Enlivex Treasury Portfolio Update: New Listing of the RAIN Token on Kraken, the Second-Largest U.S. Cryptocurrency Exchange

Rhea-AI Summary

Enlivex (Nasdaq: ENLV) announced that its primary treasury asset, the RAIN token, was listed on Kraken effective February 9, 2026. The company says the listing expands token access and aims to enhance secondary market liquidity, price discovery, and accessibility for RAIN users and governance participants.

Kraken serves about 5.7 million users and reported over $2 trillion in 2025 trading volume, making it a major access point for institutional and retail digital-asset trading.

Positive

• Listing on Kraken expands RAIN access to ~5.7 million users
• 2025 Kraken trading volume exceeded $2 trillion, supporting liquidity
• Potential for improved price discovery and secondary market liquidity

Negative

• None.

News Market Reaction – ENLV

%

1 alert

% News Effect

$273M Market Cap

1K Volume

On the day this news was published, ENLV declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Kraken users: 5.7 million users Kraken 2025 volume: more than $2 trillion RAIN Kraken listing date: February 9, 2026

3 metrics

Kraken users 5.7 million users Kraken exchange user base

Kraken 2025 volume more than $2 trillion Total trading volume in 2025

RAIN Kraken listing date February 9, 2026 Effective date of RAIN token listing on Kraken

Market Reality Check

Price: $1.15 Vol: Volume 363,084 is about i...

normal vol

$1.15 Last Close

Volume Volume 363,084 is about in-line at 0.7x the 20-day average 515,926, suggesting no outsized positioning pre-announcement. normal

Technical Shares trade slightly above the 200-day MA, with price at $1.15 versus MA $1.07, indicating a modestly constructive longer-term trend into this news.

Peers on Argus

ENLV is down about 0.86% while peer moves are mixed: AKTX, ICU, TENX show gains/...

1 Down

ENLV is down about 0.86% while peer moves are mixed: AKTX, ICU, TENX show gains/losses and only ICU appears in momentum scanners with a -4.12% move and no news. With just one peer in momentum and no common headlines, ENLV’s action looks stock-specific rather than a broad biotech or healthcare rotation.

Previous Crypto Reports

3 past events · Latest: Jan 26 (Positive)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Jan 26	RAIN WhiteBIT listing	Positive	+8.3%	RAIN token listed on WhiteBIT to broaden access and liquidity.
Jan 07	RAIN KuCoin listing	Positive	+0.4%	KuCoin listing positioned RAIN on a major global crypto venue.
Nov 20	Bitcoin treasury plan	Positive	-5.2%	Board approved up to <b>$1 million</b> in Bitcoin as treasury reserve.

Pattern Detected

Crypto/treasury updates have produced mixed but generally modest moves, with two positive reactions and one negative, averaging about 1.15% over the last three crypto-tag events.

Recent Company History

Over recent months, Enlivex has steadily built a digital-asset-focused treasury strategy. Prior crypto-tag news included RAIN listings on KuCoin and WhiteBIT, which aimed to expand access and liquidity and saw 24-hour moves of 0.37% and 8.33%. Earlier, the company adopted a Bitcoin treasury reserve approach with a $1 million authorization, which coincided with a -5.24% reaction. Today’s Kraken listing continues this pivot toward crypto-centric treasury management.

Historical Comparison

+1.1% avg move · In the past 12+ months, ENLV issued three crypto-related treasury updates, averaging a 1.15% move an...

crypto

+1.1%

Average Historical Move crypto

In the past 12+ months, ENLV issued three crypto-related treasury updates, averaging a 1.15% move and spanning reactions from +8.33% to -5.24%. The Kraken RAIN listing fits this ongoing pattern of exchange-access and treasury-strategy announcements.

Crypto-tag history shows a progression from adopting a Bitcoin reserve, to concentrating the treasury in RAIN, and then adding major exchange listings like KuCoin, WhiteBIT, and now Kraken to deepen liquidity and access for the token.

Market Pulse Summary

This announcement extends Enlivex’s digital-asset treasury strategy by adding a Kraken listing for i...

Analysis

This announcement extends Enlivex’s digital-asset treasury strategy by adding a Kraken listing for its primary RAIN token, potentially broadening access via a platform with 5.7 million users and over $2 trillion in 2025 volume. In context of prior KuCoin and WhiteBIT listings and earlier Bitcoin reserve plans, key factors to monitor include actual RAIN trading liquidity, treasury concentration in digital assets, and continued progress in the underlying Allocetra clinical program.

