180 Life Sciences Stock (ATNF) Rockets 80% on $350M Ethereum Purchase
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180 Life Sciences' latest Ethereum purchase was part of its effort to become a crypto holding company. That's resulted in it using funds from private investments to build an ETH treasury. 180 Life Sciences has also revealed that it plans to rebrand to reflect this change, ditching its current name in favor of ETHZilla. The company will pursue a differentiated yield generation program designed to outperform traditional ETH staking via a partnership with crypto-focused venture capital firm Electric Capital.
McAndrew Rudisill, Executive Chairman of 180 Life Sciences, said 'we believe that this reserve of ETH will unlock cash flow for our shareholders as we seek to deliver on our on-chain yield generation program through our external asset manager Electric Capital.'
180 Life Sciences Stock Movement Today
180 Life Sciences stock was up 78.74% on Tuesday, following an 11.33% rally yesterday. The shares have also increased 83.52% year-to-date and 91.95% over the past 12 months. Today's news brought heavy trading to ATNF stock, as some 33 million shares changed hands, compared to a three-month daily average of about 4.78 million units.
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