Ethereum Treasury Race Heats Up with $419M ETH Holdings Reveal

Ethereum Treasury Race Heats Up: Peter Thiel-Backed Company Reveals $419M ETH Holdings in Rebrand. ETHZilla, a firm backed by billionaire Peter Thiel, has unveiled $419M worth of Ethereum holdings as part of a rebrand. The company, previously known as 180 Life Sciences Corp., acquired Ethereum after raising $425M through PIPE funding and a convertible note offering. ETHZilla plans to launch an ETH staking program in partnership with asset manager Electric Capital.

The Ethereum (ETH) treasury race has intensified as ETHZilla, a firm backed by billionaire Peter Thiel, has unveiled $419 million worth of ETH holdings as part of a rebrand. The company, previously known as 180 Life Sciences Corp., has repositioned itself to focus on Ethereum treasury management and on-chain yield programs.

In a significant move, ETHZilla announced its rebranding and the acquisition of a substantial amount of Ethereum. The company raised $425 million through a private investment in public equity (PIPE) funding and a $156.25 million convertible note offering, allowing it to accumulate the $419 million worth of ETH. This places ETHZilla among the top Ethereum holders, ranking fifth after companies like BitMine Immersion, SharpLink Gaming, Coinbase, and Bit Digital [1].

The rebranding is part of ETHZilla’s strategy to position itself as a leading player in the Ethereum treasury space. The company aims to bring the value of Ethereum to investors in the public markets. McAndrew Rudisill, the executive chairman of ETHZilla, stated, "We are embracing our identity as ETHZilla and our commitment to developing a market-leading strategy that seeks to bring the value of Ethereum to investors in the public markets" [1].

ETHZilla plans to launch an ETH staking program in partnership with asset manager Electric Capital. This program aims to outperform traditional ETH staking protocols, offering investors potentially higher returns [1]. The company also continues to operate its iGaming business and is exploring opportunities to monetize its biotech IP portfolio.

The recent surge in ETHZilla’s stock price is partly attributed to the investment by Peter Thiel and related entities, which acquired a 7.5% stake in the company. After the news of Thiel’s investment, the company’s stock tripled in value, closing at $10.24 on Tuesday, up nearly 207% from its close at $3.34 on Monday [2].

Peter Thiel’s involvement in Ethereum is not new; he has been a significant supporter of the blockchain technology for years. Thiel has backed numerous blockchain ventures, including Ethereum layer-2 Layer N and prediction market Polymarket. His interest in Ethereum and its co-founder Vitalik Buterin stretches back over a decade, with Founders Fund awarding Buterin a $100,000 grant in 2014 [2].

The Ethereum treasury race is heating up, with companies like ETHZilla and BitMine Immersion accumulating substantial amounts of ETH. As the market for Ethereum treasuries continues to grow, investors and financial professionals are closely watching these developments.

References:
[1] https://cryptobriefing.com/ethzilla-rebrand-ethz-eth-holdings/
[2] https://finance.yahoo.com/news/ethzilla-ethereum-treasury-stock-skyrockets-202030123.html