ETHZilla Sells $74.5 Million of Ether to Reduce Debt Load
ETHZilla (ETHZ), a NASDAQ-listed company formed to hold Ethereum (ETH), sold 24,291 ETH for approximately $74.5 million in an effort to redeem senior secured convertible notes. This marks the company's second ETH sale this quarter, following a $40 million sale in October that was used to fund share repurchases.
The recent sale was conducted under an agreement signed earlier in December, with an average price of $3,068 per ETH. After this transaction, ETHZilla's holdings stand at approximately 69,800 ETH, valued at more than $200 million.
On the day of the sale, ETHZilla's stock declined about 4%, contributing to an overall fall of roughly 96% from its August highs. This occurs amid broader market pressures, where many digital asset treasuries are facing challenges, trading below net asset value (NAV), and shifting from accumulation strategies to liability management.
