ETHZilla, which pivoted from biotechnology to crypto in July 2025, now operates as an Ethereum treasury vehicle focused on turning its ETH reserves into recurring cash flow. The company currently controls 102,000 ETH valued at about USD 428 million and has already earned 1.5 million tokens through active DeFi participation. Its strategy, outlined by CEO McAndrew Rudisill, is to allocate capital to yield-generating protocols and tokenized real-world assets on Layer-2 networks, leveraging the fixed operating costs of its model for scalability. ETHZilla ranks eighth among 69 publicly traded firms holding Ethereum, situating it as a major institutional supporter of the network. Year-to-date, the firm’s stock price has risen 31 percent following its strategic shift, a stark reversal from the >99 percent decline it suffered during its biotech era. The company also completed a 6.45 million-share buyback in September, signaling management’s confidence in its capital structure. With the latest financing, ETHZilla’s deployable capital exceeds USD 506 million, positioning it to potentially purchase an additional 120,000 ETH. Management plans to provide further financial outlook during its upcoming third-quarter earnings report.

Total raised

$1.0B

Funding rounds

2

Latest round

Convertible Note

Latest activity

Sep 2025