Heritage Distilling expands its Story treasury to $320m IP tokens

Heritage Distilling, a Nasdaq-listed craft distillery based in the United States, has successfully added over $320 million in Story token to its treasury.

Heritage announced the milestone on Aug. 25, with this coming as the digital assets space records a notable surge in public companies with crypto treasury strategies. Story Protocol IP is one of those attracting attention.

The company, known for products such as whiskeys, vodkas, gins, and rums, has completed a $223.8 million private placement with $95 million in cash and $128.8 million in IP tokens.

Story Foundation and a16z crypto, among other top venture capital firms, backed the transaction.

In a double milestone, Heritage also used the offering to clear more than $19 million in debt and future obligations.

“This dual milestone strengthens our balance sheet while positioning us for growth opportunities in spirits, while simultaneously participating in the IP economy through our token holdings,” said Justin Stiefel, chief executive officer and co-founder of Heritage.

How many IP tokens does Heritage hold?

Per details Heritage shared on Aug. 25, the company has grown its IP holdings to over 53.2 million.

As of Aug. 22, Heritage’s Story treasury was worth more than $320 million in IP tokens. The haul includes over 23,529,411 IP tokens acquired at $3.40 per token, which the publicly traded company scooped for $80 million in cash using proceeds from the private placement transaction.

Notably, Story Foundation and Heritage Distilling disclosed a $360 million IP treasury strategy on August 11.

Why is this big for Story?

Heritage plans to tap into its IP tokens for yields via staking. It also intends to support the blockchain protocol’s long-term growth and value.

Story boasts venture capital backing to the tune of $136 million, with prominent players such as Polychain and Samsung Ventures adding to a16z, Hashed, Arrington, and Amber Group. The intellectual property infrastructure platform launched its mainnet in February 2025.

Growth in the tokenized IP space has helped the native token’s value jump from lows of $2.50 in June to highs near $7.00 in August 2025.