The biotechnology firm quoted in Nasdaq 180 Life Sciences (ATNF) will change the name of Ethzilla after obtaining $ 425 million in private funds to pivot towards a treasure strategy focused on Ether.
The transaction, structured as a private investment in public capital (PIPA), is expected to be closed before August 1, the company said in a press release.
It is supported by sixty institutional and crypto-national investors, including Polychain Capital, Electric Capital, GSR and the founders of the main Ethereum headquarters such as Lido, Frax and Eigenlayer.
The company plans to use most of the funds to accumulate ETHER (ETH) as its main treasure asset and generate greater returns than with traditional rethinking.
Electric Capital will serve as the external asset administrator of Ethzilla. The company will take advantage of its participations through a chain performance program that combines the supply of stagnation, loans and liquidity.
Ethzilla will also be launched together with a “Defi Council” composed of Etherealiz and other Defi players to offer the company’s opinion on how to better monetize its ETH treasure.
“Our closure strategy aims to allow investors to access exposure to a strong potential performance ecosystem in the heart of Stablecoin and Tokenized Assets Markets,” said McAndrew Rudisill, who is expected to become president of the company after the closing of the agreement. “We hope to gather an incredible team of veterans well considered in traditional finance and decentralized finance (defi) to help guide this new chapter.”
The firm joins a growing list of companies that quote on the stock market that bet on ETH. These companies, together with the Defi Treasures, have accumulated a total of $ 9.5 billion in the cryptocurrency, equivalent to about 2% of their total supply, as shown by the data of Strategicathertherreserve.
180 Life Science shares have dropped 7% after the opening bell to $ 2.69.
