Billionaire technology investor Peter Thiel's Founders Fund has completely exited ether treasury company ETHZilla, in keeping with a filing with the U.S. Securities and Exchange Commission on Tuesday.
Companies affiliated with Thiel now say they don’t own shares of the corporate in a 13G filing on Tuesday, after disclosing a 7.5% stake on August 4, 2025.
At that point, the group owned 11,592,241 shares of then-180 Life Sciences Corp., representing 7.5% of the 154,032,084 shares outstanding and valued at roughly $40 million based on a trading price of roughly $3.50 per share in early August.
Founders Fund 13G filing with the SEC. Source: SEC
180 Life Sciences is renamed ETHZilla
180 Life Sciences raised $425 million in July 2025 to launch an Ether treasury strategy and rename it ETHZilla.
The company later decided to lift an extra $350 million via convertible notes in September to expand its Ether (ETH) holdings and deploy them in decentralized finance (DeFi) and tokenized assets, at one point holding greater than 100,000 Ether.
As markets turned, ETHZilla began unloading tokens, liquidating 24,291 Ether for $74.5 million in December 2025 at a mean price of $3,068.69 per token to repay debt, leaving about 69,800 ETH on the balance sheet.
Burden on Ether Treasury corporate models
Thiel's exit is the most recent signal of stress for publicly traded corporations whose crypto treasuries are based on Ether relatively than Bitcoin (BTC).
Other large Ether accumulators are taking different approaches. BitMine Immersion Technologies, the biggest publicly traded Ethereum holder, acquired an extra 40,613 ETH on February 9, bringing its total holdings to greater than 4.325 million ETH, price around $8.8 billion at current prices.
Trend Research, however, began unwinding its entire Ethereum position this month, selling 651,757 ETH for about $1.34 billion on February 8, for an estimated realized lack of $747 million.
ETHZilla has since attempted to diversify by establishing ETHZilla Aerospace, a subsidiary offering token exposure to leased aircraft engines. However, Thiel's exit highlights how volatile Ether-heavy Treasury strategies have grow to be in a market still digesting last yr's peak.
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