ETHZilla Follows Strategy's Playbook With Ethereum Treasury Plans. Its Stock Is Soaring
The stock jumped as much as 70% Wednesday morning, before paring back. The shares were up about 5% in recent trading, leaving the stock's year-to-date gains around 500%.
The company, which was originally formed to focus on developing therapeutics in chronic pain, inflammation and fibrosis, said it now holds almost $350 million in Ether, the second-biggest cryptocurrency after Bitcoin, and plans to buy more.
The price of the Ether hovered near all-time highs Wednesday at over $4,700 and has added close to half its value in 2025 amid optimism about a more crypto-friendly regulatory environment under the Trump administration.
The move by ETHZilla, which counts billionaire Peter Thiel among its backers, echoes the playbook of Strategy (MSTR), formerly known as MicroStrategy, which has become the largest corporate holder of Bitcoin as part of its Bitcoin treasury strategy.
The price of Bitcoin, which hovered near all-time highs Wednesday at about $121,600, has added close to a third of its value in 2025. Shares of Strategy have also climbed by roughly a third over the same period.
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