Main Points :
- ETHZilla, formerly 180 Life Sciences, has rebranded and launched an Ethereum-focused treasury strategy.
- It has accumulated 94,675 ETH (~$419M at ~$3,902/ETH) and holds ~$187–240M in cash equivalents.
- Raised ~$565M via a $425M PIPE and a $156.25M convertible note, backed by over 60 institutional and crypto-native investors.
- Partnership with Electric Capital to run an on‑chain strategy (staking, lending, liquidity provisioning) aimed at outperforming traditional ETH staking returns.
- Continues legacy operations (biotech IP monetization, iGaming), positioning for diversified revenue.
- The strategy mirrors MicroStrategy’s approach with BTC, aiming to serve as an institutional-grade ETH reserve model.
- Market impact: meteoric stock gains (400–500%) amid bullish crypto regulation and rising Ethereum prices.
1. Strategic Rebranding & Treasury Pivot
ETHZilla, initially launched as biotech company 180 Life Sciences, has fully rebranded and repositioned itself as a public Ethereum (ETH) treasury vehicle. Beginning August 18, 2025, its stock began trading under new NASDAQ tickers: ETHZ (common stock) and ETHZW (public warrants), replacing the previous ATNF and ANTFW symbols.
This transformation marks a significant strategic shift from drug discovery to decentralized finance (DeFi) and digital-asset management.
2. Asset Accumulation & Financial Backing
ETHZilla has acquired 94,675 ETH at an average price of ~$3,902 each, translating to a holding currently valued at approximately $419 million. In addition, the company maintains $187 million in cash equivalents.
These asset positions were funded by raising approximately $565 million in gross proceeds—comprising a $425 million PIPE and $156.25 million in convertible notes.The offering attracted over 60 investors, including institutional heavyweights and DeFi leaders such as Electric Capital, Polychain Capital, Harbour Island, GSR, as well as founders from Lido, EigenLayer, Compound, Etherealize, and others.
3. Yield Generation Strategy via Electric Capital
ETHZilla selected Electric Capital as its external asset manager to oversee an on-chain yield generation program. Their objective is to outperform standard ETH staking by employing a multi-pronged DeFi approach—staking, lending, liquidity provision, and bespoke private agreements—while applying robust risk management.
A newly formed DeFi Council contributes advisory input (non-binding) on treasury deployment, bringing critical DeFi ecosystem insights while Electric Capital executes and maintains accountability.
4. Continued Legacy Operations
Despite the Ethereum pivot, ETHZilla continues to support its legacy operations—namely iGaming and efforts to monetize its existing biotech intellectual property portfolio—and plans to integrate these with its new strategy for revenue diversification.
5. Market Response & Positioning
The stock rallied dramatically following the announcement. Year-to-date gains reached approximately 500%, with intraday surges up to 70%, signaling enthusiastic investor response.
This move reflects growing institutional confidence in crypto and Ethereum-led regulation trends. As Ethereum prices neared $4,700, the optimistic regulatory climate under the current U.S. administration likely further buoyed sentiment.
The strategy draws clear parallels with MicroStrategy’s Bitcoin treasury model, positioning ETHZilla as potentially the “MicroStrategy of Ethereum.”
6. Implications for Institutional ETH Adoption
ETHZilla’s emergence signals a broader institutional embrace of Ethereum as both store-of-value and an income-generating asset. Its programmable blockchain capabilities give it unique advantages over Bitcoin, enabling active yield strategies beyond passive holding.
As part of a growing cohort of enterprise ETH treasury holders—including BitMine Immersion and SharpLink Gaming—the strategy represents a structural shift in how public companies approach crypto asset management.
7. Risks & Considerations
- High ETH concentration risk—the company’s valuation is significantly correlated with ETH market volatility.
- Speculative pivot—departing from biotech to digital assets is bold and untested.
- Regulatory uncertainty—crypto markets remain sensitive to policy shifts.
- Execution risk—success depends on Electric Capital’s ability to safely generate reliable yield.
8. Summary
ETHZilla has repositioned itself as a pioneering public company fully focused on Ethereum-based treasury and yield-generation strategies. Backed by $565 million in institutional funding, holding nearly $419 million in ETH and ~$187M in cash, and guided by crypto-native partners, the company aims to offer a regulated, accessible vehicle for institutional ETH exposure.
This strategic transformation mirrors the Bitcoin-first playbook of MicroStrategy—but with the added income-generating potential of Ethereum’s DeFi ecosystem. Market reaction was emphatic, and ETHZilla now stands as a potential blueprint for future corporate crypto treasury models.
