TLDR Tech / Crypto
ETHZilla stock plummets as Peter Thiel exits
Peter Thiel and Founders Fund exited their entire 7.5% stake in ETHZilla at the end of 2025, with SEC filings triggering an 8% stock drop as the former biotech firm that raised $425 million in August to pivot to an Ethereum treasury trades 97% below its record high. Only one crypto corporate treasury company outperformed the S&P 500 as of December, as the Strategy-inspired model faced broader headwinds across dozens of publicly traded firms that raised billions to buy cryptocurrencies. ETHZilla is pivoting toward tokenization, acquiring a home loan portfolio for blockchain issuance on an undisclosed L2 and tokenizing two commercial jet engines for $12.2 million as it attempts to differentiate from pure treasury plays.
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