180 Life Sciences Corp. (NASDAQ: ATNF) has announced a radical strategic shift to rebrand as ETHZilla Corporation following a $425 million Private Investment in Public Equity (PIPE) transaction. The deal, expected to close on August 1, 2025, involves over 60 institutional and Ethereum-native investors including Electric Capital, Polychain Capital, Harbour Island, and GSR.
The $425 million raised will primarily fund the acquisition of Ether (ETH) for corporate treasury reserves, marking one of the largest corporate allocations to Ethereum. Electric Capital will manage the ETH treasury using on-chain yield strategies like staking, lending, and liquidity provisioning across DeFi protocols. A dedicated DeFi Council featuring founders from Eigenlayer, Frax, Compound, and Lido will advise on ETH allocation and yield optimization.
Despite an initial stock surge to $3.50, ATNF shares settled at $2.95 (up 1.37% intraday) amid investor reaction to the pivot from biotechnology. Post-rebrand, ETHZilla plans to leverage partnerships with Ethereum DeFi builders through advisory group Etherealize, aiming to position itself as a leader in Ethereum-based treasury management.