A quiet shift just happened on Nasdaq, one that might make you pause and consider the evolving landscape of digital assets. A company known for life sciences, 180 Life Sciences Corp., has officially shed its old skin. It has emerged as ETHZilla, a firm now entirely focused on holding and deploying Ethereum.
- 180 Life Sciences Corp. has rebranded as ETHZilla, now exclusively focused on holding and deploying Ethereum. The company has changed its ticker symbols to ETHZ and ETHZW.
- ETHZilla holds approximately 94,675 ETH, valued at around $419 million, acquired through a $565 million PIPE deal and a convertible note offering. Their average acquisition price of $3,900 positions them strategically.
- ETHZilla joins a growing category of digital asset treasury companies, offering public market investors exposure to crypto. Unlike Bitcoin-only firms, ETHZilla can generate additional revenue through staking and DeFi strategies, aiming for on-chain yield generation that outperforms traditional ETH staking.
This rebrand, announced this week, marks a clear pivot. The company, which used to trade under the ticker ATNF, now has its common stock and public warrants listed as ETHZ and ETHZW. It is a direct signal to the market: this company is all about ether.
So, what exactly does ETHZilla hold? The numbers are quite striking. The company now controls approximately 94,675 ETH. At recent valuations, that is around $419 million worth of the asset. They gathered this impressive sum by raising $565 million through a private investment in public equity, or PIPE, deal worth $425 million, plus a $156.25 million convertible note offering.
It is worth noting their average acquisition price for this ether sits around $3,900. That is a decent position, especially when you remember ether’s recent peak price climbed over $4,700. It suggests a strategic accumulation, buying when the price was not at its highest point.
ETHZilla joins a growing group of what we call digital asset treasury companies. Think of them as specialized investment vehicles. They raise capital specifically to buy digital tokens, giving public market investors a way to gain exposure to crypto without directly buying the tokens themselves. It is a bit like buying a fund that holds gold, rather than buying physical gold bars.
But there is a key difference with companies holding proof-of-stake assets like Ethereum or Solana. Unlike Bitcoin-only holding companies, these firms can do more than just sit on their assets. They can generate extra revenue. How? Through staking, where they lock up their tokens to support the network and earn rewards, or through various decentralized finance (DeFi) strategies.
Electric Capital serves as the external asset manager for ETHZilla. They are not just looking for simple staking returns. Their stated goal is a “differentiated, onchain yield generation program designed with the goal of outperforming traditional ETH staking.” This means they are exploring more active ways to earn returns from their ether holdings directly on the blockchain, perhaps through lending or providing liquidity (a shared pot of tokens traders swap against).
The list of investors who participated in ETHZilla’s PIPE transaction reads like a who’s who of the crypto space. Over 60 institutional and crypto-native investors jumped in. Names like Borderless Capital, GSR, and Polychain Capital are on that list. It shows a strong vote of confidence from established players.
Beyond the institutions, some notable individual investors also backed the venture. Sreeram Kannan from Eigenlayer, Tarun Chitra from Gauntlet, and Robert Leshner of Superstate are among them. Even the co-founders of Etherealize, a powerful Ethereum lobbying group, Danny Ryan, Grant Hummer, and Vivek Raman, are named backers.
Perhaps the most talked-about investor is Peter Thiel. His Founders Fund acquired a 7.5% stake in the company earlier this month. Thiel has a history of spotting early trends, and his involvement certainly adds a layer of intrigue to ETHZilla’s story. It is a signal that even traditional venture capital sees value in this new approach to crypto exposure.
McAndrew Rudisill, the Executive Chairman of ETHZilla’s Board of Directors, shared his outlook. He stated, “We are launching this new brand and our new treasury strategy with significant interest from the market and valuable partnerships with prominent Ethereum ecosystem founders and leaders.” It sounds like they have a clear path ahead, and plenty of powerful friends.
This move by ETHZilla highlights a broader trend. Public companies are increasingly finding ways to offer investors a piece of the crypto pie. It is a different flavor than direct token ownership, perhaps less volatile in some ways, but it still ties a company’s fortunes directly to the price movements of a digital asset.
For those who prefer traditional stock market access but want exposure to Ethereum, ETHZilla offers a new avenue. It is a sign that the lines between traditional finance and the digital asset world continue to blur. We are seeing more creative ways for capital to flow into this space.
The idea of a company holding a significant amount of a single digital asset and then actively working to generate returns from it is a fascinating one. It moves beyond simple HODLing, as the crypto crowd calls it, into a more active asset management approach. How well their “differentiated” strategy performs will be a story to watch.
Will other public companies follow this path, converting their business models to become dedicated digital asset treasuries? It is a question that hangs in the air. ETHZilla’s journey could provide a blueprint, or at least a case study, for many others considering a similar pivot. The market will be watching its performance closely.
