Life Sciences Corporation Switches to Ethereum-Based Venture, Secures $425 Million in Investment
180 Life Sciences Corp., trading under the ticker ATNF on Nasdaq, has made a significant business pivot, announcing its transformation into ETHZilla Corporation. The company has revealed plans to adopt a cryptocurrency treasury strategy, making it one of a growing number of public companies to do so.
The strategy of ETHZilla Corporation emphasizes collaboration with established participants in the Ethereum ecosystem as a differentiating factor from other corporate crypto treasury approaches. This shift marks a departure from the company's previous focus on life sciences, but the current management team and majority of directors will remain in place.
The company's $425 million private placement is aimed at building an Ethereum treasury strategy. The transaction includes over 60 institutional and crypto-native investors, with Electric Capital serving as the company's external asset manager.
To advise on treasury management strategies, ETHZilla Corporation will establish a 'DeFi Council' comprising leading protocol builders. Notable participants include Electric Capital, Polychain Capital, Lido co-founder Konstantin Lomashuk, EigenLayer founder Sreeram Kannan, and Compound founder Robert Leshner.
Etherealize, a DeFi platform, will serve as a strategic partner to ETHZilla Corporation. Etherealize will provide advice on treasury management strategies aimed at generating yield while supporting the broader Ethereum ecosystem.
The private investment in public equity (PIPE) transaction values shares at $2.65 each. The funding round is expected to close around August 1, 2025. The company also plans an additional $150 million debt offering following the PIPE completion.
It's worth noting that the Ethereum network has a market cap over $450 billion today. As ETHZilla Corporation adopts a cryptocurrency treasury strategy, it joins a growing number of public companies doing so.
While the most significant founding members of DeFi protocols involved as investors in the PIPE transaction of ETHZilla Corporation (formerly 180 Life Sciences Corp.) are not explicitly named in the available sources, key figures linked with related blockchain investments include Kyle Samani, co-founder of Multicoin Capital, who is taking a leadership role related to the strategic alignment with Solana's ecosystem connected to these investments.
McAndrew Rudisill is expected to become chairman at ETHZilla Corporation at closing. The company's strategic shift towards the Ethereum ecosystem and its adoption of a cryptocurrency treasury strategy are expected to shape its future operations and position in the market.
Read also:
- EPA Administrator Zeldin travels to Iowa, reveals fresh EPA DEF guidelines, attends State Fair, commemorates One Big Beautiful Bill
- Musk announces intention to sue Apple for overlooking X and Grok in the top app listings
- Cybertruck's Disappointing Setback, Musk's New Policy, Mega-Pack Triumphs, Model Y's Anticipated Upgrade Prior to Refresh (Week of January 25 for Tesla)
- Innovative Company ILiAD Technologies Introduces ILiAD+: Boosting Direct Lithium Extraction Technology's Efficiency Substantially
