TL;DR
- Peter Thiel’s Founders Fund sold its entire stake in ETHZilla after disclosing a 7.5% position in 2025, valued at around $40 million.
- The company raised $425 million for its ETH treasury and another $350 million through bonds, but later sold 24,291 ETH for $74.5 million to reduce debt.
- While BitMine increased its holdings to 4.325 million ETH, Trend Research liquidated 651,757 ETH for $1.34 billion and recorded a $747 million loss.
The Founders Fund, linked to investor Peter Thiel, fully exited its stake in ETHZilla, according to a 13G amendment filed with the United States Securities and Exchange Commission. Entities associated with Thiel reported that they now hold zero shares in the company.
In August 2025, the group had disclosed a 7.5% stake in the company, which at the time operated under the name 180 Life Sciences Corp. That position included 11,592,241 shares out of a total of 154,032,084 shares outstanding. With a share price of around $3.50 in early August, the stake was valued at approximately $40 million.
ETHZilla Sells ETH to Repay Debt
In July 2025, 180 Life Sciences raised $425 million to implement an Ethereum-based treasury strategy and rebrand as ETHZilla. In September, the company announced a new $350 million convertible bond issuance to expand its ETH holdings and deploy them into decentralized finance operations and tokenized assets. During that period, the firm held more than 100,000 ETH.
In December 2025, ETHZilla sold 24,291 ETH for $74.5 million at an average price of $3,068.69 per token. The company used the proceeds to repay debt. After that transaction, its balance sheet showed approximately 69,800 ETH.
Treasury Strategies Adjust Positions
The exit of the Founders Fund comes amid broader adjustments by public companies that structured their treasuries around ETH instead of Bitcoin. At the same time, other firms adopted different approaches.
BitMine Immersion Technologies, identified as the largest publicly listed holder of Ethereum, acquired an additional 40,613 ETH on Feb. 9. Following that purchase, its holdings surpassed 4.325 million ETH, valued at about $8.8 billion at current prices.
Trend Research began liquidating its entire Ethereum position this month. On Feb. 8, it sold 651,757 ETH for approximately $1.34 billion and recorded an estimated realized loss of $747 million.
ETHZilla also launched Aerospace, a subsidiary offering tokenized exposure to leased jet engines, as part of an expansion of its activities