Key Terms

governance and utility token, decentralized predictions and options protocol, Arbitrum network, secondary market liquidity, +2 more

6 terms

governance and utility token technical

"RAIN serves as the governance and utility token of a fully decentralized..."

A governance and utility token is a digital token that both powers use of a platform’s services (utility) and gives holders a voice in decisions about the platform (governance). Think of it as a combined membership card and voting ballot: it can be spent or staked to access features, and it can be used to influence product changes, fees, or rules. Investors care because the token’s value depends on how widely the platform is used and how much control holders can exercise, so demand, governance outcomes and regulatory risk can all affect price.

decentralized predictions and options protocol technical

"token of a fully decentralized predictions and options protocol built on..."

A decentralized predictions and options protocol is a software system on a distributed ledger that lets people place bets on future events and create option-like contracts without a central company controlling it. Think of it as a peer-to-peer market where users can buy, sell or insure outcomes—similar to a prediction market combined with options trading—which matters to investors because it can enable new ways to hedge risk, discover market sentiment, and access tradable claims without traditional intermediaries.

Arbitrum network technical

"options protocol built on the Arbitrum network."

Arbitrum Network is a blockchain system that sits on top of Ethereum and handles many transactions off the main chain, then records a single summary back to Ethereum to save time and fees. Think of it like a shuttle bus that carries many passengers together so each person pays less than driving separately. Investors watch it because faster, cheaper transactions can boost usage of decentralized apps, affect token values, and change the economics and risk profile of crypto-related investments.

secondary market liquidity financial

"expected to increase token access and contribute to expanded secondary market liquidity..."

Secondary market liquidity is how easily and quickly existing shares or bonds can be bought or sold on exchanges or trading platforms without causing big price swings. Think of it as a busy marketplace where many buyers and sellers mean you can trade at a fair price; low liquidity is like a thin market where a single trade can move the price a lot. For investors, liquidity affects how fast you can exit a position, the cost of trading, and how reliably market prices reflect true value.

derivatives markets financial

"supports a broad range of digital assets through spot and derivatives markets..."

Derivatives markets are places where financial contracts—whose value comes from something else, like a stock, bond, commodity, or interest rate—are bought and sold. Think of them as agreements that let investors hedge against price swings, place bets on future moves, or gain amplified exposure without owning the underlying item; they matter because they can reduce risk, reveal market expectations, and also quickly magnify gains or losses.

on-chain technical

"through a transparent and automated on-chain framework."

On-chain describes actions or data that are recorded directly on a blockchain, a public digital ledger that creates a permanent, time-stamped record of transactions. For investors, on-chain activity provides verifiable evidence of transfers, ownership changes or automated program actions (like contract-driven payments); seeing these entries is like checking a bank statement and helps assess liquidity, settlement finality, fees, and transparency when judging risk and market behavior.

AI-generated analysis. Not financial advice.

Additional exchange listing expected to increase token access and contribute to expanded secondary market liquidity for RAIN

Nes-Ziona, Israel, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Enlivex Therapeutics Ltd. (Nasdaq: ENLV, “Enlivex” or “the Company”) today reported that its primary treasury asset, the RAIN token, has been listed on the Kraken cryptocurrency exchange effective February 9, 2026, further expanding access to the token across an additional digital asset trading platform.

Kraken is the second-largest U.S.-based cryptocurrency exchange, and was founded in 2011. The exchange serves 5.7 million users across numerous jurisdictions and supports a broad range of digital assets through spot and derivatives markets, and its 2025 total trading volume was more than $2 trillion. The platform’s global footprint and deep liquidity make it a key access point for secondary market trading of digital assets. Kraken is known for its strong emphasis on security, regulatory compliance, and transparency, and is a common venue for institutional and professional market participants. Kraken is often regarded as one of the most established and trusted digital asset trading platforms globally.

The Company believes that the listing of the Rain token on Kraken will contribute to increased liquidity, improved price discovery, and enhanced accessibility for participants in the RAIN ecosystem. RAIN serves as the governance and utility token of a fully decentralized predictions and options protocol built on the Arbitrum network. The protocol enables users globally to create, trade, and resolve markets tied to real-world events through a transparent and automated on-chain framework.

