ETHZilla Pivot: From Biotech to Ethereum Treasury Strategy with Nasdaq Trading Launch

ETHZilla Corporation Shifts Focus from Biotech to Ethereum

ETHZilla Corporation, previously known as 180 Life Sciences Corp., unveiled its new brand on August 18, as a part of its innovative and bold pivot towards Ethereum (ETH) accumulation. Up until now, the company was primarily involved in the biotech sector, but made the decision to switch gears and focus on the accumulation of Ether instead. This ambitious move coincides with the company starting to trade on the Nasdaq, under its new ticker ETHZ. Based in Palm Beach, ETHZilla Corporation is thrilled to announce a significant acquisition, adding 94,675 ETH to its treasury. Each ETH coin was acquired at an average price of about $3,902.20, which adds up to a total investment of approximately $411 million. Coupled with cash equivalents in the range of about $187 million, the newly invested treasury strategy prominently puts the company’s commitment towards a digital future at the forefront. As the ETHZ stock began trading on Nasdaq, it closed at $7.41 for the day, marking an increase of 5.26%. ETHZilla’s fresh transformation is part of a growing wave of on-chain treasury activities, with traditional finance companies (widely known as TradFi firms) warming up to digital assets admittedly more than ever before.

Why Ethereum Over Bitcoin

With an ecosystem wide range of companies looking to enhance their treasury strategies, Ethereum stands out over the popular Bitcoin. This is primarily due to the greater yield opportunities that ETH offers. As a part of its rebranding strategy, ETHZilla successfully conducted a huge fundraising effort worth $565 million. This campaign saw active participation from over sixty crypto-native and institutional investors, with Electric Capital, Polychain, and GSR leading the list. Prominent cryptocurrency pioneers were also keen to invest, with Sreeram Kannan, Mike Silagadze, Danny Ryan, Grant Hummer, Vivek Raman, and Tarun Chitra showing interest in ETHZilla’s new direction. These investors hold notable positions in the industry, with each being a founder of remarkable crypto platforms such as Eigenlayer, Ether.fi, Etherealize, and Gauntlet.

A New Identity for ETHZilla

“Today, we gladly embrace our transformation as ETHZilla, as we commit to developing top-notch strategies that aim to bring the numerous benefits of Ethereum to public market investors,” stated Executive Chairman, McAndrew Rudisill, during the company’s rebranding announcement. ETHZilla also revealed its strategic partnership with Electric Capital, which will serve as its external asset manager. The company has planned to introduce a yield-generating strategy that plans to outperform traditional ETH staking.

ETH Staking and the Current Market Scenario

Recent reports reveal that staked ETH has reached a record high, thus indicating an increasing long-term confidence in the Ethereum network. Presently, more than 35.7 million ETH, which equates to nearly $154 billion, is locked in Ethereum’s Proof-of-Stake system. This represents a sizable 30% of Ethereum’s total supply. However, it’s crucial to note that as Ethereum trades near record-highs, a notable number of stakers are looking to exit. The landscape of blockchain technology is continuously evolving, but companies like ETHZilla are stepping up and moving confidently into this new digital arena, thereby showcasing their commitment towards bringing the value of Ethereum to traditional market investors.