The Biotechnology Society listed at the Nasdaq 180 Life Sciences (ATNF) should rename as an ethzilla after obtaining $ 425 million in private funding to pivot towards a cash flow strategy focused on ether.
The transaction, structured as a private investment in public equity (PIP), is expected to close by August 1, the company said in a press release.
It is supported by sixty institutional and crypto-natif investors, notably Polychain Capital, Electric Capital, GSR and the founders of the main platforms based on Ethereum such as Lido, Frax and Eigenlayer.
The company plans to use most of the funds to accumulate ether (ETH) as central cash and generate higher yields than with traditional exercise.
Electric Capital will serve as an external asset manager of Ethzilla. The company will take advantage of its assets through a chain element production program that combines provisioning, loans and liquidity.
Ethzilla will also be launched with a “DEFI advice” made up of etherealize and other DEFI players to offer the company’s contribution on how to better monetize its ETH treasure.
“Our closure strategy aims to allow investors to access exposure to a potential ecosystem at high performance at the heart of stablecoin and tokenized asset markets,” said Mcandrew Rudisill, who has become president of the company after the conclusion of the agreement. “We expect to constitute an incredible team of veterans renowned through traditional finance and decentralized finance (DEFI) to help guide this new chapter.”
The company joins a growing list of listed companies on the Paris on ETH. These companies, associated with DEFI treasures, accumulated a total of $ 9.5 billion in cryptocurrency, which is equivalent to around 2% of its total supply, according to data from the strategic reserve.
180 Life Science shares are down 7% after the opening bell to $ 2.69.
