Biotech Company Rebrands as ETHZilla, Raises $425M for Ethereum Strategy

Nasdaq-listed 180 Life Sciences changed its name to ETHZilla and completed a $425 million private investment in public equity offering. The company will use the funds to buy Ether and generate yield from its holdings.

More than sixty institutional and crypto-native investors backed the transaction, including Polychain Capital, GSR, and the founders of Lido and EigenLayer. The PIPE was priced at $2.65 per share and will close by August 1, 2025.

The company also plans to raise another $150 million through debt securities after the initial funding closes. These additional funds will go toward purchasing more ETH.

ETHZilla hired Electric Capital as its external asset manager. The firm will run a yield generation program that combines staking, lending, and liquidity provisioning. The program targets returns between 3% and 10% based on market conditions.

Incoming chairman McAndrew Rudisill said ETH can be used to build apps and financial tools for managing assets and generating yield. The company also plans to create a DeFi Council with industry participants who will advise on ways to make money from its ETH treasury.

Rudisill noted that no other publicly-traded company currently combines an operating business with high margins and fixed operating leverage from on-chain yield generation.

Public companies and DeFi treasuries together hold about $9.5 billion in ETH, representing roughly 2% of the cryptocurrency’s total supply.

Shares of 180 Life Sciences traded under ticker ATNF closed at $2.69, down 7% for the day. The stock had jumped more than 10% to $3.22 earlier in the session when news of the rebrand and strategy first broke.