Enlivex adds 3B Rain tokens with $21M debt and $20M buyback

Enlivex has raised $21 million through a debt financing deal as it expands its treasury tied to the prediction market token Rain.

The immunotherapy company said the new funding will support its operating plan and help it buy more RAIN tokens while extending its purchase option through December 2027.

Enlivex said it exercised an option on Sunday to buy another 3 billion RAIN tokens for $10 million. The company said the purchase price reflected a 62% discount. It also extended its option to buy another 272.1 billion RAIN tokens at the same price through December 2027.

The financing came from The Lind Partners, a New York-based asset manager. Enlivex executive chair Shai Novik said, 

Debt deal comes with share buyback plan

Enlivex said it also approved a $20 million share buyback program. The company said the move is aimed at supporting shareholder value while it continues to build its treasury strategy around prediction markets.

The company is known for developing cell therapy products for knee osteoarthritis. At the same time, it has joined a growing group of non-crypto firms that are adding digital assets to their balance sheets. These companies are using token holdings as part of broader capital and treasury plans.

In addition, the value of Enlivex’s RAIN treasury depends on activity on Rain’s decentralized prediction market platform. Rain has a built-in 2.5% fee, and the protocol uses that fee to buy back and burn RAIN tokens. The model is designed to reduce supply while linking token demand to platform usage.

Rain runs on Arbitrum, an Ethereum layer-2 network. DeFiLlama data places Rain among the top 10 prediction market platforms by total value locked and fees over the past seven days. Prediction markets have grown fast over the past year, with trading volume rising more than 1,200% to $23.3 billion between February 2025 and February 2026.

RAIN and ENVL traded near flat after the news

RAIN rose 7% after the announcement and reached $0.009 before easing to $0.0088. CoinGecko data showed the token was up 0.3% over the past 24 hours by the time of reporting.

Enlivex shares also moved only slightly during regular trading. The stock closed Tuesday down 0.9% at $1.10, then rose 4.5% in after-hours trading to $1.15. Kalshi and Polymarket still lead the prediction market sector and account for more than 80% of total trading volume.