Peter Thiel’s Founders Fund has completely exited their ETHZilla stake, according to a new SEC filing. This signals real turbulence for companies betting big on Ether treasuries.
Back in August 2025, Thiel-linked entities snapped up a solid 7.5% ETHZilla stake, controlling over 11.5 million shares in what was then called 180 Life Sciences Corp.
That position clocked in at roughly $40 million when shares hovered around $3.50. Fast-forward to now, and those same entities report owning zero in the company, a full exit from the ETHZilla stake.
This all started when 180 Life Sciences pulled off a dramatic rebrand to ETHZilla, raising $425 million in July 2025 to fuel an Ether treasury.
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They followed up with another $350 million via convertible bonds in September, collecting over 100,000 Ether at one point.
The ETHZilla stake looked like a winner for believers in Ether’s long game.
But then markets flipped, and ETHZilla started shedding tokens to stay afloat. In December 2025, they liquidated 24,291 Ether for $74.5 million (averaging $3,068.69 per token) to tackle debt, leaving around 69,800 ETH on the books. This kind of pressure is hitting Ether-focused treasury models hard, unlike Bitcoin treasuries that have held steadier.
BitMine Immersion Technologies, the biggest listed Ether holder, just scooped up another 40,613 ETH on February 9, pushing their total past 4.325 million ETH (worth billions at today’s levels).
Meanwhile, Trend Research decided to bail entirely, dumping 651,757 ETH for $1.34 billion on February 8 and booking a massive realized loss.
ETHZilla has been scrambling to pivot, launching ETHZilla Aerospace, a subsidiary tokenizing leased jet engines for fresh exposure. Still, Thiel’s full exit from the ETHZilla stake shines a harsh light on just how volatile these Ether-heavy strategies can get, especially as the market digests last year’s highs and lows.
Thiel’s departure isn’t just one investor walking away; it’s a wake-up call for anyone riding the ETHZilla stake wave or similar plays. When sharp money like this pulls out completely, it forces everyone to rethink the risks in building corporate treasuries around Ether instead of more battle-tested assets. The crypto treasury space is evolving fast, and moves like this remind us volatility cuts both ways.
