ETHZilla is a publicly traded technology company that transitioned from the biotechnology sector to focus on the digital asset economy. Originally known as 180 Life Sciences Corp., the company rebranded in 2025 and initially adopted a "Digital Asset Treasury" (DAT) strategy centered on acquiring and managing a significant corporate treasury of Ether (ETH). In late 2025, ETHZilla shifted its primary strategic focus to the tokenization of Real-World Assets (RWA), utilizing its ETH holdings as a source of capital for corporate finance activities. The company's business model also includes iGaming operations and legacy biotech assets. ETHZilla is notably backed by investor Peter Thiel. ^{[1] [2]}​

History

Biotechnology Origins

Prior to its entry into the digital asset space, the company operated as 180 Life Sciences Corp. (SEC CIK: 1690080), a clinical-stage biotechnology firm. Its work was primarily focused on developing therapeutics for medical conditions involving chronic pain, inflammation, and fibrosis. The company's intellectual property from this era included programs related to anti-tumor necrosis factor (TNF) and cannabidiol derivatives. ^{[3] [1]}

Pivot to Digital Assets and iGaming

ETHZilla began a significant strategic pivot in late 2024. In September 2024, the company acquired the source code and intellectual property for an online blockchain casino platform, which marked its first major step into a new business sector. This move was followed by a comprehensive restructuring and rebranding effort in mid-2025. ^[1]

In July 2025, the company announced its adoption of an "innovative Ethereum Treasury Strategy" and a major Private Investment in Public Equity (PIPE) offering to fund it. The financing, which closed on August 4, 2025, was reported to be a $425 million agreement with over 60 investors, including Peter Thiel's venture capital funds. The capital raise was further supported by the sale of $156.25 million in senior secured convertible notes to an institutional investor, which closed on August 8, 2025. On August 18, 2025, the company officially changed its name to ETHZilla Corporation and its Nasdaq ticker symbol to ETHZ. The news of Thiel's investment and the disclosure of its substantial ETH holdings caused the company's stock price to increase by over 90% in August 2025. ^{[1] [2]}

Shift to RWA Tokenization

In late 2025, amid a market environment that saw the price of Ethereum decline, ETHZilla initiated another strategic evolution. In a shareholder letter in early December 2025, the company detailed a new direction focused on the tokenization of Real-World Assets (RWA) as its primary revenue and cash flow driver. ^[2]

This strategic shift was formalized on December 22, 2025, when the company announced it had sold 24,291 ETH for approximately $74.5 million. The stated purpose of the sale was to redeem its outstanding senior secured convertible notes and reduce its debt load. In a public statement, the company noted, "In the future, the company believes its value will be driven by revenue and cash flow growth from our RWA tokenization business." Concurrent with this pivot, ETHZilla discontinued the public Multiple of Net Asset Value (mNAV) dashboard on its website, a key metric associated with its a former treasury-focused strategy. ^{[2] [4]}

Business Model and Strategy

ETHZilla operates a multi-faceted business model that combines its focus on RWA tokenization with an actively managed digital asset treasury, iGaming operations, and legacy biotech assets. ^[1]

Real-World Asset (RWA) Tokenization

As of late 2025, RWA tokenization is ETHZilla's primary strategic focus. The company aims to generate recurring revenue by bringing traditional, off-chain assets onto the blockchain. The target asset classes for tokenization include auto loans, manufactured home loans, aerospace equipment, and real estate. ^[2]

As part of this strategy, ETHZilla entered into a definitive agreement with Zippy, a company specializing in manufactured home loans. The partnership aims to tokenize these loans on-chain. As part of the agreement, ETHZilla also acquired a 15% equity stake in Zippy. The company's stated mission is to connect traditional financial systems with decentralized finance by offering services like asset tokenization, DeFi protocol integration, and asset conversion gateways. ^[5]

Ethereum Treasury Management

ETHZilla's initial business model was centered on a Digital Asset Treasury (DAT) strategy, with the primary objective to "accumulate more ETH per share over time." While this is no longer the central focus, the company continues to manage a significant treasury of Ether, which is now used as a strategic asset to fund corporate activities, including debt reduction and stock repurchases. ^{[3] [4]}

The treasury's management is handled by Electric Treasury Edge, LLC, an affiliate of venture capital firm Electric Capital, under a discretionary Asset Management Agreement. Strategic advice is provided by a "DeFi Council" composed of capital markets experts, Ethereum engineers, and DeFi founders. The company's methodology for its treasury goes beyond simple holding and includes actively generating yield through on-chain activities such as staking on the Ethereum network and restaking to secure other protocols for additional rewards. ^{[1] [3]}

iGaming Operations

ETHZilla maintains a business vertical in the iGaming sector, built upon the blockchain casino platform intellectual property it acquired in 2024. The platform is designed to support transactions in both cryptocurrency and traditional fiat money. The company's strategy for this division has two main components:

• Business-to-Consumer (B2C): An initial focus on launching a consumer-facing online casino.
• Business-to-Business (B2B): A longer-term plan to offer its platform as a white-label solution for other gaming operators.

