Ethereum treasury company ETHZilla announced in its latest statement that it is once again selling ETH. Here are the details.
ETHZilla announced that it has carried out a significant Ethereum sale as part of its balance sheet restructuring and has made changes to some indicators used to measure the company’s value.
The company sold 24,291 ETH for approximately $74.5 million to finance the repayment of its senior-backed convertible bonds.
ETHZilla stated that all or a significant portion of the proceeds from the sale are planned to be used for the early redemption of bonds. The company also added that due to the early redemption process, which is targeted for completion between December 24th and December 30th, the data in the current mNAV (modified Net Asset Value) dashboard does not include cash assets on the balance sheet.
ETHZilla has stated that, going forward, the company’s value will now be based on revenue and cash flow growth generated through the tokenization of real-world assets (RWA) rather than cryptocurrency reserves. As part of this strategic shift, the company announced the deactivation of its mNAV dashboard on its website, effective today. However, it stated that periodic financial updates will continue to be shared, and any significant changes to ETH reserves and shareholding will be publicly disclosed through both SEC notifications and social media channels.
On the other hand, this is not ETHZilla’s first sale. Approximately two months ago, the company announced that it had sold ETH worth about $40 million to finance share buybacks.
