New York – Ether treasury company ETHZilla has announced plans to raise $350 million through convertible bonds, boosting its capital reserves to over $506 million. The funds will primarily be used to purchase more Ethereum (ETH) and expand its participation across the blockchain’s growing ecosystem.
Strategic Shift Into Ethereum Yield
ETHZilla Chairman and CEO McAndrew Rudisill said the company’s strategy goes beyond simply holding Ether. Instead, it will deploy assets into cash-flow-generating opportunities, including layer-2 protocols and real-world asset (RWA) tokenization.
“We believe our business model is highly scalable, with significant fixed operating leverage and recurring positive cash flow,” Rudisill stated.
This approach reflects a broader industry trend as digital asset firms look to generate yield through active participation, rather than passive holding. Analysts suggest such strategies could ignite a “DeFi Summer 2.0”, revitalizing decentralized finance activity.
ETHZilla’s Growing War Chest
The company disclosed it has already earned 1.5 million in ecosystem tokens from previous deployments. With its latest raise, ETHZilla could potentially add 120,000 ETH to its holdings, complementing its existing 102,000 tokens (valued at $428 million).
That would position ETHZilla firmly among the largest corporate Ethereum holders. According to StrategicETHReserve.XYZ, ETHZilla ranks eighth out of 69 Ether treasury companies, which together control 5.25 million ETH worth over $22 billion — around 4.25% of the total circulating supply.
Top holders include:
BitMine Immersion Technologies – 2.4 million ETH
Sharplink Gaming – 838,000 ETH
ETHZilla – 102,000 ETH (soon to grow if raise is fully deployed)
From Biotech to Blockchain
ETHZilla has undergone a dramatic transformation. Formerly Life Sciences Corp, a Nasdaq-listed biotech company, it rebranded in July 2025 to pivot fully into Ethereum investments.
The move comes after years of financial struggles. Since its IPO in 2020, the firm’s stock price plunged over 99% due to limited revenue, steep losses, and shareholder dilution. However, following its crypto shift, ETHZilla shares have seen a 31% gain in 2025, peaking at $10.70 in August before settling at $2.45 after hours in the latest session.
ETHZilla’s aggressive Ethereum expansion underscores growing corporate confidence in ETH as both a store of value and a yield-generating asset. By channeling capital into layer-2 scaling and tokenized assets, the company is betting that Ethereum’s ecosystem will continue to drive financial innovation and long-term returns.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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