180 Life Sciences ( ATNF ) is the latest public company to adopt Ethereum (CRYPTO: ETH) as its primary treasury asset.

What Happened: The company announced a $425 million private placement led by more than 60 institutional and crypto-native investors.

The raise, structured as a PIPE (Private Investment in Public Equity), is expected to close around August 1, after which the company will officially rebrand as ETHZilla Corporation.

Funds from the raise will be used primarily to purchase Ethereum and support operational growth. The major backers include Electric Capital, Polychain, GSR, and Ethereum ecosystem leaders like Robert Leshner (Compound), Sreeram Kannan (Eigenlayer), and Tarun Chitra (Gauntlet).

Electric Capital will manage ETHZilla's Ethereum holdings, employing a novel on-chain yield strategy that goes beyond traditional staking.

Also Read: Ethereum Sees Surging Institutional Flows: Is ETH Going To $4,000?

Why It Matters: ETHZilla is partnering with Etherealize, a firm co-founded by Vivek Raman and Danny Ryan, to establish a DeFi Council that will guide ETH treasury deployment and yield strategies.

The council will include leaders across the Ethereum ecosystem and will focus on aligning with builders, supporting decentralized infrastructure, and driving long-term shareholder value.

This marks a significant evolution in public company treasury management, emphasizing on-chain transparency, deep Ethereum ecosystem integration and long-term ETH price and yield exposure.

Among others, SharpLink Gaming acquired 10,000 ETH from the Ethereum foundation to make it as the primary treasury reserve asset. Also, BitMine Immersion Technologies raised around $250 million to build an ETH treasury reserve.

These moves echo earlier Bitcoin treasury plays, but now signal growing institutional conviction in Ethereum as a productive, yield-generating asset.

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