ABOUT ENLIVEX

Enlivex is a clinical stage macrophage reprogramming immunotherapy company currently focused on the late-stage clinical development of Allocetra™, a novel therapy designed to treat the joint disease osteoarthritis.  Additionally, Enlivex is the first publicly-listed company to have developed a treasury strategy centered on RAIN, which currently serves as the primary treasury reserve asset of the Company. In adopting its treasury policy, Enlivex intends to provide investors with exposure to RAIN and to advocate for its role as digital capital.

With respect the Company’s clinical development focus, osteoarthritis is by far the most common form of arthritis, affecting more than 32.5 million Americans and more than 300 million individuals worldwide. About half of knees with ACL injuries develop osteoarthritis within 5 to 15 years. 78 million Americans are projected to have osteoarthritis by the year 2040. Symptomatic knee osteoarthritis is particularly prevalent and disabling, with 40% of men and 47% of women developing knee osteoarthritis in their lifetimes. Osteoarthritis accounts for over one million hospitalizations annually in the United States, primarily for total joint replacement. The burden of osteoarthritis is enormous, and the need for treatments that reduce pain and attendant disability for persons with osteoarthritis is critical. To the Company’s knowledge, there are currently no medications approved by either the U.S. Food and Drug Administration (FDA) or the European Medicines Agency (EMA) that have been demonstrated to arrest, slow or reverse progression of structural damage in the joint.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “would,” “could,” “intends,” “estimates,” “suggests,” “target,” “has the potential to,” “goal,” and other words of similar meaning, including statements relating to the anticipated benefits of expanded exchange listings of the RAIN token; the expected impact of such listings on market access, trading activity, liquidity, and price discovery for RAIN; the role of exchange availability in supporting the Company’s digital asset treasury strategy; the relationship between digital asset liquidity and market participation; the potential impact of digital asset market dynamics on the liquidity and trading characteristics of the Company’s ordinary shares; macroeconomic, political, and regulatory conditions surrounding digital assets; the Company’s plans for value creation and strategic positioning; regulatory conditions; competitive position; technological and market trends; future financial condition and performance; expected clinical trial results; market opportunities for the results of current clinical studies and preclinical experiments; and the effectiveness of, and market opportunities for, ALLOCETRA™ programs. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the risk of failure to realize the anticipated benefits of expanded exchange listings; changes in business, market, financial, political, and regulatory conditions; risks relating to the Company’s operations and business, including the highly volatile nature of the price, trading volume, and liquidity of RAIN and other cryptocurrencies; risks associated with digital asset exchange listings, trading venues, custody, and market infrastructure; the risk that the price and liquidity of the Company’s ordinary shares may be correlated with the price or liquidity of the digital assets it holds; risks relating to increased competition in the industries in which the Company operates; risks relating to significant legal, commercial, regulatory, and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; and those risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements, except as required by applicable law.

ENLIVEX CONTACT

Shachar Shlosberger, CFO
Enlivex Therapeutics, Ltd.
shachar@enlivex.com

INVESTOR RELATIONS CONTACT

KCSA Strategic Communications
Jack Perkins
Enlivex@KCSA.com

FAQ

When was the RAIN token listed on Kraken and what does this mean for ENLV?

The RAIN token was listed on Kraken effective February 9, 2026. According to the company, the listing broadens trading access and may increase secondary market liquidity, which could improve price discovery and accessibility for RAIN holders and governance participants.

How large is Kraken's user base and trading volume relevant to RAIN token liquidity?

Kraken serves about 5.7 million users and reported over $2 trillion in 2025 trading volume. According to the company, that scale and liquidity can provide a deeper secondary market for RAIN trading and institutional access.

What role does RAIN play in Enlivex's ecosystem and protocol?

RAIN functions as the governance and utility token for a decentralized predictions and options protocol on Arbitrum. According to the company, the token enables market creation, trading, and on-chain resolution of real-world event markets.

Will the Kraken listing directly change Enlivex financials reported under ENLV?

The announcement does not report any direct financial changes to Enlivex results or guidance. According to the company, the listing is intended to expand token market access and support liquidity rather than alter reported financial statements.

Why did Enlivex choose Kraken for the RAIN token listing?

Enlivex cites Kraken's global footprint, deep liquidity, and institutional usage as reasons for the listing. According to the company, Kraken's emphasis on security, compliance, and transparency makes it a strategic secondary market venue for RAIN.

How might the Kraken listing affect RAIN token holders and governance participation?

The listing may improve token accessibility and price discovery for holders and governance users. According to the company, broader exchange availability could lower barriers for participation and enable more active market-based governance decisions.