- ETHZilla stock more than tripled after billionaire Peter Thiel bought a 7.5% stake.
- The company, formerly 180 Life Sciences, shifted focus from biotech to holding Ethereum.
- The share price closed at $10.24, up 207% from the previous day.
- Thiel previously bought a 9.1% stake in BitMine, another Ethereum-focused firm.
- A recent executive order let 401(k) retirement accounts invest in digital assets like Ethereum.
On Tuesday, the stock price of ETHZilla, formerly known as 180 Life Sciences, soared after reports revealed that tech billionaire Peter Thiel acquired a 7.5% stake in the company. ETHZilla recently changed its business model from researching inflammatory diseases to accumulating large reserves of Ethereum, a leading cryptocurrency.
Following the news, the company’s stock closed at $10.24, which was a 207% increase from its closing price of $3.34 on Monday. The rise came as interest in Ethereum climbed, with the cryptocurrency reaching $4,500 for the first time since 2021.
According to a recent SEC filing, Thiel, along with associated management groups, made the purchase directly. Just weeks earlier, Thiel and Founders Fund acquired a 9.1% stake in BitMine, a company now focused on buying Ethereum after moving away from Bitcoin mining. BitMine has collected over $5 billion in Ethereum, with plans to raise over $20 billion to expand its holdings.
Thiel and his investment vehicles have supported several crypto businesses in the past, such as centralized exchanges Bullish and BitPanda, the Ethereum layer-2 project Layer N, and the prediction market Polymarket. Thiel’s connection to Ethereum dates back to 2014, when Founders Fund provided co-founder Vitalik Buterin with a $100,000 grant.
In recent months, the second Trump administration has introduced policies supporting cryptocurrency adoption. One executive order signed last week allows 401(k) retirement plans to invest in funds with digital asset exposure. This could make it easier for mainstream U.S. investors to hold cryptocurrencies as part of their retirement savings.
Less central to the stock surge are Thiel’s political ties. He is known for backing far-right candidates and has close connections to key tech advisors in the current administration, including David Sacks and Michael Kratsios.
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