Catenaa, Wednesday, December 31, 2025-Peter Thiel-backed ETHZilla said Monday it sold $74.5 million worth of ether to repay debt, marking a shift away from its digital asset treasury strategy toward real-world asset tokenization.

The company said it sold 24,291 ether as part of the redemption of its senior secured convertible notes. ETHZilla said all or most of the proceeds will be used to fund the repayment.

Following the sale, the firm holds 69,802 ether valued at about $207 million, based on current prices.

ETHZilla adopted an ether-based treasury strategy less than six months ago after completing a $425 million private investment in public equity deal in July with more than 60 investors.

The move mirrored a broader trend among smaller Nasdaq-listed companies that accumulated crypto assets in hopes of boosting shareholder value.

The company, formerly known as biotech firm 180 Life Sciences, has previously sold digital assets. In October, it sold about $40 million in ether as part of a $250 million stock buyback program.

ETHZilla now says its future performance will be tied to revenue and cash flow generated from tokenizing real-world assets.

Earlier this month, the firm said it was pursuing tokenization of assets including auto loans, manufactured housing loans, aerospace equipment and real estate.

The company also said it will discontinue its online multiple of net asset value dashboard, which tracked the market value of its crypto holdings relative to its market capitalization.

ETHZilla said it will continue to release periodic balance sheet updates.

ETHZilla shares fell nearly 4% Monday to $6.64. Ethereum has declined about 30% over the past three months.