Ethereum Treasury Race Heats Up As Peter Thiel-Backed Company Reveals $419,000,000 ETH Holdings in Rebrand

A race to build Ethereum ( ETH )-based treasuries is underway as a firm backed by billionaire Peter Thiel reveals hundreds of millions of dollars worth of ETH holdings as a part of a rebrand.

According to a recent press release , 180 Life Sciences Corp., a firm backed by PayPal co-founder Thiel, is changing its name to ETHZilla, also unveiling that it is holding $419 million worth of Ethereum.

The company acquired the top smart contract platform after accumulating $425 million through a round of PIPE (private investment in public equity) funding and a $156.25 million convertible note offering.

As stated by McAndrew Rudisill, executive chairman of the board of directors of the company,

“Today, we are embracing our identity as ETHZilla and our commitment to developing a market-leading strategy that seeks to bring the value of Ethereum to investors in the public markets.

We are launching this new brand and our new treasury strategy with significant interest from the market and valuable partnerships with prominent Ethereum ecosystem founders and leaders.”

ETHZilla is also slated to launch an ETH staking program in partnership with asset manager Electric Capital that is meant to outperform traditional ETH staking protocols.

Earlier this week, Tom Lee’s new company BitMine Immersion (BMNR) – the largest Ethereum treasury firm in the world – went on an ETH accumulating spree, snapping up $600 million worth of the top altcoin in just hours, bringing the value of its treasury to nearly $6 billion.

Ethereum is trading for $4,333 at time of writing, a 4.8% decrease during the last 24 hours.

Generated Image: DALLE3