SHINY THING$ 0177 ✨

By now, you probably know that the next IPO on Rally is actually 2 individual IPOs consisting of 5 total barrels of some of the rarest investment-worthy whisky on the planet…

→ (2) 2022 Karuizawa Whisky “Test Batch” Sister Casks ($305K total / $30.50 per share) from the first pours as Karuizawa was reopened in 2022…

and

→ (3) 2023 Karuizawa Whisky “Inaugural Casks” ($315K total / $31.50 per share) from the first publicly available barrels from the revival of Karuizawa.

The story is epic… and we put together a brief featurette that explains why:

Outside of the romance of bringing back something that was nearly lost forever, we also wanted to make sure the entire community got a better understanding on why we believe so deeply that these dual IPOs match and exceed our criteria for listing on Rally…

Japanese whisky has emerged as one of the rarest and most desirable categories among collectible spirits, with top-tier, age-statement single malts becoming especially scarce and sought after. Bottles that were widely accessible and priced below $100 less than a decade ago have now effectively vanished from shelves, driven by surging global demand. Compounding this scarcity, major distilleries have increasingly discontinued specific age statements due to the difficulty in sourcing key maturation vessels — particularly ex-sherry casks, which this Karuizawa liquid is aged in — and the lengthy aging periods required.

Within this landscape, we believe the Karuizawa casks presented on Rally hit four essential criteria for long-term appreciation and collector desirability:

1: Scarcity

This offering includes two casks from the initial batch of just 20 casks filled upon Karuizawa’s highly anticipated relaunch in 2022, serving as the benchmark "test batch" from which all future releases will derive. These 20 casks represent the final production personally overseen by renowned master distiller Osami Uchibori; of those, 15 have been retained by Karuizawa, with only three other casks privately released. Additionally, Rally’s offering features three casks from Karuizawa’s 2023 vintage—the final three casks out of just 25 allocated for distribution outside of Japan from a total annual production limited to 250. Collectively, these casks represent the official inaugural production following Karuizawa’s historic relaunch. The original Karuizawa distillery was once the smallest in Japan, and the capacity of the new distillery will be even smaller at around 110,000L per year, ensuring new releases never flood the market and capacity stays consistently below potential demand.

2: Quality

Sherry casks are especially coveted in whisky maturation for the unique, highly prized flavor profiles they impart. Demand for ex-sherry barrels greatly exceeds availability, a challenge amplified in Japan’s whisky industry. Karuizawa’s uncompromising approach to quality and tradition, combined with the ideal maturation conditions offered by its microclimate in the Japanese Southern Alps, ensures optimal conditions for creating the highest quality liquid. With a minimal number of casks produced each year, and with the blueprint from Uchibori-san now in the hands of his first assistant and apprentice Nakazato-san, both the 2022 and 2023 casks maintain all of the tangible points of quality of top-tier single-malt. Each cask will be maintained under the constant watch and control of Nakazato-san while maturing.

3: Provenance

Since Karuizawa first distilled whisky nearly 70 years ago, its liquid has steadily ascended from relative obscurity to legendary status among global collectors and enthusiasts. The dramatic increase in interest during the mid-2010s positioned Karuizawa firmly at the pinnacle of the rare whisky market, driving unprecedented demand. Upon its recent relaunch, Karuizawa faithfully replicated the distillery’s original stills, precisely matching their specifications and even mirroring the layout of the original facility. Directly sourced from Karuizawa’s revived distillery, these casks come with official certificates of ownership issued by Karuizawa itself—documentation that extends to all future bottles or distributions. Both the 2022 and 2023 casks represent the very first whiskies produced by the iconic distillery in more than two decades, crafted by original Karuizawa personnel, including direct involvement from Uchibori-san himself.

4: Exit Optionality

This investment structure presents investors with multiple avenues for realizing value. Following the full 10-year maturation, Rally has explicit permission to bottle and retail-distribute the whisky under a co-branded partnership with Karuizawa. Current market valuations for comparable 10-year Karuizawa expressions range from $1,000 to $1,300 per bottle. Investors will also have the opportunity to convert part or all of their ownership stake into pre-sale bottle allocations upon maturity, including naming rights upon bottling. Furthermore, Rally retains the flexibility to proactively consider private sales or accept offers for individual casks or the entire collection at any point, providing numerous opportunistic exit strategies. Rally will closely collaborate with Karuizawa and Dekanta (Karuizawa’s exclusive distribution partner), leveraging their extensive global network of private collectors and institutional buyers to maximize exit opportunities.

We’re thrilled to present this offering to all of you on 4/4, with reservations open in-app and on RallyRd.com right now. Can’t wait to get the first Japan trip with investors on the books… 👀

Until next week…