Ethereum-focused Biotech Firm 180 Life Sciences to Raise $425M, Rebrand as ETHZilla

180 Life Sciences has entered into a $425M PIPE agreement to fund a next-generation Ethereum treasury strategy, rebranding as ETHZilla Corporation upon expected close on August 1, 2025. The net proceeds will primarily be used to purchase ETH, with remaining funds allocated to corporate purposes and transaction costs. Over 60 institutional and crypto-native investors are participating in the deal.

180 Life Sciences Corp. (Nasdaq: ATNF), a biotechnology company shifting its focus towards software-enabled gaming and entertainment, has entered into a $425 million private investment in public equity (PIPE) agreement to fund a next-generation Ethereum treasury strategy. The company plans to rebrand as ETHZilla Corporation upon the expected close of the transaction on August 1, 2025 [1].

The PIPE transaction, expected to close subject to customary closing conditions, will primarily use net proceeds to purchase Ether (ETH), the native digital asset of Ethereum. Remaining funds will be allocated to general corporate purposes and transaction-related expenses. Additionally, the company has approval to issue up to $150 million in debt securities in a follow-on offering [2].

Over 60 institutional and crypto-native investors, including Electric Capital, Polychain Capital, GSR, and prominent Ethereum ecosystem founders, are participating in the deal. Electric Capital will serve as ETHZilla’s external asset manager and lead the implementation of an on-chain yield strategy aimed at outperforming traditional ETH staking [1].

At closing, Etherealize and a consortium of leading DeFi builders will form a DeFi Council to advise the company on using its treasury to generate outsized yield while benefiting the Ethereum ecosystem. The DeFi Council members bring extensive experience in creating critical DeFi protocols [1].

The move by 180 Life Sciences comes amid a broader surge in Ethereum-focused treasury companies. According to a recent report from Standard Chartered Bank, ETH treasury firms have already acquired 1% of all ETH in circulation — 1.26 million ETH — in just two months. The bank expects ETH treasury holdings to grow tenfold, eventually reaching 10% of all ETH in circulation [1].

References:
[1] https://www.tradingview.com/news/the_block:20c68bcb3094b:0-180-life-sciences-set-to-raise-425-million-for-ethereum-treasury-plans-rebrand-to-ethzilla/
[2] https://www.prnewswire.com/news-releases/180-life-sciences-announce-an-upsized-425-million-private-placement-to-establish-an-ether-treasury-reserve-led-by-consortium-of-digital-asset-leaders-to-launch-ethzilla-302516170.html