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 ETH/USD 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 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 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.
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 BTC/USD 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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