180 Life Sciences Corp. ( ATNF ) is trending on Wednesday after gaining approximately 228.45% for the day.

Check out the current price of ATNF stock here.

What Happened: The shares of ATNF surged 7.13%, to $10.97 on Tuesday, after the biotechnology company announced it has accumulated 82,186 Ethereum (CRYPTO: ETH) tokens valued at approximately $349 million as part of its aggressive treasury strategy pivot.

Plans to rebrand as ETHZilla Corporation also contributed to the surge, positioning 180 Life Sciences ( ATNF ) as a benchmark for on-chain Ethereum treasury management among public companies.

“At ETHZilla we have put over $350 million in capital to work since the PIPE transaction we completed last week,” said McAndrew Rudisill, executive chairman.

The transformation for the California-based company began in late July when the company first announced plans to adopt an ETH-focused treasury strategy. raised $156 million through convertible notes and $425 million via a private placement involving over 60 institutional and crypto-native investors to fund Ethereum purchases.

180 Life Sciences ( ATNF ) also currently holds around $238 million in cash and cash equivalents, and plans to generate shareholder cash flow through a yield program aiming to outperform standard ETH staking.

See Also: Bitcoin Gains As CPI Comes In Cooler Than Expected; Ethereum, Dogecoin, XRP Also Surge: Analyst Sees ETH Reaching $6,000

With a market cap of $1.58 billion and an average daily volume of 5.24 million shares, ATNF shares have traded between $0.66 and $17.75 over the past year.

Why It Matters: The surge comes as high-profile investors show confidence in the strategy. Peter Thiel, through various Founders Fund entities, holds a 7.5% stake totaling 11.59 million shares, according to a Schedule 13G filing dated August 4. The filing reveals Founders Fund’s significant backing of the company’s pivot to cryptocurrency treasury management.

ATNF’s strategy mirrors Michael Saylor's Strategy Inc.'s Bitcoin (CRYPTO: BTC) treasury model but focuses on Ethereum, which traded at $4,431 on Tuesday, up 3.38% and approximately 24% over the past week. However, Ethereum co-founder Vitalik Buterin has previously warned about potential risks from overleveraging practices by companies holding ETH.

Price in Action: ATNF surged 488.51% to $10.24, reflecting a massive rally in the stock- Benzinga Pro data

With a strong Momentum in the 95th percentile, Benzinga's Edge Stock Rankings indicate ATNF has a negative price trend across all time frames. Know how its momentum lines up with the other companies.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.