180 Life Sciences Stock Plunges Amid Ethereum's Decline

180 Life Sciences Corp. shares slid 1.45% in after-hours trading, coinciding with the decline of Ethereum. The biotechnology company's stock has surged 116% in a week and 755% in a month, aligning with ETH's rise. The firm holds 82,186 ETH, valued at over $381 million, and plans to rebrand as ETHZilla Corporation. Billionaire venture capitalist Peter Thiel holds a 7.5% stake in the firm.

180 Life Sciences Corp. (ATNF) shares slid 1.45% in after-hours trading, coinciding with the decline of Ethereum. The biotechnology company's stock has surged 116% in a week and 755% in a month, aligning with ETH's rise. The firm holds 82,186 ETH, valued at over $381 million, and plans to rebrand as ETHZilla Corporation. Billionaire venture capitalist Peter Thiel holds a 7.5% stake in the firm.

The stock's recent surge can be attributed to the company's Ethereum treasury strategy, which involves accumulating 82,186 ETH valued at approximately $349 million. This strategy aims to become a benchmark for on-chain treasury management among public companies, with a differentiated yield generation program facilitated through a partnership with Electric Capital. The company believes this reserve of ETH will unlock cash flow for shareholders through its on-chain yield generation program.

Ethereum's price has been volatile, with a 3.38% increase to $4,431 over a 24-hour period, marking a 24% increase from the previous week. The company's treasury strategy is part of its broader evolution from a biotechnology company to a software-enabled gaming and entertainment enterprise.

Despite the recent gains, the stock's after-hours decline reflects the broader market's reaction to Ethereum's price drop. The company's stock has seen a year-to-date increase of 83.52% and a 91.95% rise over the past 12 months. The recent announcement has led to heavy trading, with approximately 33 million shares changing hands today compared to a three-month average of about 4.78 million units.

References:

[1] https://finance.yahoo.com/news/180-life-sciences-ethzilla-holds-120000891.html
[2] https://www.ainvest.com/news/ethereum-surges-4-400-180-life-sciences-stock-rises-132-rebranding-ethzilla-corporation-2508/