Heritage Distilling (Nasdaq: CASK) has announced the launch of a $360 million IP token reserve strategy, backed by a $220 million private investment in public equity (PIPE) deal with Story Foundation. The PIPE financing includes $100 million in cash and $120 million in IP tokens, with $82 million earmarked for purchasing IP tokens on the open market. This move will make IP tokens the company's primary reserve asset, acquiring 52.5 million IP tokens in total. The deal is supported by prominent investors including a16z crypto, Amber Group, Arrington Capital, DAO5, Hashed, Mirana Ventures, Neoclassic Capital, Open World, Polychain Capital, Selini Capital, Stix, and Syncracy. Additionally, new treasury announcements in the crypto sector include a $1.5 billion WLFI treasury from ALT5 and a $25 million BONK treasury from Safety Shot, indicating a trend toward diversifying treasury assets beyond Bitcoin and Ethereum to altcoins and meme coins. Notably, this is a16z's first decentralized autonomous treasury (DAT) investment and Cantor Fitzgerald's first underwriting of a treasury company not focused on BTC, ETH, or SOL.