Digital asset treasury companies solely tasked with investing in tokens have fallen out of favor with investors and how.
Billionaire entrepreneur and co-founder of PayPal and Palantir Technologies Peter Thiel’s venture arm has wiped its slate clean on ETHZilla, selling every last share of the ether digital asset hoarding company by the end of last year, new paperwork filed with the Securities and Exchange Commission shows.
Thiel’s Founders Fund now shows a big fat zero in ownership, down from a 7.5% stake last August.
ETHZilla, a crypto investment firm based in Palm Beach, is impersonating Michael Saylor’s bitcoin hoarding firm Strategy (MSTR). ETHZilla started as a failed biotech stock called 180 Life Sciences before pivoting hard to the Ethereum (ETH) treasury, amassing over 100,000 ETH tokens at its peak.
However, the fund panicked when markets peaked in early October and $40 million in ether to buy back, then $74.5 million more in December to reduce debt from convertible notes. According to Bloomberg, the firm is pivoting again, launching ETHZilla Aerospace to offer investors tokenized slices of leased jet engines.
