180 Life Sciences rises after raising $425 million for Ethereum strategy

Published 05/08/2025, 14:30
© Reuters.

Investing.com -- 180 Life Sciences Corp (NASDAQ:ATNF) stock jumped 12.3% following the company’s announcement that it has closed a $425 million private placement to fund its new Ethereum treasury strategy.

The biotech company, which now refers to itself as "ETHZilla," raised the funds through a private investment in public equity (PIPE) transaction, selling common stock and pre-funded warrants at $2.65 per share. The private placement was led by Electric Capital and Harbour Island, with participation from numerous crypto-focused investors including Borderless Capital, Polychain Capital, and several prominent Ethereum ecosystem founders.

According to the company, the majority of the proceeds will be allocated to purchasing Ethereum (ETH), with additional funds earmarked for transaction expenses, management bonuses, supporting legacy iGaming operations, and monetizing the company’s biotech intellectual property assets.

"The team we are assembling is an accomplished group of well-regarded veterans across decentralized finance (DeFi) and traditional finance," said McAndrew Rudisill, who has been appointed as Chairman of the Board of Directors.

As part of its strategic shift, the company has also appointed Crystal Heter and Andrew Suckling as Independent (LON:IOG) Directors, with Jason New expected to join the Board at an upcoming special stockholders meeting.

Electric Capital will serve as the external asset manager for the company, implementing what it describes as a "differentiated, on-chain yield generation program" designed to outperform traditional ETH staking while maintaining risk management through staking, lending, and liquidity provisioning.

The company plans to begin purchasing Ethereum in the coming weeks while continuing its legacy iGaming operations and seeking to monetize its biotechnology intellectual property. Following the PIPE completion, the company may further sell up to $150 million in fixed income securities, subject to definitive documentation.

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