Enlivex stock price falls to a record low due to heavy holdings of RAIN token, faces legal investigation

According to Protos, the publicly listed exchange company Enlivex saw its stock price drop to a historic low of $0.42 due to its holdings of RAIN tokens associated with Moshe Hogeg's project. In November 2025, Enlivex transitioned into a digital asset treasury company focused on prediction markets and invested over $200 million in RAIN tokens through private fundraising. It currently holds approximately 78.8 billion RAIN tokens, with a nominal value of $1.2 billion, accounting for 12% of the circulating supply, while the company's market capitalization is only $118 million. Moshe Hogeg is facing a $290 million law enforcement investigation, and on-chain investigator ZachXBT warned in May that RAIN tokens provide insiders with an exit liquidity mechanism.