Although ETHZilla’s Ethereum holdings have surged to over 102,000 ETH by early September 2025, bringing its valuation close to the $500 million mark, the company’s total crypto treasury, which also includes substantial cash equivalents, is estimated at approximately $650 million. This valuation reflects an average acquisition price of about $3,948 per ETH, resulting in a total ETH value ranging between $443 million and $489 million depending on the specific date and source cited. Alongside its Ethereum assets, ETHZilla maintains between $213 million and $221 million in USD cash equivalents, which bolsters its overall liquidity and treasury strength amid market volatility. Notably, ETH assets constitute about 67.5% of total holdings, underscoring their strategic importance within the company’s portfolio.
ETHZilla’s capital strategy has evolved concurrently with its asset accumulation, particularly authorizing a $250 million stock buyback program aimed at enhancing shareholder value. To support this initiative, the company secured $80 million in over-the-counter financing from Cumberland DRW, collateralized by its Ethereum holdings, demonstrating an innovative approach to funding repurchases. As a result, ETHZilla repurchased approximately 2.2 million shares at an average price of $2.50 per share, effectively reducing outstanding shares by nearly 1.3 percent. Despite these efforts, the stock price has experienced fluctuations, including a roughly 30 percent drop attributed to investor concerns about potential dilution stemming from convertible share offerings.
A significant leadership transition occurred with the appointment of McAndrew Rudisill as CEO and Chairman in early September 2025, succeeding Blair Jordan. This change coincides with a strategic emphasis on disciplined capital allocation and opportunistic stock repurchases, signaling ETHZilla’s readiness to navigate its next phase of growth. Under new leadership, the company has also expanded its treasury management approach by introducing the Electric Asset Protocol in partnership with EtherFi, deploying around $100 million in treasury assets into decentralized finance strategies to generate yield. This pivot from passive holding to active yield management aims to offset blockchain operational costs and enhance overall returns, reflecting a cautious yet forward-looking adaptation to evolving market conditions. The $100 million restaking plan through EtherFi is designed to optimize ETH yields without sacrificing liquidity, highlighting ETHZilla’s commitment to innovative treasury strategies.
