IPST: High-Risk, High-Reward Equity Proxy on Story Protocol’s $IP Token with Undervalued Validator-Driven Upside

Darren Aftahi, an analyst from Roth MKM, has initiated a new Buy rating on Heritage Distilling Holding Company (IPST).

Darren Aftahi has given his Buy rating due to a combination of factors that position Heritage Distilling Holding Company (IPST) as a leveraged, high-risk/high-reward proxy on the growth of Story Protocol’s $IP token and blockchain ecosystem. He views Story Protocol as a specialized infrastructure layer for making intellectual property and related assets programmable, enforceable, and easily licensable, which could be particularly valuable as AI models and datasets require stronger IP protection and monetization. The $IP token’s design, where network activity consumes tokens and partially removes them from circulation while rewarding validators, creates a direct linkage between real-world IP usage and token value. In Aftahi’s view, rising on-chain IP activity and enterprise adoption could therefore translate into both higher token prices and expanding economic value for IPST.

Aftahi also highlights IPST’s validator-focused business model, which generates high-margin, recurring yield from staking its treasury and earning commissions on delegated tokens, effectively creating a software-like, capital-efficient revenue stream. He notes that listed equity exposure to Story Protocol via IPST allows investors to participate in the upside of $IP without directly managing digital asset custody, while the company currently trades at a steep discount to the market value of its token holdings. His valuation framework combines the intrinsic value of IPST’s validator operations with a peer-based multiple on its net asset value, indicating that the shares are materially undervalued relative to comparable digital-asset treasury vehicles. Together, these elements underpin his conviction that IPST offers attractive upside potential, supporting his Buy rating and $8.20 price target.