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180 Life Sciences rebranded to ETHZilla, raising 425 million USD to purchase Ethereum
The biotechnology company listed on Nasdaq — 180 Life Sciences — is making a bold shift to crypto, with plans to rename itself ETHZilla and move all of its reserve assets to Ethereum.
The company announced that it has reached a private funding agreement worth 425 million USD, led by top funds in the Ethereum ecosystem such as Electric Capital, Polychain, along with the founders of Lido, Eigenlayer, and Compound. The deal is expected to be completed on August 1.
ETHZilla will not only store ETH but also actively participate in DeFi strategies such as staking, providing liquidity, and lending, with a portfolio managed by Electric Capital.
This move marks a significant turning point, from a company researching arthritis drugs to a large-scale Ethereum treasury for businesses, right as companies begin to rush into ETH. According to Standard Chartered, corporate treasuries have held more than 1% of the ETH supply, and it could increase to 10% in the future.