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Story Foundation has announced plans to purchase up to $7 million of IP Strategy (Nasdaq: IPST) common stock through open market transactions. The announcement follows IPST's recent rebranding from Heritage Distilling Holding Company and successful special stockholder meeting where private placement financing proposals were approved.
IPST holds 53 million $IP tokens in treasury, valued at approximately $560 million based on the $10.51 closing price as of September 19, 2025. The company's stock currently trades at 0.35x its multiple of net asset value (mNAV), which Story Foundation views as significantly undervalued given the company's assets.
Heritage Distilling (NASDAQ:IPST) has announced a major strategic transformation, rebranding as IP Strategy to focus on accumulating $IP tokens, the native cryptocurrency of the Story Network. The company's ticker will change from CASK to IPST effective September 22, 2025.
At a Special Stockholder Meeting, shareholders approved key proposals including a $223.8 million private placement financing, authorization for a potential reverse stock split, and an increase in authorized common stock from 495M to 995M shares. The financing brought in $95.0 million in cash and $128.8 million in $IP tokens, while eliminating $19.3 million in debt.
The company now holds 53.2 million $IP tokens valued at approximately $731 million (based on $13.72/token), positioning itself as the first Nasdaq-listed company to adopt a treasury reserve strategy centered on $IP tokens, focusing on the $80 trillion intellectual property economy in AI.
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