Latest news with #McAndrewRudisill
Business Insider
6 days ago
- Business
- Business Insider
180 Life Sciences Stock (ATNF) Rockets 80% on $350M Ethereum Purchase
180 Life Sciences (ATNF) stock soared on Tuesday after the former biotechnology company announced its acquisition of $349 million in Ethereum (ETH). It now holds 82,186 Ether, which were bought at an average price of $3,806.71 per token. The company also noted that it still has roughly $238 million in cash equivalents. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. 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.
Yahoo
09-08-2025
- Business
- Yahoo
Why ETHZilla is skipping Michael Saylor's favourite crypto treasury ploy: Leverage
Another day, another crypto treasury company hits the wire. The newly formed ETHZilla, formerly known as the Nasdaq-listed biotech firm 180 Life Sciences, closed its $425 million investment across 60 different investors and its subsequent pivot to an Ethereum treasury company on Monday. It's an unusual beast. Compared to many of its counterparts, including the grandfather of turning public companies into crypto buying machines, Strategy, ETHZilla is leaving out one key element: leverage. McAndrew Rudisill, ETHZilla's incoming chair, isn't taking that chance on his Ethereum bet. 'There will be a point in the cycle where maybe Ether runs to $15,000 and pulls back to $10,000. That's still a 33% drawdown,' Rudisill told DL News. 'We don't want to be levered for that.' Foregoing debt Strategy's chair, Michael Saylor, has raised billions selling convertible debt, the proceeds of which are then ploughed into buying more Bitcoin. Convertible debt offers holders interest like a bond, but with the option to convert it into shares in a company. It's not risk-free, however. If Strategy can't refinance that debt at its maturity in the next three years because it doesn't have enough cash or stock, it could face a liquidity crunch and be forced to sell from its Bitcoin stockpile. And bring market prices crashing. 'Peak treasury company' With hundreds of companies turning to crypto to boost their balance sheet this year, questions swirl around how long the trend can last. The vast majority of those holdings are in Bitcoin. There are approximately 220 companies that now hold some $424 billion, 17% of all the Bitcoin on the market, according to data from Bitcoin Treasuries. Of late, Ethereum, the industry's second-largest digital asset by market cap, has become a popular choice. Ethereum co-founder Joe Lubin kicked off the trend in June after his blockchain company Consensys co-invested $425 million in the online gambling company SharpLink Gaming. Wall Street strategist and crypto bull Tom Lee joined shortly after converting a little-known Bitcoin mining firm called BitMine Immersion into one of the largest Ethereum treasury companies on the market. Campaigns to convert debt and equity into crypto are also trickling down to much smaller digital assets, such as the Ripple-founded XRP, crypto exchange Binance's native BNB, and Telegram's Toncoin. 'The new companies in those ecosystems will have a harder time getting oxygen.' And investors continue to lap it up. When the Canadian vaping company, CEA Industries, announced it would invest $500 million into BNB on July 28, the company's stock soared a whopping 548%. The stock has fallen 70% since then, raising more questions about when investors will have seen enough. 'We've probably gone through peak treasury company issuance,' Mike Novogratz, the chief executive officer of Galaxy Digital, told shareholders during his company's earnings call on Tuesday. 'The new companies in those ecosystems will have a harder time getting oxygen.' Going onchain Still, ETHZilla's Rudisill is confident his strategy will have plenty of breathing room. Unlike Bitcoin, Ethereum can generate additional yield via staking, a process where Ether is deposited into the network to validate transactions and earn rewards. 'There's going to be rapid consolidation.' On top of that, ETHZilla has tapped investment firm Electric Capital, which also invested in ETHZilla, to use the company's Ether holdings to generate more yield via different onchain lending opportunities. Rudisill declined to say how exactly. He estimates that the strategy will generate 'high single-digit to low double-digit' yield on the company's Ether. Should the crypto treasury trend grind to a halt, Rudisill suggests that the firm's lack of debt, diversified yield strategy, and strong team will separate ETHZilla from the pack. It could even open up new opportunities. Fire sale A sharp drop in crypto prices might force distressed companies to issue even more stock to raise cash or sell off their crypto holdings. Such an event would be a boon for firms with the deepest pockets. 'The big Ethereum treasury companies are going to get more Ethereum, and there's going to be rapid consolidation,' Rudisill said. 'And that's going to be positive for Ether prices.' Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-07-2025
- Business
- Yahoo
New Ether Treasury Firm 'ETHZilla' Emerges With $425M Funding and a DeFi Twist
Nasdaq-listed biotech firm 180 Life Sciences (ATNF) is set to rebrand as ETHZilla after securing $425 million in private funding to pivot toward an ether-focused treasury strategy. The transaction, structured as a private investment in public equity (PIPE), is expected to close by Aug. 1, the company said in a press release. It's backed by sixty institutional and crypto-native investors, including Polychain Capital, Electric Capital, GSR, and founders of major Ethereum-based platforms like Lido, Frax and EigenLayer. The company plans to use the bulk of the funds to accumulate ether (ETH) as its core treasury asset and generate higher yields than with traditional staking. Electric Capital will serve as ETHZilla's external asset manager. The company will leverage its holdings through an on-chain yield generation program that combines staking, lending and liquidity provisioning. ETHZilla will also launch along with a 'DeFi Council' made up of Etherealize and other DeFi players to offer the company input on how to better monetize its ETH treasury. "Our strategy at closing aims to allow investors to access exposure to a strong-yield potential ecosystem at the heart of the stablecoin and tokenized asset markets," said McAndrew Rudisill, who is expected become chairman of the company after the deal's closing. "We expect to assemble an incredible team of well-regarded veterans across traditional finance and decentralized finance (DeFi) to help guide this new chapter." The firm joins a growing list of publicly-traded companies betting on ETH. These companies, coupled with DeFi treasuries, have accumulated a total of $9.5 billion worth of the cryptocurrency, equivalent to around 2% of its total supply, data from StrategicEtherReserve shows. 180 Life Science's shares are down 7% after the opening bell to $2.69. Sign in to access your portfolio
