Immunotherapy company Enlivex said it raised $21 million through a debt financing agreement to buy additional tokens tied to the prediction market platform Rain. The financing, provided by New York-based asset manager The Lind Partners, funded the exercise of an option to acquire about 3 billion RAIN tokens at a 62% discount for $10 million. Enlivex also extended its option to purchase another 272.1 billion RAIN tokens at the same price through December 2027.
“We are continuing to execute our prediction markets treasury strategy, and we are pleased that Lind provided us with substantial capital, allowing us to continue the execution of our operating plan, as well as to acquire approximately three billion additional RAIN tokens,” said Enlivex executive chair Shai Novik.
Enlivex, which develops cell therapy solutions for knee osteoarthritis, is among several non-crypto companies that have purchased cryptocurrencies seeking to strengthen balance sheets and broaden investor appeal. The company also approved a $20 million share buyback program intended to enhance shareholder value.
Enlivex’s RAIN holdings are tied to Rain’s decentralized prediction market, which charges a 2.5% fee that automatically buys back and burns RAIN tokens to influence supply-demand dynamics. After the announcement, the RAIN token briefly rose 7% to $0.009 before trading around $0.0088, roughly flat over 24 hours with a 0.3% gain, according to CoinGecko. Enlivex shares (ENVL) traded mostly flat, closing down 0.9% at $1.10 and rising 4.5% in after-hours trading to $1.15.
Rain operates on the Ethereum Layer-2 Arbitrum network and ranks among the top 10 prediction market platforms by total value locked and fees over the past seven days, per DeFiLlama data. Prediction markets have seen rapid growth, with trading volumes climbing more than 1,200% to $23.3 billion between February 2025 and February 2026. The sector remains dominated by Kalshi and Polymarket, which together account for over 80% of trading volumes.