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180 Life Sciences Corp. has rebranded as ETHZilla Corporation and began trading on NASDAQ under the ticker ETHZ on August 18, 2025, replacing its previous ticker ATNF. The company’s warrants will trade under ETHZW.
The Palm Beach, Florida-based company has accumulated 94,675 ETH at an average acquisition price of $3,902.20, valued at approximately $419 million. ETHZilla also holds about $187 million in USD cash equivalents.
The rebrand follows the completion of a $425 million private placement of common stock and pre-funded warrants, plus a $156.25 million convertible note offering, raising approximately $565 million in gross proceeds before fees. Over 60 institutional and crypto-native investors participated, including Electric Capital, Polychain Capital, and several Ethereum ecosystem founders.
"Today, we are embracing our identity as ETHZilla and our commitment to developing a market-leading strategy that seeks to bring the value of Ethereum to investors in the public markets," said McAndrew Rudisill, Executive Chairman of the Board of Directors.
Electric Capital will serve as the external asset manager for ETHZilla, implementing an on-chain yield generation program designed to outperform traditional ETH staking through a combination of staking, lending, liquidity provisioning and private agreements.
The company states it will focus on becoming an accumulation vehicle for Ether while continuing to support its iGaming operations and working to monetize its legacy biotech intellectual property assets. ETHZilla was originally formed as a biotechnology company and has been evolving toward software-enabled gaming and entertainment.
The company noted that under U.S. GAAP, crypto assets must be measured at fair value, which may cause significant fluctuations in financial statements from period to period.