180 Life Sciences Corp. (NASDAQ: ATNF) has secured $425 million through a private investment round, with the funds designated to support a newly announced Ethereum-based treasury strategy, according to a company announcement. The capital was raised via a PIPE (Private Investment in Public Equity) deal, which included both common shares and pre-funded warrants, priced at $2.65 per share.
The company outlined that the capital will be primarily used to:
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Acquire Ethereum (ETH) as part of its treasury initiative,
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Cover transaction and administrative costs,
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Offer cash incentives to executives and board members,
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Support ongoing iGaming business activities, and
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Unlock value from its existing biotech-related intellectual property.
Initial ETH purchases are expected to begin in the near term.
The funding round was led by Electric Capital and Harbour Island, with contributions from institutional backers and prominent names in the cryptocurrency sector such as Borderless Capital, Polychain Capital, and GSR. Influential Ethereum ecosystem figures, including Konstantin Lomashuk (Lido co-founder) and Sreeram Kannan (founder of EigenLayer), also took part in the deal.
In line with this strategic transformation, the company announced leadership changes. McAndrew Rudisill has been appointed Board Chairman, while Crystal Heter and Andrew Suckling have joined as independent directors. Blair Jordan will remain in his role as Chief Executive Officer.
To manage its ETH holdings, the company will work with Electric Capital as its external asset manager. The firm will implement an on-chain yield strategy that includes ETH staking, lending, liquidity provisioning, and private arrangements, with the goal of outperforming traditional ETH staking returns.
As part of its rebranding efforts, 180 Life Sciences plans to adopt a new name—ETHZilla Corporation—and may also consider issuing up to $150 million in debt securities following the completion of this capital raise.
The company has also stated that it intends to regularly report on the status and performance of its Ethereum holdings.
Clear Street LLC acted as the exclusive financial advisor and placement agent, while legal counsel was provided by The Loev Law Firm and Reed Smith LLP.
