180 Life Sciences Rebrands as ETHZilla After Securing $425 Million Funding

180 Life Sciences (ATNF) will rebrand as ETHZilla following a $425 million funding round aimed at developing an ether-focused treasury strategy. Key points include:

The funding, structured as a private investment in public equity (PIPE), is set to close by August 1.
Backed by sixty investors including Polychain Capital and Electric Capital.
Funds will primarily be used to acquire ether (ETH) and generate higher yields through on-chain yield generation programs.
Electric Capital will act as the external asset manager for ETHZilla.
A "DeFi Council" will be established to advise on monetizing the ETH treasury.
Publicly-traded companies have collectively accumulated $9.5 billion in ETH, representing about 2% of its total supply.
180 Life Sciences shares fell 7% to $2.69 post-announcement.