Billionaire investor Peter Thiel and affiliated Founders Fund entities have fully exited their position in treasury firm ETHZilla, according to a 13G filing with the US Securities and Exchange Commission.
The shows zero ownership in the company as of Dec. 31, 2025, down from a 7.5% stake disclosed in August 2025. The move marks a full reversal of what was once seen as a major institutional endorsement of corporate Ethereum treasury strategies.
Thiel’s investment was initially revealed when ETHZilla rebranded from biotech company 180 Life Sciences and shifted to a digital asset treasury model. The disclosure pushed the stock up more than 90% in a single trading session at the time.
Following news of the full exit, ETHZilla shares fell nearly 7% in premarket trading to around $3.20. The stock now trades roughly 97% below its peak of over $107 reached last August.
ETHZilla launched its Ethereum treasury strategy on , after raising $565 million from more than 60 investors, including Electric Capital, Polychain Capital, and GSR.
The company aimed to become an Ethereum-focused accumulation vehicle that would hold ETH and generate yield through staking. At its peak, the company held more than 100,000 Ether.
However, the firm began reducing its holdings as market conditions weakened and debt obligations increased. In October, ETHZilla about $40 million worth of Ether to fund a $250 million stock repurchase program.
In December, the company an additional 24,291 ETH valued at $74.5 million to redeem senior secured convertible notes.
The company currently holds 69,802 ETH, valued at roughly $139 million to $140 million at current market prices. The position ranks ETHZilla as the sixth-largest corporate holder of Ethereum.
The firm said its future value will be driven by revenue and cash flow from real-world asset tokenization rather than direct crypto accumulation.
ETHZilla has shifted its focus toward tokenization initiatives. On Feb. 5, the company a portfolio of 95 manufactured and modular home loans for about $4.7 million, which it plans to tokenize on an Ethereum Layer 2 network with an expected annualized yield of 10.36%.
The firm also two CFM56-7B24 aircraft engines for tokenization through the Liquidity.io platform, an SEC-regulated alternative trading system. It recently launched a tokenized aviation product offering equity exposure to leased jet engines.
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