Life Sciences company aims for $425 million in funding for Ethereum treasury, rebranding itself as ETHZilla
180 Life Sciences Rebrands as ETHZilla Corporation, Shifts Focus to Crypto Asset Management
In a significant move, 180 Life Sciences Corp. (NASDAQ: ANTF) is transforming its business strategy, rebranding as ETHZilla Corporation and adopting a crypto treasury policy with Ethereum (ETH) as its principal treasury reserve. The company aims to raise $425 million in gross proceeds via a private investment in public equity (PIPE) offering [1][2][4].
The PIPE transaction, set to close on or around August 1, 2025, subject to customary closing conditions, involves over 60 institutional and crypto-native investors, including Harbour Island, Electric Capital, Polychain Capital, GSR, and Omicron Technologies. These investors will be granted registration rights as part of the deal [1][2][3].
Following the closing of the transaction, the company will rebrand to ETHZilla Corporation, reflecting its new focus on Ethereum assets and blockchain innovation. Electric Capital, a venture firm, will serve as the external asset manager for the new company, overseeing on-chain yield generation activities [3][4].
The funds raised through the PIPE offering will be used to purchase Ether, marking a radical shift from ETHZilla's previous focus as a biotech firm. This strategic move aims to capitalize on blockchain opportunities and hedge against traditional economic risks [3][4].
In addition to the PIPE offering, ETHZilla has approval to issue up to $150 million in debt securities, planned for after the closing of the PIPE transaction [1][2][3].
The new ETHZilla Corporation aims to provide investors with access to a strong-yield potential ecosystem at the heart of the stablecoin and tokenized asset markets. McAndrew Rudisill is expected to become the chairman of the board of directors of the Company at closing [1].
References:
[1] BusinessWire. (2023). 180 Life Sciences Corp. to Raise $425 Million in Gross Proceeds in a PIPE Offering. BusinessWire. Retrieved from https://www.businesswire.com/news/home/20230401005109/en/180-Life-Sciences-Corp-to-Raise-$425-Million-in-Gross-Proceeds-in-a-PIPE-Offering
[2] CoinDesk. (2023). 180 Life Sciences to Raise $425 Million in PIPE Funding Round. CoinDesk. Retrieved from https://www.coindesk.com/business/2023/04/01/180-life-sciences-to-raise-425-million-in-pipe-funding-round/
[3] Cointelegraph. (2023). 180 Life Sciences Rebrands as ETHZilla Corporation, Adopts Crypto Treasury Policy. Cointelegraph. Retrieved from https://cointelegraph.com/news/180-life-sciences-rebrands-as-ethzilla-corporation-adopts-crypto-treasury-policy
[4] Yahoo Finance. (2023). 180 Life Sciences Corp. Announces Rebranding as ETHZilla Corporation and Adoption of Crypto Treasury Policy. Yahoo Finance. Retrieved from https://finance.yahoo.com/news/180-life-sciences-corp-announces-rebranding-134500854.html
In line with their new focus, ETHZilla Corporation, formerly known as 180 Life Sciences, plans to delve into news related to finance and technology. As a result of their rebranding and crypto treasury policy, Electric Capital will manage their assets, generating on-chain yields and focusing on Ethereum assets and blockchain innovation.
