ETHzilla, a biotechnology company listed on the Nasdaq under the ticker ETHZ, announced the sale of approximately 9,720 ether (ETH), representing approximately $40 million of its treasury holdings in the Ethereum cryptocurrency.
The company plans to use the funds for the repurchase of shares. Since the sale carried out on October 24, 2025, the company has repurchased approximately 600,000 common shares for approximately 12 million dollars. This, under its $250 million share buyback program, authorized by the board of directors.
ETHzilla plans to use the remaining funds from the ETH sale to repurchase additional shares and intends to continue selling ETH to repurchase its shares until the discount to net asset value (NAV) normalizes.
Net asset value is the difference between a company’s assets and liabilities, divided by the number of shares outstanding, representing the intrinsic value of each share. The objective is for the share price in the market to align with this internal value.
The company joined the list of companies that included ETH as a reserve asset last August. At that time the share price reached $170. However, as the weeks passed, this value fell to $15, as seen in the following graph.
This situation led to the decision to sell ETH, which generated a slight rebound in the price of its shares to $21..
As more digital asset treasury companies come online, the sustainability of their models is beginning to be questioned. The main concern lies in a source of financing that drives part of the purchases: debt, as reported by CriptoNoticias.