Key Takeaways:
- ETHZilla is raising $350M via convertible bonds to invest further in Ether and Ethereum-based assets, aiming to scale a yield-generating treasury model.
- The firm now manages over $428M in ETH and could surpass $506M in capital, supporting protocols in layer-2s, tokenized real-world assets, and DeFi.
- Formerly a biotech firm, ETHZilla has rebranded and rebounded, now ranking as the 8th-largest ETH treasury holder among 69 firms.
ETHZilla, an Ether-focused treasury firm, is raising $350 million through convertible bonds to expand its Ethereum investment strategy.
The funds will be used to purchase more Ether and invest in ecosystem projects such as layer-2 protocols and tokenized real-world assets.
BREAKING:
— Coinvo (@ByCoinvo) September 23, 2025
ETHZILLA WILL RAISE $350 MILLION TO BUY MORE ETHEREUM! pic.twitter.com/jiWeBTUc0C
CEO McAndrew Rudisill said ETHZilla’s approach emphasizes deploying Ether into “cash-flowing assets” to generate recurring returns, positioning the business as scalable with strong operating leverage.
The move aligns with a broader trend of crypto firms seeking yield beyond simply holding assets, with expectations of renewed decentralized finance activity.
Financials show ETHZilla has already earned 1.5 million tokens from ecosystem involvement, though details were not disclosed.
Combined with a prior $156.5 million raise, the company’s capital pool could exceed $506 million.
If deployed entirely into Ether, it would add about 120,000 ETH to its existing 102,000 ETH holdings, valued at over $428 million.
Formerly a Nasdaq-listed biotech firm, ETHZilla rebranded in July and now ranks as the eighth-largest Ether treasury holder.
Its stock, once down over 99% in five years, has rebounded 31% this year, showing renewed investor confidence.
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