Billionaire Peter Thiel and his associated entity, Founders Fund, have completely divested their stake in the treasury company ETHZilla. This is confirmed by a Form 13G filed with the SEC.

In pre-market trading, the company's shares dropped over 3% to $3.51, marking a decline of about 97% from its all-time high of $107.

Investment History in Ethereum Treasury

Thiel's entities acquired a 7.5% stake in August 2025. This transaction occurred amid the rebranding of biotech firm 180 Life Sciences and its shift towards digital assets. At that time, news of Thiel's backing triggered a 90% surge in Ethereum's price within a single trading session.

ETHZilla launched its "treasury strategy" last summer, raising $565 million from Electric Capital, Polychain Capital, and GSR. The project was positioned as a TradFi tool for accumulating Ethereum with the potential for yield from staking.

Change of Course

Contrary to initial plans, the company shifted from accumulating assets to selling them:

  • In October, ETHZilla sold $40 million worth of Ethereum to fund a $250 million stock buyback program;
  • In December, the firm sold an additional 24,291 ETH ($74.5 million) to settle obligations related to convertible bonds.

Focus on RWA

In December, ETHZilla noted that its market capitalization would be directly tied to revenue growth in the real-world asset tokenization segment (RWA).

Since then, the company has taken decisive steps in this direction:

  • Mortgage Portfolio. On February 5, the firm acquired 95 loans for modular homes for $4.7 million. The assets are set to be tokenized on the L2 network Arbitrum with a target yield of 10.36% per annum;
  • Aviation Engines. ETHZilla acquired two CFM56-7B24 engines to issue tokens on the Liquidity.io platform — a trading system regulated by the SEC.

Ethereum Reserves

ETHZilla ranks sixth among corporate holders of the second-largest cryptocurrency. The company holds 69,802 ETH valued at approximately $140 million.

Ethereum Treasury Tracker. Source: The Block.

This figure is significantly lower than the leader in the list, Bitmine Immersion Technologies, which owns 4.37 million ETH valued at around $8.8 billion.

The total reserves of the ten largest corporate holders exceed 6.1 million ETH, valued at over $12 billion.

Notably, Binance founder Changpeng Zhao identified tokenization as one of the most promising directions for the development of the crypto industry.