ETHZilla Establishes $10 Billion ATM Program to Bolster Ethereum Reserves

ETHZilla Corporation (NASDAQ: ETHZ) has announced the establishment of a substantial $10 billion At-The-Market (ATM) program, with the primary objective of strengthening its Ethereum (ETH) reserves. The announcement was made by Strategic ETH Reserve (SΞR) via a tweet, stating, > "🟢 SΞR NEWS: ETHZilla $ETHZ has amended its offering to establish a $10B ATM program. Proceeds expected to strengthen ETH reserves." This strategic move underscores the company's commitment to its Ethereum treasury strategy.

The establishment of this large ATM program follows ETHZilla's significant pivot earlier this year from its former identity as 180 Life Sciences Corp. The company rebranded and began trading under the ETHZ ticker on August 18, 2025, shifting its core focus to becoming a dedicated accumulation vehicle for Ether. This transition was supported by a successful $565 million capital raise through a private placement and convertible note offering.

An At-The-Market program allows a company to gradually sell newly issued shares into the open market at prevailing prices, providing a flexible and efficient way to raise capital. For ETHZilla, the proceeds from this $10 billion program are explicitly earmarked for acquiring more ETH, aligning with its stated mission to accumulate Ether for its treasury. This continuous capital infusion is designed to enhance the company's digital asset holdings.

Prior to this new program, ETHZilla had already accumulated 94,675 ETH at an average acquisition price of $3,902.20, valued at approximately $419 million as of its rebranding date. The company also holds approximately $187 million in USD cash equivalents. ETHZilla partners with Electric Capital to implement a differentiated on-chain yield generation program for its ETH holdings, aiming to outperform traditional staking through a combination of lending, liquidity provisioning, and bespoke agreements.

This substantial ATM program signals ETHZilla's aggressive pursuit of its Ethereum-centric treasury strategy, aiming to become a benchmark for on-chain treasury management among public companies. While the program offers significant capital-raising potential for ETH acquisition, it also introduces the possibility of share dilution for existing shareholders. The company continues to manage its legacy biotech intellectual property and iGaming operations alongside its primary digital asset focus.