Life Sciences Organization Shifts towards Ethereum Approach, Secures $425 Million in Financing
180 Life Sciences Corp., a Nasdaq-listed biotechnology company, has announced a significant business pivot towards the cryptocurrency sector. The company, now known as ETHZilla Corporation, plans to raise $425 million through a private placement, with the funds primarily used for purchasing Ether (ETH).
The financing round was led by Lam Capital and Goose Capital, with participation from NRW.BANK, ZEISS Ventures, and a host of other institutional and crypto-native investors, totalling over 60 participants. Electric Capital will serve as the company's external asset manager.
Notable participants in the transaction include Electric Capital, Polychain Capital, Lido co-founder Konstantin Lomashuk, EigenLayer founder Sreeram Kannan, and Compound founder Robert Leshner.
Etherealize, a DeFi platform, will serve as a strategic partner to ETHZilla Corporation. Etherealize will advise on treasury management strategies aimed at generating yield while supporting the broader Ethereum ecosystem. In addition, a "DeFi Council" comprising leading protocol builders will be established by Etherealize to advise on treasury management strategies for ETHZilla Corporation.
The strategy of ETHZilla Corporation emphasizes collaboration with established Ethereum ecosystem participants as a differentiating factor from other corporate crypto treasury approaches. Etherealize will play a crucial role in this regard, helping the company navigate the complex world of decentralised finance (DeFi).
The transformation of 180 Life Sciences Corp. positions it among public companies adopting cryptocurrency treasury strategies, with few having undertaken such a complete business model shift. However, the company's operational pivot does not include a shift in its strategy to collaborate with established Ethereum ecosystem participants.
The company plans an additional $150 million debt offering following the PIPE completion, but no information is provided about any additional funding rounds following the completion of the PIPE transaction. The private investment in public equity (PIPE) transaction values shares at $2.65 each.
McAndrew Rudisill is expected to become chairman of ETHZilla Corporation at closing. The company will trade under the new ticker ETHZilla Corporation and will maintain its current management team and majority of directors despite the operational pivot.
The funding round is expected to close around August 1, 2025. No information is provided about the company's plans for its additional $150 million debt offering following the PIPE completion.
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