Purchase underscores conviction in IP Strategy’s long-term value and alignment with recent shareholder approval of new strategic direction

Story Foundation, the steward of the $IP token and the Story ecosystem, today announced its intent to purchase up to $7 million of IP Strategy (Nasdaq: IPST) common stock through open market transactions.

This initiative follows IP Strategy’s recent rebranding efforts (registered corporate name Heritage Distilling Holding Company, Inc., and formerly traded under the Nasdaq ticker CASK) and the announcement of the results of its September 18, 2025 Special Meeting of Stockholders, where all proposals related to its recent private placement financing were approved with strong support. With its balance sheet reset, senior secured debt fully paid off, and more than 53 million $IP tokens held in treasury (with a market value of ~$560 million based on the $10.51 closing price of $IP as of September 19, 2025, as reported by CoinMarketCap)¹, Story Foundation believes that IP Strategy is now well-positioned as the first Nasdaq-listed vehicle providing public market investors exposure to the programmable intellectual property economy powering the next wave of AI.

“At Story Foundation, we believe IP Strategy remains significantly undervalued relative to the assets on its balance sheet,” said Matt Shaw, Director at the Story Foundation. “As of September 18, IP Strategy’s common stock was trading at just 0.35x its multiple of net asset value (mNAV), despite holding $IP tokens with a market value of more than $550 million. Our planned purchase of IP Strategy’s common stock reflects both confidence in the company’s future and support for broadening access to the $80 trillion IP economy, making it investable through a transparent, regulated public company structure.”

Story Foundation emphasized that the planned open market purchase of IP Strategy common stock is both strategic and opportunistic: a demonstration of long-term conviction in IP Strategy’s mission and a signal to public market investors of the underlying value represented by its $IP token reserves.

About Story Foundation

Story Foundation is a nonprofit organization dedicated to advancing the adoption of Story, the AI-native blockchain for programmable intellectual property. As the steward of the Story ecosystem, the Story Foundation works with $IP Tokenholders and the broader ecosystem. The Foundation supports open-source development, validator coordination, and ecosystem growth, working to make IP programmable, traceable, and monetizable across industries from AI to entertainment.

Cautionary Statement Regarding Forward-Looking Statements

Statements made in this press release that are not historical facts are forward-looking statements. Words such as “expects,” “believes,” “intends,” and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, those relating to Story Foundation’s planned open market purchases of IP Strategy common stock and the expected amount and commencement of any such purchases. You should not place undue reliance on any forward-looking statements. Story Foundation assumes no obligation to update any forward-looking statements.

¹ Source: CoinMarketCap “Story (IP) Price — Live Price & Market Cap” snapshot coinmarketcap.com

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