On October 24, 2025, ETHZilla, a Nasdaq-listed Ethereum treasury company, sold approximately $40 million worth of ETH as part of its strategy to convert crypto assets into capital for share repurchases. The transaction occurred when Ethereum was trading around $3,338 per coin, resulting in the sale of about 11,900 ETH.
ETHZilla confirmed this move is aligned with a broader $250 million share buyback program aimed at reducing the discount between its stock price and net asset value (NAV). The ETH sale generated $12 million, which was used to repurchase 600,000 shares on the open market at an average price of $20 per share. Company executives emphasized that the buyback signals confidence in long-term fundamentals and will continue as long as the market price remains below NAV.
Following the announcement, ETHZilla's stock surged 14.5% on the first trading day, with a significant increase in trading volume. Analysts viewed the strategy as an innovation in corporate crypto treasury management, though some traders warned that selling ETH during market weakness could limit future gains if Ethereum's price rebounds. ETHZilla's management reiterated that stability and shareholder returns take precedence over token price speculation.
This approach positions ETHZilla as a leader in integrating digital assets into corporate finance, similar to other firms like SharpLink and MicroStrategy with Bitcoin reserves. However, risks persist: Ethereum has declined about 13% in the past week, trading near $3,330, and the strategy's viability depends on ETH staying above $3,000 to avoid jeopardizing the buyback plan.
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