Enlivex Therapeutics Ltd., a Nasdaq-listed Israeli immunotherapy firm, has successfully raised $212 million through a Private Investment in Public Equity (PIPE) transaction. This funding will be utilized to establish the world”s first digital asset treasury centered around the RAIN prediction markets token, enhancing investor exposure to this innovative sector.
The deal involves the sale of 212 million ordinary shares at a price of $1.00 each, reflecting an 11.5% premium over the stock”s previous closing price as of November 21, 2025. The anticipated closure date for this transaction is on or before November 25, pending the completion of standard closing conditions.
With this significant capital influx, Enlivex aims to pioneer a RAIN token treasury strategy. The RAIN token operates on the Arbitrum network, serving as a decentralized protocol for prediction markets and options trading. This platform allows users to create and engage in custom options across various markets, leveraging AI to resolve outcomes while utilizing a built-in deflationary Buyback & Burn mechanism.
Chairman Shai Novik highlighted the growing institutional interest in prediction markets, referencing substantial investments in leading companies in the sector, including a $2 billion investment by the NYSE”s parent company in Polymarket and Kalshi“s $300 million financing led by notable firms including Andreessen Horowitz and Sequoia Capital. This indicates a maturation and robust growth potential within this emerging market.
In addition to its foray into digital assets, Enlivex will continue to advance the late-stage clinical development of its lead product, AllocetraTM, which targets knee osteoarthritis. This dual focus aims to solidify the company”s presence in both healthcare and the burgeoning field of cryptocurrency.
Furthermore, the firm will welcome former Italian Prime Minister Matteo Renzi to its Board of Directors following the deal”s closure. Novik expressed enthusiasm about Renzi”s appointment, emphasizing the potential for collaboration to enhance shareholder value.
Overall, this $212 million fundraising marks a pivotal shift for Enlivex, positioning the company as a public market leader in the rapidly evolving prediction markets while remaining committed to its core immunotherapeutic initiatives. The legal advisors for this transaction include Greenberg Traurig, P.A. and FISCHER (FBC & Co.), with DLA Piper and Gornitzky & Co. supporting the placement agent, BTIG.
