Ethereum Treasury player ETHZilla, on 24 October 2025, sold roughly $40 million in ETH to unlock liquidity for its share-repurchase programme. The ETH was sold for ~$3,900 each, reports suggest. Since then it has repurchased ~600,000 shares for about $12 million, with the buyback being part of the broader $250 million authorisation approved by its board on 22 August 2025.
By selling ETH to buy back shares, the company is implicitly betting its stock is underpriced relative to its underlying Ethereum holdings, and is seeking to close that NAV gap. ETHZilla’s tilt toward shareholder alignment via buybacks, rather than pure token accumulation signals a shift in its priorities.
Commenting on the share buyback, Executive Chairman McAndrew Rudisill said, “As we continue to scale our ETH reserves … we believe an aggressive stock repurchase program at the current stock price underscores our commitment to maximizing value for shareholders.”
ETHZilla’s unconvinsing stock performance
When the $250 million repurchase plan was announced in August, ETHZilla’s shares jumped early in trading ~14% but then slipped back into negative territory by the day’s end. The company’s stock has been volatile since its dramatic pivot in early 2025. Well, it did see initial gains, concerns surrounding the dilution of shares via large convertible offerings and NAV‐discount issues have weighed heavily. At the time of reporting, the ETHZ stock saw comfortably in the greem even i after-hour trade on Monday.
From Biotech to Ethereum Treasury
ETHZilla is the rebranded form of what was formerly 180 Life Sciences. The pivot happened in mid-August 2025, when the company shifted from biotech toward large-scale accumulation of Ethereum and began trading under new tickers “ETHZ” and “ETHZW”. At the time of rebrand, the firm had acquired ~94,675 ETH or ~$419 million worth of ETH and ~$187 million in cash equivalents. As part of its strategy, ETHZilla also partnered with Electric Capital to develop higher-yield protocols using its ETH holdings