180 Life Sciences Corp (NASDAQ: ATNF), soon to be rebranded as ETHZilla, continued its impressive rally with a 12.06% pre-market soar on Thursday. This surge follows the company's dramatic transformation from a biotech firm to an Ethereum-focused investment vehicle, drawing parallels to MicroStrategy's Bitcoin strategy.
The company's strategic shift has been marked by several key developments that have fueled investor enthusiasm: 1. A substantial purchase of approximately $350 million worth of Ethereum, signaling a major commitment to cryptocurrency investments. 2. The acquisition of a 7.5% stake by billionaire Peter Thiel and his investment team, as revealed in a recent SEC filing. 3. Plans to rebrand as ETHZilla, positioning itself as an Ethereum treasury reserve company. 4. Completion of a $156 million private offering to further boost its Ethereum reserves.
This transformation has clearly resonated with investors, as evidenced by the stock's meteoric rise of 432% for the week. The involvement of high-profile tech investor Peter Thiel lends significant credibility to the company's new direction. As the crypto market continues to evolve and institutional interest in digital assets grows, ATNF's metamorphosis into ETHZilla positions it uniquely in the public markets, potentially capturing value from Ethereum's future growth and adoption. The company aims to increase its Ethereum holdings per share over time through strategic deployment of its assets, signaling a long-term commitment to this new business model.
Comments