In a significant move that mirrors the corporate adoption of Bitcoin, a publicly traded company has transitioned into an Ethereum reserve platform.
ETHZilla, formerly known as 180 Life Sciences Corp, announced today that it has acquired 94,675 ETH, a purchase valued at approximately $419 million. This makes ETHZilla one of the largest corporate holders of Ethereum.
The company, now valued at $1.08 billion, has seen its shares surge over 286%e reaching 8.23 million shares, as
reported on August 18.
Companies adopting cryptos
This development follows a trend of companies adding cryptvelopment follows a trend of companies adding cryptocurrencies to their balance sheets as a strategic treasury asset.
While MicroStrategy has popularized the “Bitcoin treasury” strategy, this large-scale acquisition of Ethereum by a public company indicates growing institutional confidence not just in Bitcoin, but in the broader digital asset space.