Peter Thiel acquires 7.5% stake in ETHZilla, driving stock up 207%
Tech billionaire Peter Thiel has acquired a 7.5% stake in ETHZilla, marking his second investment into an Ethereum treasury company in recent weeks.
- Thiel and related entities purchased a 7.5% stake in ETHZilla (formerly, 180 Life Sciences)
- ETHZilla’s stock jumped 207%, closing at $10.24 from $3.34 after the investment news.
- This follows Thiel’s recent 9.1% stake in BitMine Immersion Technologies last month.
Peter Thiel, a PayPal and Palantir co-founder, has made a significant investment in ETHZilla, a company formerly known as 180 Life Sciences that recently pivoted from biotech research to Ethereum ( ETH ) treasury management.
According to a recent SEC filing, Thiel and related entities acquired a 7.5% stake in ETHZilla, which currently holds 82,186 ETH, valued at approximately $349 million, with an additional $238 million in cash equivalents. The company plans to hold the Ethereum long-term and stake it through Electric Capital’s proprietary network strategies to generate yield for shareholders.
Following news of the investment, the company’s stock surged nearly 207%, closing at $10.24 compared to $3.34 close on Monday, as initially reported by Yahoo! Finance.
Thiel doubles down on Ethereum with BitMine and ETHZilla
The stake in ETHZilla marks Thiel’s second major crypto-focused investment in recent weeks. In mid-July, Thiel acquired a 9.1% stake in BitMine Immersion Technologies, a company that initially focused on Bitcoin mining but has since pivoted to building an Ethereum-centric treasury.
BitMine , now led by Fundstrat founder Tom Lee, more than doubled its ETH holdings from a $250 million private placement just days before Thiel’s investment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Decoding VitaDAO: A Paradigm Revolution in Decentralized Science
Mars Morning News | ETH returns to $3,000, extreme fear sentiment has passed
The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.
The central bank sets a major tone on stablecoins for the first time—where will the market go next?
The People's Bank of China held a meeting to crack down on virtual currency trading and speculation, clearly defining stablecoins as a form of virtual currency with risks of illegal financial activities, and emphasized the continued prohibition of all virtual currency-related businesses.
Trending news
MoreCrypto prices
More
