180 Life Sciences Extends Rally After Revealing $349 Million Ethereum Reserve

by Akanksha Bakshi Benzinga Editor

Shares of 180 Life Sciences Corp. ATNF climbed Wednesday, extending the previous day's rally, after the company revealed it had accumulated more than $349 million in Ethereum ETH/USD as part of its revamped treasury strategy.

The company said it now holds 82,186 ETH, valued at about $349 million, following the launch of its Ethereum-focused plan in late July. Executive Chairman McAndrew Rudisill said more than $350 million in capital has been deployed since completing a PIPE transaction last week, adding that the ETH reserve will help fund an on-chain yield generation program managed by Electric Capital.

The firm plans to rebrand as ETHZilla Corporation, aiming to position itself as a leading public company in Ethereum treasury management. The yield strategy is designed to outperform traditional ETH staking returns.

Also Read: Another Ethereum Treasury Play: 180 Life Sciences Raises $425 Million To Buy ETH

The company also reported approximately $238 million in cash and cash equivalents. On Monday, shares jumped 54% in after-hours trading after the company completed a $156 million private offering of convertible notes due 2028 to an undisclosed institutional investor.

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This transaction follows a $425 million private placement, priced at $2.65 per share, involving more than 60 institutional and crypto-native investors. Proceeds from that raise are earmarked for ETH purchases, transaction costs, executive compensation, iGaming operations, biotech IP monetization, and other corporate purposes.

ATNF is currently trading about 612% above its 50-day moving average and roughly 759% above its 200-day moving average. The company has a 52-week high of $17.75 and a 52-week low of $0.66.

ATNF Price Action: 180 Life Sciences shares were up 32.52% at $13.57 at the time of publication on Wednesday, according to Benzinga Pro data.

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