Finance
What to know:
- ETHZilla (ETHZ) has decided to part ways with 24,291 ether (ETH), raking in a cool $74.5 million to redeem its senior secured convertible notes. Because who needs crypto when you can have mundane debt, right?
- Despite this little escapade into the selling realm, ETHZilla still clings to approximately 69,800 ETH, a treasure trove worth more than $200 million. Ah, the nostalgia of holding onto those digital dreams!
- In a world where digital asset treasury firms are grasping at straws after stock prices take a nosedive, our dear ETHZilla is shifting from accumulation to damage control. Who knew being a crypto hoarder could be so stressful?
Welcome to the topsy-turvy digital asset treasury bubble, now deflating spectacularly as once-avid collectors of crypto now find themselves in a frantic sales race-either to prop up their plummeting stock prices or, dare I say, to reduce their mountain of debt. Spoiler alert: it’s not going well.
ETHZilla, our Nasdaq-listed hero dedicated to hoarding the illustrious ether, announced on a fine Friday that they sold $74.5 million worth of tokens. Yes, that’s right, another sales saga unfolds-mark this as their second outing in the great ether selloff! 🎭
The funds from this latest sale are earmarked for redeeming senior secured convertible notes, all wrapped up neatly in an agreement signed earlier this month. Oh, the joys of paperwork!
With the company offloading 24,291 ETH at an average price of $3,068 each, their remaining stash dwindles down to around 69,800 ETH, valued at over $200 million. Just think of all the coffee they could buy with that!
On Monday, ETHZ shares took a little tumble, slipping 4% lower, and have now lost approximately 96% from their dizzying heights back in August. Such dramatic flair! 🎢
This latest maneuver serves as a rather vivid reminder of the pressures facing digital asset treasuries. Many public firms that once jubilantly raised funds to purchase crypto are now trading below the net asset value (NAV) of their holdings, thanks to stock prices plummeting faster than a lead balloon.
This unfortunate discount makes it trickier, if not entirely impossible, to raise capital for further crypto accumulation, leading some firms to pivot to liability management by dipping into their crypto reserves. A financial circus act, indeed!
Earlier this quarter, ETHZilla whimsically unloaded $40 million in ETH, using the proceeds to fund share repurchases. Yet, the stock continues its downward spiral, now hovering below $7, down from the $20 range when those thrilling October repurchases were first announced. What a plot twist!
The company has hinted it may continue to raise capital through ETH sales or equity offerings as it gallantly strives to advance its business plans. And who knows? Perhaps they’ll discover a hidden treasure map along the way! 🗺️
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2025-12-22 19:57