Nasdaq-Listed Biotechnology 180 Life Sciences (ATNF) is set to redirect as ethzilla after securing $ 425 million in private financing for a pivot against an Ether-focused State Treasury Strategy.
The transaction, structured as a private investment in public equity (pipe), is expected to close on August 1, the company said in a press release.
It is supported by sixty institutional and crypto-native investors, including polychain capital, electric capital, GSR and founders of larger Ethereum-based platforms such as Lido, Frx and Egellayer.
The company plans to use the majority of the funds to accumulate ether (ETH) as its core tax chamber and generate higher yields than with traditional efforts.
Electric Capital will act as Ethzilla’s external asset manager. The company will utilize its holdings through a production program for chain yields that combine stacking, loans and liquidity.
Ethzilla will also launch along with a “Defi Council” consisting of Etherealize and other Defi players to offer the company’s input on how to better make money on its Eth Treasury.
“Our closure strategy aims to give investors access to exposure to a strong yield potential ecosystem in the heart of stablecoin and tokenized asset markets,” said Mcandrew Rudisill, who is expected to become chairman of the company after the end of the agreement. “We expect to bring together an incredible team of well -known veterans across traditional funding and decentralized funding (DEFI) to help guide this new chapter.”
The company joins a growing list of publicly traded companies that are investing in ETH. These companies combined with Defi Treasuries have collected a total of $ 9.5 billion value of cryptocurrency, corresponding to approx. 2% of its total offering, data from strategic methreserve shows.
180 Life Science’s shares are down with 7% after the opening bell to $ 2.69.
