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PALM BEACH, Fla. - ETHZilla Corporation (NASDAQ:ETHZ), a blockchain technology company with a market capitalization of $373 million, announced Wednesday the appointment of Jason New to its Board of Directors, effective immediately. The appointment comes as the company’s stock has shown remarkable momentum, gaining over 214% in the past six months.
New, who currently serves as Vice Chairman of Investment Banking at Lazard, brings over 20 years of experience in global credit, private equity, and alternative investments to the blockchain technology company. His previous roles include co-founding NovaWulf Management, a digital-asset investment platform, and serving as CEO of Onex Credit Partners, a $25 billion alternative credit manager. According to InvestingPro, ETHZilla currently operates with a moderate level of debt and maintains a debt-to-equity ratio of 0.26.
"Jason’s deep expertise across credit markets and digital assets makes him an outstanding addition to our Board," said McAndrew Rudisill, Chairman and CEO of ETHZilla.
New previously spent 15 years at Blackstone, where he was Senior Managing Director and Global Co-Head of Distressed and Special Situations Investing for GSO Capital Partners, now known as Blackstone Credit.
"I’m honored to join the Board of Directors and help advance the Company’s mission of connecting institutional finance with blockchain innovation," New said in the press release statement.
ETHZilla describes itself as a technology company in the decentralized finance industry that enables blockchain transactions through Ethereum Network protocol implementations. The company generates revenues through DeFi protocols and works to facilitate asset digitization across multiple Layer 2 Ethereum networks.
New holds a B.A. from Allegheny College and a J.D. from Duke University, where he serves on the Board of Visitors.
In other recent news, ETHZilla Corporation announced plans to deploy approximately $47 million worth of Ether (ETH) to Puffer, a liquid restaking protocol, with the expectation of generating higher yields on its ETH treasury holdings. Additionally, ETHZilla has raised $350 million through new convertible debentures with an institutional investment partner. These debentures carry a 2% annual interest rate, with a conversion price of $3.05 per share, and the terms of previously issued $156.5 million convertible debentures have been amended to reduce their interest rate from 4% to 0% until February 2026.
ETHZilla also repurchased approximately 6 million shares at an average price of $2.50 per share. The company reported holding 102,255 Ether (ETH) and ETH equivalents valued at approximately $460 million, alongside $228 million in USD cash equivalents. In leadership changes, McAndrew Rudisill has been appointed as the new Chief Executive Officer, succeeding Blair Jordan, who resigned. Mr. Rudisill will continue to serve as Executive Chairman. These developments reflect ETHZilla’s ongoing strategic and financial maneuvers in the cryptocurrency sector.
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