Peter Thiel’s Commitment to Ethereum Ecosystem
Peter Thiel, the billionaire entrepreneur known for his investments in cutting-edge technologies, has reaffirmed his commitment to the Ethereum ecosystem. Recent filings with the Securities and Exchange Commission (SEC) reveal that Thiel’s investment team has secured a 7.5% interest in ETHZilla, the company formerly known as 180 Life Sciences Corp.
Significant Trading Activity
This strategic move follows substantial trading activity, as shares of 180 Life Sciences (traded under the ticker ATNF) soared over 11% by the end of Monday’s trading session and saw an impressive 57% rise in after-hours exchanges.
ETHZilla’s Ambitious Plans
In late July, the biotech firm unveiled an ambitious plan to enhance its Ethereum treasury, indicating a significant pivot towards blockchain investment. This Monday, ETHZilla reported a major financing event, having issued $156 million in senior secured convertible notes that mature in 2028 to a prominent institutional investor. This move follows a successful $425 million private placement aimed at bolstering their financial footing for upcoming ventures.
Use of Proceeds
The proceeds from these transactions are earmarked to facilitate the acquisition of Ethereum, invest in income-yielding assets, and support the company’s endeavors in the iGaming sector while also capitalizing on its established biotech intellectual property.
Thiel’s Broader Interests in Digital Assets
In another related development, it has been reported that Thiel’s Founders Fund Growth II Management disclosed a stake of 9.1% in BitMine Immersion Technologies by July 8, highlighting Thiel’s ongoing interest in digital asset ventures.
