Shares of 180 Life Sciences Corp. (NASDAQ:ATNF) climbed Wednesday, extending the previous day's rally, after the company revealed it had accumulated more than $349 million in Ethereum (CRYPTO: ETH) as part of its revamped treasury strategy.
The company said it now holds 82,186 ETH, valued at about $349 million, following the launch of its Ethereum-focused plan in late July. Executive Chairman McAndrew Rudisill said more than $350 million in capital has been deployed since completing a PIPE transaction last week, adding that the ETH reserve will help fund an on-chain yield generation program managed by Electric Capital.
The firm plans to rebrand as ETHZilla Corporation, aiming to position itself as a leading public company in Ethereum treasury management. The yield strategy is designed to outperform traditional ETH staking returns.
Also Read: Another Ethereum Treasury Play: 180 Life Sciences Raises $425 Million To Buy ETH
The company also reported approximately $238 million in cash and cash equivalents. On Monday, shares jumped 54% in after-hours trading after the company completed a $156 million private offering of convertible notes due 2028 to an undisclosed institutional investor.
This transaction follows a $425 million private placement, priced at $2.65 per share, involving more than 60 institutional and crypto-native investors. Proceeds from that raise are earmarked for ETH purchases, transaction costs, executive compensation, iGaming operations, biotech IP monetization, and other corporate purposes.
ATNF is currently trading about 612% above its 50-day moving average and roughly 759% above its 200-day moving average. The company has a 52-week high of $17.75 and a 52-week low of $0.66.
ATNF Price Action: 180 Life Sciences shares were up 32.52% at $13.57 at the time of publication on Wednesday, according to Benzinga Pro data.
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