Main Points ：
- ETHZilla (formerly 180 Life Sciences) has pivoted from biotech to an Ethereum-focused treasury model.
- Raised over $581 million via private placement and convertible notes to fund ETH acquisition and yield strategies.
- Holds approximately 82,186 ETH (valued around $349 million) and $238 million in USD equivalents.
- Peter Thiel’s Founders Fund has acquired a 7.5% stake, triggering a dramatic stock surge.
- The stock more than tripled, climbing from roughly $3.34 to over $10.24.
- ETHZilla now joins a growing field of public companies leveraging Ethereum as a treasury asset, contributing to renewed ETH market momentum.
1: From Biotech to Crypto Treasury: ETHZilla’s Strategic Transformation
ETHZilla, originally a NASDAQ-listed biotech firm known as 180 Life Sciences, has undergone a bold transformation. Recently, the company announced a rebrand, positioning itself as an Ethereum-based treasury vehicle. Its strategy involves deploying substantial capital to accumulate ETH as a reserve asset, utilizing DeFi yield-generating mechanisms to harness returns. This pivot reflects a broader trend among public companies exploring innovative use of blockchain assets in corporate finance.
2: Capital Influx: Funding the ETH Accumulation
ETHZilla recently raised $425 million via private placement (PIPE) and an additional $156 million through senior secured convertible notes. Proceeds from these fundraises are primarily earmarked for acquiring Ethereum, deploying it for yield-bearing purposes, including iGaming software initiatives, and monetizing its biotech intellectual property.
3: Treasury Reserves: ETH Holdings & Financial Position
According to SEC filings and disclosures, ETHZilla currently holds approximately 82,186 ETH, acquired at an average price of $3,806.71 per ETH, worth around $349 million. Additionally, the firm retains about $238 million in USD cash equivalents, giving it a strong liquidity and reserve profile.
4: Peter Thiel’s Strategic Entry Sparks Market Frenzy
Peter Thiel, via his Founders Fund, disclosed the acquisition of a 7.5% stake in ETHZilla, holding approximately 11.6 million shares. News of this investment triggered a massive market response: ETHZilla’s share price soared, more than tripling—from its previous close of around $3.34 to over $10.24, representing gains upwards of 200–207%.
5: Context & Ripple Effects in the Crypto Market
This pivot and investment are part of a broader wave of institutional interest in Ethereum. ETH-focused treasury firms, known as DATs (Digital Asset Treasuries), have absorbed over $15 billion worth of ETH. ETHZilla and others like BitMine Immersion—another Ethereum treasury firm in which Thiel holds about 9%—have helped fuel stronger ETH demand. Recent flows into Ether-focused ETFs have exceeded $1 billion, signaling waning investor interest in Bitcoin ETFs.
6: Forward-Looking: Advantages and Risks
ETHZilla aims to become a benchmark in on‑chain treasury management. Its DeFi Council, comprising industry veterans, will guide strategies across staking, liquidity provision, and private agreements. However, reliance on ETH exposes the company to price volatility and regulatory uncertainties prevalent in the crypto landscape.
Summary
ETHZilla’s metamorphosis from biotech to a crypto-first treasury strategy, underpinned by a massive capital influx and high-profile investment from Peter Thiel, marks a significant moment in the institutional adoption of Ethereum. Holding over $349 million in ETH and backed by strategic yield-generation plans, ETHZilla is positioning itself at the vanguard of corporate treasury innovation. While the risks remain nontrivial, its emergence reflects growing confidence in blockchain assets as legitimate corporate tools—potentially accelerating institutional engagement and reshaping how companies manage reserves in an increasingly digital era.
