Nasdaq‑listed 180 Life Sciences, which goes with the ticker name ATNF, announced that it has secured a $425 million private investment in public equity (PIPE) to build an Ether‑focused treasury strategy. The company is expected to rebrand as ETHZilla Corporation and adopt ETH as its principal treasury asset, the company said in a press release. The PIPE transaction is expected to close on or around August 1, 2025, subject to the satisfaction of customary closing conditions.
A $425 million funding round
The PIPE round involved more than 60 institutional and crypto-native backers, including Polychain Capital, Electric Capital, and GSR. Founders of DeFi protocols like Lido, EigenLayer, and Compound also participated in the funding. ETHZilla will work with DeFi experts to earn returns on its ETH through staking, lending, and other on-chain methods. A newly formed “DeFi Council” and a partnership with Etherealize are set to guide ETHZilla’s on-chain yield strategy.
ETHZilla intends to employ Electric Capital as its external manager to architect a differentiated yield generation program. The strategy is designed to generate operating return from ETH reserves while maintaining risk controls through diversified deployment.
Corporate ETH treasury strategies gain traction
ETHZilla joins the growing wave of public companies adopting Ethereum-centric treasury policies. Some of these companies include SharpLink Gaming, BitMine, and Bit Digital. Bernstein recently reported that firms are shifting from Bitcoin-only reserves to ETH staking models, targeting yield just under 3%, generating potentially $30–50 million per billion USD of ETH held. Standard Chartered estimates these corporate ETH treasuries collectively now control over $9 million worth or about 2% of the total ETH supply.
Ether is currently trading at ~$3,820, after touching a six-month high near $3,876. Over recent weeks, ETH-linked equities, especially those managing ETH treasuries, have rallied in part due to strong institutional interest and recent U.S. legislation on stablecoins. Ethereum ETFs have also surged, up around 36% month‑to‑date, far outperforming Bitcoin ETFs in the same period.
