The company plans to use the net proceeds from this financing primarily to rapidly increase its ETH holdings.
The company intends to execute a differentiated yield generation program, built for the Ethereum community, by the Ethereum community.
PALO ALTO, Calif., Aug. 4, 2025 /PRNewswire/ — 180 Life Sciences Corp. (Nasdaq: ATNF), now doing business as ETHZilla, has announced the successful closing of a private placement, netting a hefty $425 million before fees. This infusion of capital, raised through a private investment in public equity (PIPE) transaction at $2.65 per share, signals the company’s bold move into the digital asset space.
ETHZilla is officially launching its ETH treasury strategy, earmarking the proceeds for Ethereum acquisition, transaction expenses, executive bonuses (for director services), support for legacy iGaming operations, and monetization of biotech intellectual property. In a parallel move, the company has appointed McAndrew Rudisill as Chairman and welcomed Crystal Heter and Andrew Suckling as Independent Directors.
The private placement attracted significant interest, led by Electric Capital and Harbour Island. The investor roll call includes prominent institutional and crypto-native players such as Borderless Capital, Polychain Capital, GSR, Omicron Technologies, and a who’s who of Ethereum ecosystem founders and leaders like Konstantin Lomashuk (Lido), Sreeram Kannan (Eigenlayer), Mike Silagadze (Ether.fi), Danny Ryan (Etherealize), Vivek Raman (Etherealize), Sam Kazemanian (Frax), Grant Hummer (Etherealize), Robert Leshner (Compound & Superstate), and Tarun Chitra (Gauntlet).
“We’re assembling a team of accomplished DeFi and traditional finance veterans,” stated Chairman McAndrew Rudisill. “Collaborating with the builders and pioneers of the Ethereum ecosystem will help us shape the network’s future. This is just the beginning; we’re eager to execute our differentiated strategy and create value for shareholders.”
Vivek Raman, CEO of Etherealize and a strategic advisor to ETHZilla, added, “We’re thrilled to partner with the company to pioneer new avenues for Ethereum investment. Together, we aim to unlock Ethereum’s potential for a broader investor base through innovative tools and public market access.”
CEO Blair Jordan noted, “The response has been incredibly encouraging. We’re off to a strong start and remain focused on long-term value creation.”
ETHZilla plans to rapidly deploy a large percentage of the $425 million into Ethereum over the coming weeks, while maintaining its existing iGaming operations and actively pursuing monetization of its biotechnology IP. The company will provide regular updates on its Ethereum holdings for maximum transparency.
The company may also seek to sell up to $150 million in fixed income securities, contingent on the completion of definitive documentation.
Electric Capital will act as ETHZilla’s external asset manager, implementing a differentiated on-chain yield generation program. The goal is to outperform traditional ETH staking through a blend of staking, lending, liquidity provisioning, and bespoke private agreements, all while maintaining robust risk management.
Governance Updates
ETHZilla will maintain its legacy businesses, including biotech and iGaming, under the leadership of CEO Blair Jordan. Key board updates include:
- McAndrew Rudisill joins as Chairman.
- Independent directors Crystal Heter (Tallgrass) and Andrew Suckling (Verulam) bring capital markets expertise.
- Jason New (Lazard, Harbour Island) is expected to join the board, adding further capital markets experience.
- The board collectively brings decades of experience across crypto, DeFi, and capital markets, positioning ETHZilla as a leading Ethereum treasury corporation.
Investment Highlights
ETHZilla believes it is well-positioned to deliver immediate value to shareholders through its long-term ETH acquisition and yield generation strategy.
The company is partnering with Etherealize, gaining strategic partnerships with Ethereum ecosystem leaders for ongoing marketing and amplification.
Etherealize and a DeFi consortium will form a DeFi Council, advising ETHZilla on treasury management to generate outsized yield while benefiting the Ethereum ecosystem. Council members include creators of critical DeFi protocols.
Advisors
Clear Street LLC acted as financial advisor and exclusive placement agent. The Loev Law Firm, PC and Reed Smith LLP acted as legal advisors to ETHZilla. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as legal advisor to Electric Capital. Paul Hastings LLP acted as legal advisor to the placement agent.
About 180 Life Sciences (d/b/a ETHZilla)
ETHZilla is a biotechnology company evolving towards software-enabled gaming and entertainment. In addition to its existing biotech assets, 180 Life Sciences maintains and accelerates its gaming initiatives.
The company plans to rebrand as ETHZilla Corporation. By adopting an ETH treasury strategy, ETHZilla seeks to become an onchain treasury management benchmark for public companies.
ETHZilla will focus a significant portion of its non-legacy operations on becoming an ETH accumulation vehicle, built for the community, by the community. Its treasury strategy aims to provide investors with exposure to the Ethereum network. The company is adopting a treasury policy focused on Ether (ETH), the native digital asset of Ethereum, and plans to pursue differentiated yield generation through its partnership with Electric Capital. ETHZilla is supported by an executive team and DeFi Council uniting capital markets experts, Ethereum engineers, DeFi founders, and infrastructure pioneers.
Forward Looking Statements
This press release contains forward-looking statements regarding the PIPE, convertible note offering, rebranding plans, capitalization, ownership structure, future performance, ETH purchases, digital asset treasury strategy, yield strategies, and other expectations. These statements are subject to risks and uncertainties, including the completion of transactions, realization of benefits, changes in market conditions, the ability to complete a fixed income transaction, risks relating to the volatility of Ether and other cryptocurrencies, the correlation between the company’s stock price and digital asset prices, increased competition, legal and regulatory uncertainty surrounding digital assets, U.S. and foreign tax treatment of crypto assets, global economic conditions, geopolitical events, regulatory changes, access to additional financing, and potential litigation. Readers are cautioned not to place undue reliance on these statements. The company’s filings with the SEC, available at www.sec.gov, contain further information on these risks and uncertainties. The forward-looking statements speak only as of the date of this document, and the company undertakes no obligation to update them except as required by law. Investors should carefully consider these risks and uncertainties.
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SOURCE 180 Life Sciences Corp.
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