https://cointelegraph.com/magazine/blackrock-sharplink-gaming-joseph-chalom-bitcoin-ethereum-etfs/" rel="noopener noreferrer nofollow">Sharplink exec shocked by level of BTC and ETH ETF hodling — Joseph Chalom</a>

Nasdaq-listed Enlivex plans $212M RAIN token play with ex-Italian PM onboard

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