180 Life Sciences, set to rebrand as ETHZilla, revealed a $349 million Ethereum reserve, a staking plan with Electric Capital, and a 7.5% stake from Peter Thiel’s Founders Fund.
180 Life Sciences Corp, which is rebranding as ETHZilla, drew heavy retail interest on Tuesday after revealing that it holds $349 million worth of Ethereum and about $238 million in cash equivalents, alongside a recent 7.5% stake disclosure from billionaire investor Peter Thiel.
The stock more than tripled to $6.9 on Tuesday, hitting a 10-month high, and added another 6.7% in after-hours trading.
The company stated that it owns 82,186 Ether (ETH) at an average purchase price of $3,806.71, with recent acquisitions intended for long-term holding and staking through Electric Capital’s proprietary strategies, which aim to generate yield.
Executive Chairman McAndrew Rudisill said more than $350 million had been deployed since closing a $425 million private investment in public equity (PIPE) deal last week.
ETHZilla’s treasury strategy is based on plans announced on July 29 to make Ether its principal reserve asset, managed through an on-chain yield generation program designed to outperform traditional ETH staking.
The PIPE deal drew more than 60 institutional and crypto-native investors, including Electric Capital, Polychain Capital, GSR, and Ethereum ecosystem founders such as Konstantin Lomashuk, Sreeram Kannan, and Robert Leshner.
The Palo Alto-based company said its DeFi Council, comprising capital markets veterans, engineers, and protocol founders, will advise on strategies that combine staking, lending, liquidity provision, and private agreements.
ETHZilla stated that it aims to establish itself as a benchmark for on-chain treasury management among public companies.
In a regulatory filing with the U.S. Securities and Exchange Commission late Monday, Thiel reported beneficial ownership of 11.6 million shares, or 7.5% of ETHZilla, through entities linked to his Founders Fund.
Originally a biotechnology company, 180 Life Sciences is shifting toward Ethereum-focused treasury management, software-enabled gaming, and entertainment, while seeking to monetize its legacy biotech assets.
On Stocktwits, retail sentiment was ‘extremely bullish’ amid a 2,363% surge in 24-hour message volume.
One user noted that traders who bought $ATNF warrants had seen outsized gains, attributing the rally largely to Ethereum’s strength and calling crypto treasury plays “hot” across multiple tickers.
Another user pointed out that $ATNF was now another Ethereum treasury company with backing from Peter Thiel, who had also invested in $BMNR, and said they planned to take a position.
180 Life Sciences’ stock has risen nearly 463% so far in 2025.
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