ETHZilla (ETHZ) sells $74.5 million in ETH to pare liabilities
ETHZilla sold $74.5 million worth of Ether to redeem outstanding senior secured convertible notes.Summary
ETHZilla (ETHZ), a Nasdaq-listed company focused on building an Ether reserve, announced the sale of $74.5 million worth of ETH from its treasury. This is the company's second such sale, following a $40 million sale in October used for share repurchases. The proceeds from the latest sale are designated to redeem outstanding senior secured convertible notes. The sale involved 24,291 ETH at an average price of $3,068, reducing ETHZilla's holdings to approximately 69,800 ETH, valued at over $200 million. This action highlights the pressure on digital asset treasuries, many of which are trading below the net asset value of their crypto holdings, forcing some firms to liquidate assets to manage liabilities rather than accumulate crypto.
(Source：CoinDesk)