In January, Enlivex Therapeutics Ltd. (NASDAQ:ENLV) reported that its treasury asset, the RAIN token, had been listed on the KuCoin cryptocurrency exchange effective January 6.
KuCoin is a global cryptocurrency exchange serving more than 40 million users worldwide, with its strongest user base in Southeast Asia.
The commencement of RAIN trading on KuCoin is expected to expand global market access and secondary liquidity for Enlivex’s primary digital asset treasury holding.
Enlivex previously announced the launch of its digital asset treasury strategy, which focuses on acquiring RAIN tokens.
RAIN serves as the governance and utility token for a fully decentralized predictions-and-options protocol built on the Arbitrum network.
In November 2025, Enlivex Therapeutics announced a private investment in public equity of 212 million shares at $1.00 per share.
Enlivex said it would use the proceeds to implement the first RAIN prediction markets token treasury strategy, while continuing its focus on the company’s core business operations.
Buy And Burn
HC Wainwright on Monday noted that the precedent cases of Polymarket and Kalshi—which recently reached an $11 billion valuation—demonstrate the potential trajectory that the RAIN token could follow given the seemingly inexorable growth of prediction markets.
RAIN’s unique “buy and burn” mechanism with 2.5% of the total volume creates an interesting feature going forward.
Assuming prediction markets reach $1 trillion in annual volume within five years and RAIN captures a 5% share ($50 billion), approximately $1.25 billion of RAIN tokens would be purchased and burned in that year alone.
If cumulative RAIN trading volume totals an additional $50 billion between 2026 and that point, a further $1.25 billion of tokens would already have been burned.
Together, these dynamics would materially reduce token supply, significantly increase daily trading activity, and exert sustained upward pressure on the RAIN token price.
While HC Wainwright’s valuation assumes no increase in the RAIN token’s value beyond its current market price, the potential evolution of RAIN’s market value could make this assumption conservative.
Analyst Raghuram Selvaraju reiterated the Buy rating and raised the price forecast from $7 to $13.
The update reflects dilution from the recent PIPE transaction and incorporates the value of RAIN tokens on Enlivex’s balance sheet, as well as an updated valuation of Enlivex’s Allocetra clinical programs in osteoarthritis.
Price Action: ENLV stock is up 4.52% at $0.93 at the last check on Wednesday.
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