Management has also stated intentions to use its public listing and technology to act as a consolidation vehicle in the iGaming industry by evaluating potential acquisitions. ^[1]

Legacy Biotechnology Assets

The company retains the intellectual property and assets from its time as 180 Life Sciences. These legacy programs are related to fibrosis, anti-TNF treatments, and cannabidiol derivatives. However, research and development on these programs have been "slowed down significantly" due to the reallocation of resources to the company's digital asset and iGaming ventures. ETHZilla is actively exploring strategic options to monetize these biotech assets. ^[1]

Corporate Affairs and Finances

Corporate Governance

ETHZilla is incorporated in Delaware and is headquartered in Palm Beach, Florida. The company's leadership team and board underwent changes following its 2025 strategic pivot. ^[1]

Key personnel include:

• Blair Jordan: Chief Executive Officer
• McAndrew Rudisill: Executive Chairman. Rudisill is also the founder of PCAO LLC, one of the company's Strategic Advisors. His annual retainer is $350,000.
• John Kristoff: SVP, Corporate Communications and Investor Relations
• Andrew Suckling: Independent Director (appointed August 2025)
• Crystal Heter: Independent Director (appointed August 2025)

The company's transfer agent is Continental Stock Transfer & Trust. Its fiscal year 2023 auditor was Marcum LLP, and its fiscal year 2024 auditor was M&K CPA's, PLLC. ^{[1] [5]}

Financing and Capital Structure

ETHZilla secured substantial funding in 2025 to finance its strategic pivot.

• PIPE Offering: In August 2025, the company raised capital through the sale of 143,934,168 shares of common stock at $2.65 per share and 17,495,849 pre-funded warrants at $2.6499 per warrant.
• Debt Financing: On August 8, 2025, it secured $156.25 million in debt financing through a private placement of senior secured convertible notes, receiving 96% of the principal amount in cash.
• At-The-Market (ATM) Agreement: On August 13, 2025, the company entered into an agreement with Clear Street LLC, allowing it to sell up to $500 million of its common stock over time.

As a "well-known seasoned issuer," ETHZilla's S-3ASR filing with the SEC allows it to offer new securities on an expedited basis. ^{[1] [4]}

Corporate Actions and Treasury Holdings

ETHZilla has actively used its ETH treasury to execute corporate finance strategies.

• October 2025 ETH Sale and Stock Repurchase: The company announced on October 27, 2025, that it had sold approximately $40 million of its ETH holdings. The cash was used to facilitate a board-authorized $250 million stock repurchase program. Between October 24 and October 27, ETHZilla repurchased approximately 600,000 shares for about $12 million. Following this sale, the company's ETH holdings were valued at approximately $400 million. Executive Chairman McAndrew Rudisill stated, "We are leveraging the strength of our balance sheet, including reducing our ETH holdings, to execute share repurchases. We expect these repurchases to be immediately accretive... while our common shares trade at a significant discount to NAV." ^[5]

• December 2025 ETH Sale and Debt Reduction: On December 22, 2025, reports confirmed the company sold 24,291 ETH for approximately $74.5 million, at an average price of $3,068 per ETH. Per an 8-K filing from December 19, the proceeds were designated for the early redemption of its outstanding senior secured convertible notes. This sale reduced its ETH holdings from approximately 94,091 ETH to approximately 69,800 ETH. ^{[4] [2]}

Investors and Partners

Key Investors

ETHZilla's 2025 PIPE offering attracted a wide range of institutional and crypto-native investors.

• Peter Thiel: A prominent investor in the company through his venture capital funds, FF Consumer Growth, LLC and FF Consumer Growth II, LP. ^[1]
• Other Notable Investors: Participants in the PIPE offering included Electric Capital, Diameter Capital Partners, DRW Investments, Polychain Capital, ParaFi Capital, Hudson Bay Master Fund, Saba Capital, Citadel (via Citadel CEMF Investments Ltd.), and Anson Funds. ^[1]

Strategic Partnerships

• Electric Capital: Serves a dual role as both a key investor and, through its affiliate Electric Treasury Edge, LLC, as the discretionary asset manager for ETHZilla's digital asset treasury. ^[1]
• Zippy: ETHZilla has a definitive agreement with Zippy to tokenize manufactured home loans and has taken a 15% equity stake in the company as part of its RWA strategy. ^[5]