ETHZilla Sells $74.5M Ether, Stock Plummets

ETHZilla, a Nasdaq-listed company with a significant ether treasury, sold off $74.5 million worth of its holdings, marking its second major sale of the second-largest cryptocurrency. The company used the cash to redeem senior secured convertible notes, as shares have plummeted 96% from August peaks. This move reflects broader challenges for public crypto treasury firms, many of which are trading at deep discounts to their net asset value, making fresh capital raises difficult. ETHZilla previously sold $40 million in ether for share buybacks, but the stock continued to decline. Officials hint at potential future sales or equity issuance, indicating the digital asset treasury boom is reversing.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.