ETHZilla Sells $74.5M in Ether to Repay Debt, Discloses in SEC Filing
ETHZilla, formerly 180 Life Sciences Corp, sold 24,291 Ether (ETH) for $74.5 million to repay senior secured convertible notes amid a broader crypto market decline, leaving around 69,800 ETH on its balance sheet as of Friday. The company recently rebranded from a biotech focus to Ether investments after its shares dropped over 99.9% since its 2020 IPO. ETHZilla also acquired stakes in automotive-finance AI startup Karus and digital lender Zippy. Its stock fell 8.7% on Monday and is down more than 65% year-to-date. Digital asset treasuries are repositioning as prices fall. Over 190 public companies now hold more than 5% of the circulating Bitcoin supply, while 27 public firms collectively hold about 6 million ETH (also 5% of supply). Other companies, such as FG Nexus and Sequans Communications, have also sold crypto assets to fund share buybacks or repay debt. Strategy, a pioneer in Bitcoin treasury strategies, recently raised $747.8 million by selling Class A shares to bolster its reserves during the downturn.
