180 Life Sciences Corp, a biotechnology firm listed on Nasdaq, is making a major pivot to cryptocurrency, aiming to raise $425 million to invest in Ether. The company plans to rebrand itself as ETHZilla Corporation, abandoning its original biotech focus amid significant financial losses, with its stock price plunging over 99.9% since its IPO in 2020. The funds will be raised through a private investment in public equity (PIPE) deal, which often attracts crypto-centric investors. In addition to the equity raise, the firm has secured approval to issue up to $150 million in debt securities. Electric Capital will manage the Ether treasury, focusing on yield generation through various on-chain activities. This development follows a trend of struggling companies exploring crypto investments to boost their financial standings. 180 Life Sciences had previously announced intentions to enter the online gaming market before this latest move toward cryptocurrency, mirroring a growing pattern of companies diversifying into crypto assets to enhance their balance sheets.

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