Overview
- ETHZilla executed an Oct. 24 ETH sale of roughly $40 million and has since repurchased about 600,000 shares for approximately $12 million under a $250 million authorization.
- The company frames buybacks as a way to raise NAV per share and reduce shares available for stock loan/borrow while the stock trades at a steep discount to NAV cited around 30%.
- Following the transaction, ETHZilla reports it still holds about $400 million worth of ETH on its balance sheet.
- The announcement sent shares up about 14.5% on Monday with an additional roughly 10% to 12% gain in after-hours trading, according to market data cited by the reports.
- CoinDesk reported the ETH was likely sold near $3,900 before ether climbed toward $4,250, underscoring potential timing risk for treasury sales.