# ETHZilla Offloads $40M Ether to Buyback ETHZ Shares

*Author: Jack Inabinet*
*Published: Oct 28, 2025*
*Source: https://www.bankless.com/read/news/ethzilla-offloads-40m-ether-to-buyback-ethz-shares*

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Ethereum digital asset treasury (DAT) company ETHZilla has sold approximately $40M of ETH treasury holdings to finance an aggressive share repurchase program, the Peter Thiel-backed company announced late Monday.

### **What’s the Scoop?**
- **Strategic Sales:** ETHZilla said it will continue liquidating ETH holdings to fund additional buybacks “until the discount to NAV is normalized.” Despite the recent sale, ETHZilla still holds around $400M ETH on its balance sheet.
- **Accretive to Shareholders:** “We’re leveraging the strength of our balance sheet to execute share repurchases at a significant discount to NAV,” said McAndrew Rudisill, ETHZilla’s chairman and CEO in a press release about the buyback. “These repurchases should be immediately accretive to shareholders while reducing the float available for stock loan and borrow activity.”
- **Activist Pressure: **Just 45 minutes before ETHZilla announced share buyback plans, pseudonymous investor Dimitri “Capybara Stocks” Semenikhin [publicly pleaded](https://x.com/capybaraReborn/status/1982889272685596939) with ETHZilla management to repurchase stock and close ETHZ's persistent 30-40% discount to NAV. Semenikhin has been [attributed](https://www.businessinsider.com/beyond-meat-stock-meme-rally-dimitri-semenikhin-bynd-retail-traders-2025-10) credit for a recent price surge in Beyond Meat (BYND).

### **Bankless Take:**
While numerous DATs have promised to sell their treasury holdings and repurchase shares to prevent persistent NAV discounts, ETHZilla is quite possibly the first to actually execute a buyback program. ETHZ shares rallied ~15% on the announcement, meanwhile, ETH prices are flat on the day.

> 0/ ETHZilla today announced share buyback of approximately $40 million as ETHZ trades at a significant discount to NAV.  Since Friday, October 24, we have repurchased ~600,000 shares for roughly $12M under the $250M buyback authorization, and plan to continue to repurchase our…— ETHZilla (@ETHZilla_ETHZ) [October 27, 2025](https://twitter.com/ETHZilla_ETHZ/status/1982901255782445420?ref_src=twsrc%5Etfw)