180 Life Sciences has rebranded as ETHZilla, announcing plans to launch an Ethereum treasury by raising $425 million through a PIPE offering at $2.65 per share. This ambitious transformation aims to capitalize on Ethereum's ecosystem, allowing the firm to buy and hold ETH effectively. With backing from over 60 institutional and crypto-native investors, ETHZilla will collaborate with Electric Capital to implement a differentiated on-chain yield generation program. This strategy seeks to provide a yield between 3-10%, setting it apart from traditional staking methods. Incoming Chairman McAndrew Rudisill emphasizes the potential for ETHZilla to become a significant holder of ETH, with the goal of reinvesting yields to acquire more ETH, thereby establishing a robust business model amid burgeoning Ethereum treasury companies. Shares of ETHZilla increased by over 10% on their first day of trading, despite a historic decline of over 99% from their all-time high.

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