ETHZilla sells $40M in ETH to fund $250M stock buyback plan while holding $400M in Ethereum on its balance sheet.
Ethereum treasury firm ETHZilla has sold $40 million worth of ether (ETH) as part of its ongoing $250 million stock repurchase program. The company aims to reduce its share count and close the gap between its stock price and net asset value (NAV).
ETHZilla Executes ETH Sale for Share Repurchase
ETHZilla confirmed it sold around $40 million in ETH on October 24 to fund share repurchases. Since the sale, the firm has used approximately $12 million to buy back around 600,000 shares of its common stock.
The board approved the $250 million repurchase plan in August 2025. ETHZilla stated in a press release that it will continue selling portions of its ETH treasury to fund additional share buybacks. The program will remain active until the firm’s stock price aligns more closely with its NAV.
Stock Rises After Repurchase News
Following the buyback announcement and ETH sale, ETHZilla’s stock (ETHZ) rose 14.5% and gained another 9% after hours. The stock traded above $22.50 at press time, although it remains below its previous peak of $107.
That high was reached when ETHZilla first launched its Ethereum-focused treasury initiative.
Chairman McAndrew Rudisill said the firm plans to continue buying back shares while the stock trades at what he called a “significant discount” to NAV.
This strategy aims to increase NAV per share and reduce the amount of common stock in circulation.
Firm Retains Large ETH Holdings
ETHZilla still holds around $400 million in ETH after the recent sale, according to the press release. The firm continues to manage one of the largest Ethereum treasuries among publicly traded companies.
In August, Peter Thiel’s Founders Fund acquired a 7.5% stake in ETHZilla, signaling growing institutional interest in crypto-backed treasuries. ETHZilla’s efforts to rebalance its asset-to-equity ratio reflect a growing trend among digital asset treasuries.
Other Ethereum Treasuries Follow Similar Strategy
ETHZilla is not alone in pursuing this strategy. SharpLink Gaming (SBET), another major Ethereum treasury, approved a $1.5 billion share repurchase program earlier this year. That plan allows share buybacks when SBET trades at or below the NAV of its crypto holdings.
These moves reflect a broader trend where Ethereum treasury firms adjust their equity structures by leveraging digital assets to improve valuation and attract investor confidence. ETHZilla continues to monitor its asset base and stock performance as it progresses with its repurchase plan.
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