180 Life Sciences Corp (NASDAQ:ATNF) shares are soaring Tuesday after the company provided an update on its Ethereum (CRYPTO: ETH) treasury strategy.
What Happened: At the end of July, 180 Life Sciences announced plans to adopt a treasury strategy focused on ETH, the native digital asset of the Ethereum blockchain, and rebrand to ETHZilla.
On Tuesday, 180 Life Sciences announced that it has accumulated 82,186 ETH, valued at approximately $349 million. Ethereum was up 3.38% over a 24-hour period, trading at $4,431 at the time of publication. Ethereum is up approximately 24% over the past week.
“At ETHZilla we have put over $350 million in capital to work since the PIPE transaction we completed last week, and have executed on our strategy to rapidly build a differentiated Ethereum treasury vehicle,” said McAndrew Rudisill, executive chairman of the company.
“Importantly, we believe that this reserve of ETH will unlock cash flow for our shareholders as we seek to deliver on our on-chain yield generation program through our external asset manager Electric Capital.”
The company said it plans to rebrand as ETHZilla Corporation as it aims to become a benchmark for onchain Ethereum treasury management among public companies. The company plans to pursue a differentiated yield generation program designed to outperform traditional ETH staking.
180 Life Sciences said it currently has approximately $238 million in cash and cash equivalents.
See Also: SharpLink To Raise $400M, Aiming For $3B Ethereum Treasury And 1% Of ETH Supply
How To Buy ATNF Stock
By now you're likely curious about how to participate in the market for 180 Life Sciences – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
ATNF Price Action: 180 Life Sciences shares were up 132.04% at $7.645 at the time of publication Tuesday, according to Benzinga Pro.
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