17 hours ago
Nasdaq-listed biotech steadfast 180 Life Sciences (ATNF) is acceptable to rebrand arsenic ETHZilla aft securing $425 cardinal successful backstage backing to pivot toward an ether-focused treasury strategy.
The transaction, structured arsenic a backstage concern successful nationalist equity (PIPE), is expected to adjacent by Aug. 1, the institution said successful a press release.
It’s backed by sixty organization and crypto-native investors, including Polychain Capital, Electric Capital, GSR, and founders of large Ethereum-based platforms similar Lido, Frax and EigenLayer.
The institution plans to usage the bulk of the funds to accumulate ether (ETH) arsenic its halfway treasury plus and make higher yields than with accepted staking.
Electric Capital volition service arsenic ETHZilla’s outer plus manager. The institution volition leverage its holdings done an on-chain output procreation programme that combines staking, lending and liquidity provisioning.
ETHZilla volition besides motorboat on with a “DeFi Council” made up of Etherealize and different DeFi players to connection the institution input connected however to amended monetize its ETH treasury.
"Our strategy astatine closing aims to let investors to entree vulnerability to a strong-yield imaginable ecosystem astatine the bosom of the stablecoin and tokenized plus markets," said McAndrew Rudisill, who is expected go president of the institution aft the deal's closing. "We expect to assemble an unthinkable squad of well-regarded veterans crossed accepted concern and decentralized concern (DeFi) to assistance usher this caller chapter."
The steadfast joins a increasing database of publicly-traded companies betting connected ETH. These companies, coupled with DeFi treasuries, person accumulated a full of $9.5 cardinal worthy of the cryptocurrency, equivalent to astir 2% of its full supply, information from StrategicEtherReserve shows.
180 Life Science’s shares are down 7% aft the opening doorbell to $2.69.
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