ENLV Stock Surges After Pivot To Crypto-Backed Treasury, Names Former Italian PM To Board

• Private investment in public equity (PIPE) raised $212 million through 212 million shares at $1 each.
• Former Italian Prime Minister Matteo Renzi will join Enlivex’s board following the PIPE deal.
• Enlivex aims to capture the growing prediction market sector, targeting competition with Polymarket and Kalshi.

Shares of biotech company Enlivex Therapeutics (ENLV) jumped in pre-market trade on Monday after the company announced it would now be pivoting towards a crypto-backed treasury, with Rain Coin as its official token. 

The company also said that former Italian Prime Minister Matteo Renzi will be appointed to its board of directors. ENLV’s stock gained more than 70% in pre-market trade. On Stocktwits, retail sentiment around the company jumped to ‘extremely bullish’ from ‘neutral’ over the past day. Chatter increased to ‘extremely high’ from ‘high’ levels. 

Meanwhile, RAIN’s price nearly doubled in the last 24 hours. Retail sentiment around the token improved to ‘bullish’ from ‘neutral territory over the past day, accompanied by chatter at ‘high’ levels. 

PIPE Deal To Fund RAIN Strategy

Enlivex announced a private investment in public equity (PIPE) deal to raise $212 million by selling 212 million shares at $1 each, roughly 11.5% above last Friday’s closing price. The investment will be funded in both U.S. dollars and Tether’s USDT (USDT). Net proceeds are earmarked to implement “the first RAIN prediction markets token treasury strategy.” 

The company said it would also maintain focus on its core operations, including the late-stage clinical development of Allocetra, a therapy for osteoarthritis.

Targeting The Prediction Market Sector

RAIN is a fully decentralized prediction and options protocol built on the Arbitrum network. With the protocol, Enlivex aims to capture the same growing market as firms like Polymarket and Kalshi, which have attracted billions in institutional investment.

In October 2025, Polymarket secured a $2 billion investment from Intercontinental Exchange Inc. (ICE), the parent company of the New York Stock Exchange, which valued the company at around $8 billion. Meanwhile, Kalshi recently closed a $1 billion funding round in November 2025, which lifted its valuation to $11 billion.

The PIPE transaction is expected to close on or before Tuesday.

Read also: Bitcoin Holds $86,000 With Crypto Market Back Above $3 Trillion – XRP, Doge Gain Ahead Of Grayscale’s New ETF Launches

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