Peter Thiel dumps all ETH treasury shares after “Ethereum’s MicroStrategy” fell 95% since August

Peter Thiel and vehicles related to Founders Fund have completely exited their ownership in ETHZilla, as confirmed by a recent 13G/A filing showing 0.0% beneficial ownership as of December 31, 2025. This exit follows a significant decline in ETHZilla's stock price, which plummeted 95% from around $74 to over $3.50 since August 2025, when Thiel was a major stakeholder with 7.5% ownership. ETHZilla, which aimed to replicate the MicroStrategy playbook using Ethereum as a treasury asset, has faced pressure, evidenced by recent large ETH sales to manage debt, including redeeming convertible notes for over $600 million. The article notes that this event occurs within a broader context where thin crypto carry (low staking yield and futures basis) makes financing costly, forcing treasury companies to rely more heavily on execution and management decisions. The article outlines three potential future paths for such firms: a premium loop reopening, a discount trap involving treasury sales, or a reflexive unwind under stress, emphasizing that Thiel's exit signals a definitive end to his involvement with the venture.

(Source：CryptoSlate)