A company that used to focus on life sciences just made a dramatic shift. 180 Life Sciences Corp., known by its old ticker ATNF, has rebranded. It is now called ETHZilla and has debuted on Nasdaq under new tickers, ETHZ and ETHZW. This move marks a complete change in strategy. The company now offers direct exposure to Ether (ETH) through public U.S. markets.
This strategic pivot aims to place ETHZilla front and center in a growing trend. More companies are managing large treasuries of crypto assets. The company’s public shares and titles are already trading on Nasdaq. This change positions ETHZilla as a major player in the world of digital asset management.
A Treasure Chest of Ethereum and Recent Funding
ETHZilla currently holds about 94,675 ETH. This stash is worth roughly USD $419 million. The company bought these assets after raising USD $565 million. This funding came from two main sources. There was a USD $425 million private investment in public equity (PIPE). Another USD $156.25 million came from convertible notes.
The company bought its ETH at an average price of around USD $3,900 per unit. This price is below ETH’s recent peak of over USD $4,700. This smart buying gives ETHZilla a solid strategic cushion against market ups and downs.
A Business Model Built on Digital Assets
ETHZilla is part of a new breed of companies. These are often called “digital asset treasuries” (DATs). They raise money specifically to buy cryptocurrencies. This offers investors an indirect way to get exposure to digital assets. This model follows earlier companies that loaded up on Bitcoin. However, there is a key difference. Investing in “Proof-of-Stake” (PoS) assets like Ethereum and Solana allows for extra income. This income comes from staking and using various decentralized finance (DeFi) strategies.
Electric Capital handles ETHZilla’s asset management. They have designed a special “on-chain” yield generation program. Its goal is to earn more than traditional Ethereum staking methods.
Big Investors and Key Players
More than 60 institutional investors and crypto experts joined ETHZilla’s PIPE operation. Top names include Borderless Capital, GSR, and Polychain Capital. The funding round also attracted well-known angel investors. These include Sreeram Kannan from Eigenlayer, Tarun Chitra from Gauntlet, and Robert Leshner from Superstate.
The co-founders of the pro-Ethereum group Etherealize also joined as sponsors. They are Danny Ryan, Grant Hummer, and Vivek Raman. This strong network of supporters strengthens ETHZilla’s place within the Ethereum world. Peter Thiel’s Founders Fund also provides a notable endorsement. They recently bought a 7.5% stake in the company.
Looking Ahead
McAndrew Rudisill, ETHZilla’s Executive Chairman of the Board, spoke about this big new chapter. He noted the strong market interest and valuable partnerships. These are with important founders and leaders in the Ethereum ecosystem.
This move by ETHZilla highlights a growing trend. More businesses are looking to profit from Ethereum’s rise. They see it not just as an investment asset but also as a powerful technology. It can generate returns through its own blockchain mechanisms.