$ETH Treasury Firm #ETHZilla Raises $350M for DeFi Expansion


#ETHZilla has secured $350 million through convertible debentures, bringing total available capital above $506 million for #Ethereum ecosystem investments. The treasury company plans to deploy funds into yield-generating protocols and tokenized real-world assets across #layer2 networks.


CEO McAndrew Rudisill described their strategy as placing $ETH into cash-flowing assets that generate recurring revenues. The company currently holds 102,000 $ETH worth approximately $428 million at current prices. Combined with the new funding, ETHZilla could potentially acquire another 120,000 tokens.


The convertible instruments offer 2% annual interest with conversion available at $3.05 per share. This represents 1.05 times the company's market net asset value, providing upside participation for investors. ETHZilla also restructured previous $156.5 million convertible bonds, reducing interest to zero percent until February 2026.


ETHZilla ranks as the eighth-largest $ETH treasury company among 69 publicly listed firms. These companies collectively hold 5.25 million tokens representing 4.25% of circulating supply. The total value exceeds $22 billion across all institutional $ETH holdings.


The former biotechnology company completed its transformation to a crypto focus in July 2025. Stock performance has improved 31% year-to-date following the strategic pivot. ETHZilla shares previously declined over 99% during its biotech phase due to mounting losses and revenue challenges.

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September 23, 2025 at 11:34 AM
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