Ethereum treasury firm ETHZilla sells of $40 million ETH as part of $250 million stock repurchase plan
ETHZilla sold $40 million in Ether to fund its $250 million stock buyback plan aimed at normalizing its stock discount to NAV.Summary
ETHZilla (ETHZ), an Ethereum digital asset treasury firm formerly known as 180 Life Sciences Corp., has sold approximately $40 million worth of its Ether holdings to execute share repurchases. This action is part of a broader stock buyback plan, initially authorized in August, for up to $250 million. The company has already repurchased about 600,000 shares for $12 million since October 24th. ETHZilla intends to continue selling ETH to repurchase shares until the discount to its Net Asset Value (NAV) is normalized, according to Chairman McAndrew Rudisill. The firm still holds about $400 million in ETH, and its stock price has recently seen volatility, trading significantly below a previous high. Peter Thiel's Founders Fund acquired a 7.5% stake in the company in August. ETHZilla is not alone in this strategy, as SharpLink Gaming (SBET), another large ETH treasury, also approved a substantial stock repurchase program.
(Source：The Block)