Peter Thiel acquires 7.5% stake in ETHZilla to boost Ethereum investment

PANews reported on August 12th that PayPal co-founder Peter Thiel and his investment team hold a 7.5% stake in 180 Life Sciences (now renamed ETHZilla), a company focused on building Ethereum-based enterprise treasuries, according to SEC filings. ETHZilla plans to use the raised funds for Ethereum purchases, yield farming assets, and its iGaming business. ETHZilla's stock rose 11% after the market closed on Monday, having surged approximately 57% overnight.

Prior to this, on July 16th , Thiel's team also held over 9% of BitMine Immersion, the largest corporate treasury holder on Ethereum, with reserves valued at nearly $5 billion. Furthermore, on July 29th, the publicly listed company 180 Life announced plans to raise approximately $425 million in a private placement and transform itself into an Ethereum treasury reserve company.