Overview

• The company secured a $350 million convertible debenture from an existing institutional investor with a 2% coupon and a $3.05 conversion price.
• Previously issued $156.5 million notes will accrue 0% interest until February 6, 2026, then 2% annually, reduced from the original 4%.
• The new issuance lifts ETHZilla’s convertible debenture program to nearly $500 million outstanding.
• ETHZilla reports 102,264 ETH, about $559 million in cash and U.S. Treasuries, and 1.5 million earned protocol tokens.
• Management plans capital deployment into Ethereum Layer-2 protocols and tokenized real-world assets to grow cash flow, with new ETH NAV and mNAV metrics guiding disclosures.