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Nasdaq-listed ETHZilla officially wrapped its corporate rebrand on Monday, cementing its pivot from biotech to becoming one of the latest 
Ethereum treasury firms.
What’s the Scoop?
- New Tickers: The company’s stock now trades under ETHZ, with public warrants under ETHZW.
- Treasury Size: ETHZilla disclosed holdings of 94,675 ETH worth around $419 million, acquired at an average of $3,900 per token. The war chest came from a $425 million PIPE deal and a $156.25 million convertible note, raising $565 million total.
- Treasury Model: ETHZilla joins the growing wave of digital asset treasury (DAT) firms, similar to bitcoin-only giant Strategy, but with the added yield potential of proof-of-stake assets like Ethereum.
- Investor Backing: Over 60 investors participated, including Electric Capital, Polychain, Borderless Capital, GSR, and high-profile angels from Eigenlayer, Gauntlet, and Superstate. Peter Thiel’s Founders Fund recently grabbed a 7.5% stake.
- Yield Strategy: Electric Capital is managing the treasury with an “onchain yield generation program” aiming to outperform vanilla ETH staking returns.
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