Mar. 22 at 9:41 PM
$IPST went from craft whiskey to crypto treasury in six months.
Heritage Distilling took a
$223.8M PIPE deal, bought 53.2M Story Protocol tokens at
$3.93, and shut down its tasting rooms. The token is now
$0.70 — down 82% from cost basis and 95% from its all-time high.
The stock trades at
$0.37 on 10.28M basic shares, but there are 14M warrants and options behind the curtain. On a fully diluted basis, that's a 78% discount to NAV. Sounds like a deal until you factor in Nasdaq delisting proceedings, 2,278 remaining shareholders, and annual overhead that exceeds staking income.
Full breakdown: https://www.theinvestmentlog.com/posts/ipst/2026-03-22
