Ethereum treasury firm ETHZilla (EthereumZ) has sold about $40 million worth of Ethereum to fund its ongoing $250 million stock repurchase plan, aiming to narrow the gap between its market price and net asset value.
The company confirmed Monday that it will continue selling portions of its Ethereum holdings to finance additional buybacks as long as shares trade at a significant discount to NAV.
ETHZ shares surged 14.5% to close above $22.50, extending a rebound that began late last week. The stock remains well below its previous high near $107, recorded when ETHZilla initially raised funds to expand its Ethereum treasury.
Since the start of the program on Oct. 24, the firm has repurchased roughly 600,000 shares worth about $12 million. Chairman McAndrew Rudisill said the strategy helps reduce shares in circulation while supporting the firm’s asset valuation.
ETHZilla, which previously operated as 180 Life Sciences Corp, authorized its $250 million plan in August. The company said it will keep leveraging its balance sheet strength, including ETH sales, to execute repurchases.
Following the latest sale, ETHZilla still holds around $400 million in Ethereum, maintaining one of the largest Ethereum treasuries among public firms. Billionaire investor Peter Thiel’s Founders Fund also holds a 7.5% stake acquired earlier this year.
The move follows similar initiatives by other ETH treasury firms. Rival SharpLink Gaming has also approved up to $1.5 billion in buybacks when shares trade below NAV.
ETHZilla’s board emphasized that buybacks remain its key focus, aiming to unlock shareholder value as Ethereum markets stabilize and institutional confidence grows.