ETHZilla Acquires 82,186 Ethereum Worth $349 Million, Partners with Electric Capital for Yield Generation

180 Life Sciences (NASDAQ: ATNF) holds 82,186 Ethereum (ETH) worth $349 million and maintains a cash position of $238 million. The company partners with Electric Capital to generate yield through ETH staking. ETHZilla's innovative approach may set a benchmark for on-chain treasury management among public companies.

Shares of 180 Life Sciences Corp. (NASDAQ: ATNF) climbed on Wednesday, extending its previous day's rally, after the company revealed it had accumulated more than $349 million in Ethereum (ETH) as part of its revamped treasury strategy [1]. The company now holds 82,186 ETH, valued at about $349 million, following the launch of its Ethereum-focused plan in late July. Executive Chairman McAndrew Rudisill stated that over $350 million in capital has been deployed since completing a PIPE transaction last week, with the ETH reserve aimed at funding an on-chain yield generation program managed by Electric Capital.

The firm plans to rebrand as ETHZilla Corporation, positioning itself as a leading public company in Ethereum treasury management. The yield strategy is designed to outperform traditional ETH staking returns. Additionally, the company reported approximately $238 million in cash and cash equivalents. On Monday, shares jumped 54% in after-hours trading after the company completed a $156 million private offering of convertible notes due 2028 to an undisclosed institutional investor.

The transaction follows a $425 million private placement, priced at $2.65 per share, involving more than 60 institutional and crypto-native investors. Proceeds from this raise are earmarked for ETH purchases, transaction costs, executive compensation, iGaming operations, biotech IP monetization, and other corporate purposes. ATNF is currently trading about 612% above its 50-day moving average and roughly 759% above its 200-day moving average. The company has a 52-week high of $17.75 and a 52-week low of $0.66.

The company's ETH holdings represent a significant portion of its total assets. As of August 11, 2025, the largest corporate holder of ETH is BitMine Immersion Technologies, which holds 1.15 million ETH, valued at approximately $4.8 billion [2]. The race to accumulate a larger share of ETH is accelerating, with companies building reserves at a favorable cost basis as market conditions shift.

ETHZilla's innovative approach to on-chain treasury management could set a benchmark for other public companies. By leveraging Ethereum's staking and DeFi infrastructure, the company aims to enhance risk-adjusted returns and make productive use of its holdings. This strategy contrasts with the more passive approach taken by Bitcoin treasuries.

References:
[1] https://www.benzinga.com/crypto/25/08/47097989/180-life-sciences-extends-rally-after-revealing-349-million-ethereum-reserve
[2] https://coinmetrics.substack.com/p/state-of-the-network-issue-324