Peter Thiel Departs from ETHZilla as Firm Liquidates $74.5M in ETH Amidst Market Volatility

Peter Thiel and Founders Fund have fully divested from ETHZilla Corp, selling their ether (ETH) holdings for $74.5 million, as confirmed by an SEC filing. Originally a biotech firm named 180 Life Sciences Corp., ETHZilla transitioned to cryptocurrency management in August, a move that coincided with a significant market downturn. The company, which once held over 100,000 ETH, has been liquidating its assets due to this downturn, selling ETH in October and December to cover debts, repurchase shares, and repay senior secured convertible notes. ETHZilla has also launched a subsidiary, ETHZilla Aerospace, indicating a shift towards real-world, asset-backed offerings. Despite no public comment on Thiel's departure or the ETH sales, the moves highlight the financial struggles of crypto-focused public companies and the need for careful financial management amidst market volatility.