TLDR
- ETHZilla repurchased 600,000 shares for $12 million after selling $40 million in ETH.
- The company still holds approximately $400 million in Ethereum on its balance sheet.
- Peter Thiel’s Founders Fund owns a 7.5% stake in ETHZilla as of August 2025.
- ETHZilla continues buybacks while its stock trades below the net asset value of ETH holdings.
Ethereum treasury firm ETHZilla has sold $40 million worth of ether to support its $250 million stock repurchase plan. The company’s board previously approved the program to manage the supply of shares and align its stock price with net asset value. ETHZilla continues to hold substantial ETH reserves while strategically using proceeds from asset sales to repurchase shares and support shareholder value.
ETH Sale and Share Repurchase Execution
ETHZilla, formerly 180 Life Sciences Corp., sold approximately $40 million of ETH on October 24. The funds from the sale are being used to repurchase common stock as part of the approved $250 million buyback plan. Since the ETH sale, the company has repurchased around 600,000 shares, totaling roughly $12 million.
In a press release, the company stated, “ETHZilla plans to use the remaining proceeds of its ETH sale for additional share repurchases and intends to continue to sell ETH to repurchase its shares until the discount to NAV is normalized.” Chairman McAndrew Rudisill emphasized that the firm will maintain repurchases while ETHZ trades at a notable discount to its net asset value.
Stock Performance and Market Position
ETHZilla’s stock closed up 14.5% and continued higher by 9% during trading, reaching above $22.50. Despite recent gains, this price remains roughly one-fifth of the earlier high of $107 reached when the company announced its Ethereum treasury initiative.
Rudisill stated that ongoing buybacks aim to reduce the number of shares in circulation while supporting the company’s net asset valuation. “We will continue while ETHZ trades at a significant discount to NAV,” he added, highlighting the strategic approach to capital allocation.
ETH Holdings and Investor Support
The firm continues to hold approximately $400 million worth of ETH on its balance sheet. Investor confidence is reinforced by strategic partnerships, including a 7.5% stake acquired by Peter Thiel’s Founders Fund in August.
ETHZilla’s approach reflects a balance between maintaining significant crypto reserves and using selected ETH sales to support stockholder value. This combination allows the firm to actively manage both its treasury and equity.
Comparisons with Other ETH Treasuries
ETHZilla is not the only Ethereum treasury engaging in share repurchases. SharpLink Gaming, the second-largest ETH treasury, has also approved a buyback program. SharpLink plans to repurchase up to $1.5 billion of its shares when the stock trades at or below the net asset value of its crypto holdings.
This indicates a growing trend among Ethereum-focused firms to combine digital asset management with traditional equity strategies. Both ETHZilla and SharpLink demonstrate a focus on aligning stock prices with underlying crypto holdings while preserving long-term treasury assets.
The news of ETHZilla’s $40 million ETH sale underscores its ongoing efforts to strategically manage share supply and maintain net asset valuation. By using ETH reserves for repurchases, the firm continues to combine treasury management with shareholder-focused strategies.
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