HERITAGE DISTILLING AND STORY LAUNCH $360M $IP TOKEN RESERVE

Summary from the TLDR Crypto newsletter

Heritage Distilling (Nasdaq: CASK) is allocating $82M from a $220M PIPE raise to buy $IP tokens from Story Foundation, marking a16z's first Digital Asset Treasury (DAT) deal and Cantor's first underwriting of a non-BTC/ETH/SOL treasury firm. Framed as a public AI infrastructure play, Story will use proceeds to repurchase $IP on the open market within 90 days. The move signals Stage 3 of DATs, onchain treasuries merging with public equity and AI narratives.