-
ETHZilla authorized a $250 million stock buyback plan.
-
The company added 7,537 ETH, now holding over 102,000 ETH.
-
ETH is being staked for yield through Electric Capital’s protocol.
Stock Buyback
Ethereum treasury company ETHZilla announced its board has approved a $250 million buyback of its common stock. The move is aimed at boosting shareholder value while the company continues to expand its ETH reserves.
Ethereum Accumulation
ETHZilla purchased another 7,537 ETH, bringing its total to over 102,000 ETH at an average cost of $3,948 each. With ETH trading around $4,667, the holdings are currently valued higher than acquisition costs. The company plans to stake ETH through Electric Capital’s protocol to generate yield.
Market Context
ETHZilla shares rose more than 8% following the announcement. The firm recently attracted attention after a Peter Thiel-backed entity acquired a 7.5% stake. The buyback comes after SharpLink Gaming, another Ethereum treasury company, authorized a $1.5 billion buyback program.
