180 Life Sciences (ATNF) Surges 229%: ETH Treasury Strategy Ignites Market Frenzy

Summary
• 180 Life Sciences (ATNF) surges 229% intraday to $10.9999, defying biotech sector norms.
• Company discloses 82,186 ETH holdings ($349M value) and rebrands as ETHZilla.
• Turnover skyrockets 6,157% to $208.6M, signaling institutional ETH accumulation.

180 Life Sciences (ATNF) has ignited a market frenzy with a jaw-dropping 229% intraday surge, driven by a strategic pivot to Ethereum treasury management. The stock traded between $4.88 and $12.74, reflecting intense speculative activity. This move follows the company’s rebranding as ETHZilla and a $350M capital allocation to ETH, positioning it as a novel hybrid of biotech and crypto. Investors are now scrutinizing whether this repositioning can sustain momentum or if it’s a short-lived speculative play.

ETH Accumulation and Rebranding Drive ATNF's Volatility
180 Life Sciences’ dramatic price surge stems from its strategic shift to institutional Ethereum accumulation. The company disclosed holding 82,186 ETH (valued at $349M) and $238M in cash, rebranding as ETHZilla to focus on on-chain yield generation via Electric Capital. This pivot, coupled with a recent $350M capital raise through a PIPE transaction, has repositioned the stock as a crypto-biotech hybrid. The move taps into growing institutional interest in Ethereum staking and treasury strategies, with Electric Capital’s proprietary yield programs promising differentiated returns. However, the stock’s extreme volatility—trading from $4.88 to $12.74 in a single session—reflects speculative fervor rather than fundamental stability.

Technical Analysis and ETF Strategy for ATNF's Volatile Play
• RSI: 64.2 (neutral, no overbought/oversold signal)
• MACD: 0.554 (bearish divergence with price)
• Bollinger Bands: Wide range (1.04–4.39), indicating high volatility
• 200D MA: $1.67 (far below current price, suggesting long-term divergence)

ATNF’s technical profile is a textbook case of short-term speculative mania. The RSI at 64.2 suggests no immediate overbought conditions, but the MACD histogram (-0.008) indicates bearish momentum. Bollinger Bands are stretched to extremes, signaling a potential reversion to the mean. Traders should focus on key levels: the 52W high of $17.75 and the 52W low of $0.66. Given the lack of options liquidity and ETF exposure, a short-term bearish approach is warranted, with a long-term hold for those betting on the ETHZilla rebranding’s success.

Backtest 180 Life Stock Performance
The backtest of ATNF's performance after a 229% intraday surge shows poor results. The 3-Day win rate is 43.25%, the 10-Day win rate is 40.49%, and the 30-Day win rate is 34.97%. Additionally, the maximum return during the backtest period was only 0.43%, with a maximum return day of 0.

ATNF’s ETHZilla Gambit: Ride the Wave or Exit Before the Crash?
180 Life Sciences’ (ATNF) 229% intraday surge is a high-stakes gamble on Ethereum treasury management. While the company’s $349M ETH holdings and rebranding as ETHZilla have ignited short-term hype, the stock’s extreme volatility and lack of fundamental earnings make it a speculative play. Investors should monitor the ETH price and key resistance levels ($12.74 intraday high, $17.75 52W high). For now, the sector leader Coinbase (COIN) is down 0.01%, signaling broader crypto caution. Aggressive bulls may hold for a breakout above $12.74, but risk-averse traders should consider exiting before the inevitable correction.