Digital asset treasury firms, companies whose main business is holding and investing in cryptocurrencies, appear to be losing favor with investors.
New filings with the Securities and Exchange Commission show that the venture arm of Peter Thiel has fully exited its position in ETHZilla, an ether-focused treasury company.
As token prices remain volatile and regulatory uncertainty lingers, confidence in firms built solely around accumulating crypto has weakened.
Media reports highlight, the fund sold all of its shares in the firm by the end of last year.
The move signals a shift in sentiment among major investors, suggesting that pure-play token treasury strategies may no longer command the same enthusiasm they once did.
Founders Fund dumps ETHZilla stake
Founders Fund, the venture arm linked to Peter Thiel, has fully exited its position in ETHZilla, cutting its ownership from 7.5 percent in August last year to zero. The move marks a sharp reversal in backing for the ether-focused treasury firm.
Based in Palm Beach, ETHZilla modeled itself after Michael Saylor’s Bitcoin-heavy company Strategy.
Originally a struggling biotech firm called 180 Life Sciences, it pivoted to an Ethereum treasury strategy, at one point accumulating more than 100,000 ETH.
However, as crypto markets peaked in October, the company sold $40 million worth of ether for share buybacks and another $74.5 million in December to reduce convertible note debt.
Bloomberg reports the firm is now pivoting again, launching ETHZilla Aerospace to offer tokenized exposure to leased jet engines.
Thiel Macro fully exits NVIDIA stake
While the exit from ETHZilla is a rather calculated move, Thiel has been slowly reducing his stake from fintech firms for a while now.
Peter Thiel’s investment vehicle, Thiel Macro, had fully exited its position in NVIDIA, as reported by CoinHeadlines earlier.
The fund had sold 537,742 shares during the second quarter of 2025, a stake valued at roughly $85 million at the time of sale.
Based on current market prices, that same holding would now be worth about $100.9 million.