ETHzilla, a biotechnology company listed on Nasdaq under the ticker ETHZ, announced the sale of approximately 9,720 ethers (ETH), equivalent to approximately $40 million of its holdings in the Ethereum cryptocurrency.
The company plans to use the proceeds to buy back its own shares. Since the sale was held on October 24, 2025, The company repurchased approximately 600,000 shares of common stock. Approximately $12 million. This is based on a $250 million share repurchase program approved by the company’s board of directors.
ETHzilla plans to use the remaining funds from the ETH sale to buy back additional shares and intends to continue selling ETH and buying back shares until the discount to net asset value (NAV) normalizes.
Net asset value is the difference between a company’s assets and liabilities divided by the number of outstanding shares and represents the intrinsic value of each stock. The objective is for the market stock price to match this internal value..
Last August, the company joined the list of companies that include ETH as a reserve asset. At that time, the stock price reached $170. However, as the weeks passed, this value dropped to $15, as seen in the following graph.
Due to this situation, we have decided to sell ETH. This caused the stock to rebound slightly to $21..
As more digital asset treasury companies come online, the sustainability of that model is beginning to be questioned. As reported by CriptoNoticias, the main concern is with the source of funding to fuel some of the purchases: debt.