Peter Thiel-backed ETHZilla sells $74.5 million of ETH to pay debt as it shifts away from DAT strategy
ETHZilla sold $74.5 million in Ether to repay debt while pivoting from its digital asset treasury strategy to real-world asset tokenization.Summary
ETHZilla, a company backed by Peter Thiel, has sold $74.5 million worth of Ether (24,291 ETH) to pay off outstanding senior secured convertible notes. This move signals a formal shift away from its recent strategy of accumulating ETH as a digital asset treasury (DAT), a pivot it adopted less than six months ago following a major PIPE agreement.
The company, formerly 180 Life Sciences, stated that its future value will be driven by revenue and cash flow from its new focus on real-world asset (RWA) tokenization, which includes assets like auto loans, manufactured home loans, aerospace equipment, and real estate. Following the sale, ETHZilla still holds approximately 69,802 ETH, valued around $207 million.
In conjunction with this strategic change, ETHZilla announced it is discontinuing its mNAV dashboard, which previously offered transparency into its crypto holdings, though it intends to continue providing periodic balance sheet updates. The firm's stock had previously surged after Thiel's investment in its DAT strategy, but shares were recently trading down.
(Source：The Block)