ETHZilla Corp. (NASDAQ: ETHZ)

ETHZilla Corp. (NASDAQ: ETHZ) is a public company developing an accumulation vehicle for Ether (ETH), the native digital asset of Ethereum. Through its Ethereum-focused treasury strategy, ETHZilla seeks to become a benchmark for on-chain treasury management among public companies. Its approach is designed to be community-centered, bringing disciplined capital deployment and strategic access to decentralized finance.

The company’s evolution from its origins as 180 Life Sciences reflects a deliberate shift toward Ethereum-native investments, supported by significant institutional backing and a leadership team with deep capital markets experience. ETHZilla is building its presence in the decentralized economy while preserving flexibility to monetize its legacy assets and maintain supporting operations in software-enabled gaming.

The company is headquartered in Palm Beach, Florida.

Portfolio

As of September 2025, ETHZilla holds 102,246 ETH, acquired at an average purchase price of $3,948.72, with a total value of approximately $443 million. It also maintains approximately $213 million in USD cash equivalents, excluding proceeds from a recent $80 million OTC transaction collateralized by a portion of its ETH holdings. These assets are the result of a $425 million private placement and a $156.25 million convertible note offering.

The company has authorized a $250 million stock repurchase program and has already repurchased approximately 2.2 million shares at an average price of $2.50, reducing shares outstanding by 1.3%. This buyback is being funded in part through the OTC financing agreement with Cumberland DRW.

ETHZilla’s capital deployment strategy is anchored by a proprietary Electric Asset Protocol, developed in partnership with Electric Capital. This framework incorporates staking, lending, liquidity provisioning, and private agreements, with a goal of generating superior yield compared to traditional ETH staking. In September 2025, the company announced its first integration with DeFi protocols, deploying $100 million in ETH to EtherFi, a liquid restaking platform. This move is designed to unlock incremental returns while reinforcing Ethereum’s network security.

In addition to its ETH-focused operations, ETHZilla continues to pursue monetization of its legacy biotech intellectual property and maintains the development and deployment of its software-enabled gaming initiatives.

Market Opportunity

ETHZilla is targeting the expanding landscape of ETH-based treasury management, on-chain capital deployment, and decentralized yield generation. Within this framework, ETHZilla’s emphasis on staking, restaking, and liquid yield protocols places it in a high-growth segment of Ethereum infrastructure adoption.

As institutions increasingly look to optimize idle digital assets and as regulatory clarity improves for on-chain finance, ETHZilla’s position as a publicly traded ETH treasury platform may offer both early-mover advantage and sustained relevance.

Leadership Team

McAndrew Rudisill, Chairman and CEO of ETHZilla, is the founder and managing partner of Harbour Island LLC and serves as a strategic advisor to Etherealize. He previously held roles as Chief Investment Officer and Director of Bridger Aerospace and has a long track record of founding and monetizing ventures across sectors including specialty aviation, counter-UAS technology, consumer finance, oil & gas infrastructure, fractional resorts, and multifamily housing. He also founded Pelagic Capital Advisors LLC and holds a BA cum laude from Middlebury College.