TLDR
- Peter Thiel’s Founders Fund exited ETHZilla (ETHZ) completely by end of 2025, per SEC filing
- ETHZ stock dropped 3% in extended trading and is down 28% year-to-date
- Ethereum has declined over 46% since October, currently around $2,017
- ETHZilla trimmed its ETH holdings from 100,000+ to 69,802 after selling ~$114.5M across two rounds
- Subsidiary ETHZilla Aerospace launched a tokenized product tied to leased aircraft engine revenue
An SEC filing confirms Peter Thiel’s Founders Fund held zero ownership in ETHZilla by the end of 2025, marking a complete exit from the Ethereum treasury company. ETHZ stock slipped 3% in extended trading and is down 28% so far this year.
As recently as August 2025, Thiel controlled a 7.5% stake through Founders Fund and related entities, according to BeInCrypto. That position is now gone.
The exit caught attention fast. Crypto Town Hall flagged the move, saying Thiel is “considered smart institutional capital” and that a full exit “could signal shifting sentiment, risk reduction, or a strategic rotation away from Ethereum exposure.”
Ethereum’s Decline Puts Treasury Firms in a Tough Spot
ETHZilla built its strategy around accumulating Ethereum as a reserve asset — a model borrowed from Strategy’s Bitcoin playbook. The approach worked when prices were rising. It hasn’t fared as well since.
Ethereum dropped 28.4% in Q4 2025, its worst fourth quarter since 2022. The weakness carried into 2026, with ETH falling 17.7% in January and another 18.1% through mid-February. The token was trading near $2,017 at time of writing.
The pain is spreading. BitMine is carrying unrealized losses above $7 billion and its stock is down 25.7% year-to-date.
ETHZilla responded by selling into the weakness. In October, it offloaded around $40 million in ETH to fund share buybacks. In December, a second round totaling roughly $74.5 million followed, with proceeds going toward senior secured convertible debt repayment. The company now holds 69,802 ETH, down from a peak above 100,000.
A New Bet: Tokenized Jet Engine Revenue
With its Ethereum treasury strategy under pressure, ETHZilla has moved in a new direction. The company — which originally operated as 180 Life Sciences before rebranding — is now making a play in tokenized real-world assets.
Its subsidiary ETHZilla Aerospace launched the Eurus Aero Token I, giving investors exposure to revenue rights from leased aircraft engines through tradable digital tokens.
Bloomberg reports ETHZilla Aerospace is pushing further into this space, targeting tokenized equity exposure to leased jet engines.
ETHZ stock is down 28% year-to-date, with shares trading lower in extended hours following the filing disclosure.
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