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ETHZilla Corporation (ETHZ) announced plans to deploy approximately $100 million worth of ether to EtherFi, a liquid restaking protocol, to generate higher yields on its treasury holdings.
The partnership represents ETHZilla’s first engagement with decentralized finance protocols for treasury management. The company selected EtherFi for its ability to deliver incremental yield beyond standard ether staking through restaking while reinforcing Ethereum’s security.
"By deploying $100 million into liquid restaking, we’re reinforcing Ethereum’s security while unlocking incremental yield opportunities to enhance returns on our treasury holdings," said McAndrew Rudisill, Executive Chairman of ETHZilla.
Mike Silagadze, Founder and CEO of EtherFi, said the partnership demonstrates "growing institutional confidence in decentralized protocols" and showcases how liquid restaking can benefit corporate treasuries.
As of August 31, 2025, ETHZilla held 102,246 ether and ether equivalents valued at approximately $456 million. The company accumulated these holdings at an average acquisition price of $3,948.72 per ether. ETHZilla also maintains approximately $221 million in cash equivalents.
The company’s total shares outstanding stood at 166,626,845 as of September 1, 2025. Recent weekly data shows ETHZilla acquired 12,500 ether during the week ending August 17 and 7,600 ether during the week ending August 24, with no acquisitions during the week ending August 31.
ETHZilla completed the cancellation of 1,318,000 shares of common stock held by Elray Resources on August 28, 2025, for $1 million as part of a previously announced settlement agreement.
The company said it expects to pursue additional DeFi protocol integrations in the future and will continue providing updates on its treasury and yield generation strategies through press releases and regulatory filings.