Billionaire investor Peter Thiel’s Founders Fund has completely exited its position in Ether treasury firm ETHZilla, according to a filing submitted Tuesday to the United States Securities and Exchange Commission.
In an amended Schedule 13G filing, entities affiliated with Thiel reported holding zero shares in the company. The disclosure follows an earlier filing on Aug. 4, 2025, when the group revealed a 7.5% stake.
At that time, the investment vehicles beneficially owned 11,592,241 shares of the company — then operating as 180 Life Sciences Corp. — representing 7.5% of its 154,032,084 outstanding shares. Based on a share price of roughly $3.50 in early August, the position was valued at about $40 million.
180 Life Sciences rebrands as ETHZilla
180 Life Sciences Corp. raised $425 million in July 2025 to pivot to an Ether-focused treasury strategy and rebranded as ETHZilla.
In September, the company sought to raise an additional $350 million through convertible bonds to expand its Ethereum holdings and deploy capital into decentralized finance and tokenized assets. At one point, ETHZilla held more than 100,000 Ether.
As market conditions deteriorated, ETHZilla began trimming its position. In December 2025, it sold 24,291 ETH for $74.5 million at an average price of $3,068.69 per token to repay debt, reducing its holdings to roughly 69,800 ETH.
Pressure builds on Ether treasury strategies
Peter Thiel’s exit marks another sign of strain for public companies that have built treasury strategies around Ether rather than Bitcoin.
Other major Ether holders are taking divergent paths. BitMine Immersion Technologies, the largest publicly listed Ethereum holder, purchased an additional 40,613 ETH on Feb. 9, bringing its total to more than 4.325 million ETH — valued at roughly $8.8 billion at current prices.
Meanwhile, Trend Research has begun exiting its entire Ethereum position, selling 651,757 ETH for approximately $1.34 billion on Feb. 8 and reportedly realizing a loss of about $747 million.
ETHZilla has since attempted to diversify by launching ETHZilla Aerospace, a subsidiary offering tokenized exposure to leased jet engines. Still, Thiel’s departure underscores the volatility and risk associated with Ether-heavy corporate treasury models in a market that is still adjusting after last year’s highs.
