In a remarkable surge, shares of 180 Life Sciences Corp. (ATNF) skyrocketed by 54% in after-hours trading on Monday, January 5, 2025. This surge followed the company’s announcement of a successful $156 million private offering designed to expand its holdings in Ethereum (ETH/USD). The biotechnology firm is taking significant steps to strengthen its position in the evolving cryptocurrency landscape.
According to a press release, 180 Life Sciences issued $156 million in convertible notes due in 2028 to an undisclosed institutional investor. The funds raised will be allocated towards acquiring additional Ethereum, as part of the company’s new treasury strategy that focuses on this leading cryptocurrency. This commitment to digital assets marks a pivotal shift in the company’s financial strategy.
The latest offering comes on the heels of a previous $425 million private placement, which saw participation from over 60 institutional and crypto-native investors. In light of these developments, 180 Life Sciences plans to officially rebrand as ETHZilla Corporation, a name that reflects its concentrated focus on Ethereum.
Interestingly, this trend of using debt and equity to purchase Ethereum mirrors strategies employed by other companies, such as Michael Saylor’s Strategy Inc., which focuses on Bitcoin (BTC/USD). However, caution has been advised by Ethereum co-founder Vitalik Buterin, who has expressed concerns that excessive leveraging by companies holding Ethereum could lead to potential risks, including a collapse of the cryptocurrency.
As of the latest market data, Ethereum was trading at $4,307.13, reflecting a slight decline of 0.44% over the past 24 hours, according to Benzinga Pro. Meanwhile, shares of 180 Life Sciences closed the regular trading session at $3.340, marking an increase of 11.33%. Over the past month, the stock has demonstrated an impressive growth of 271%, indicating strong momentum in the market.
For those keeping track of similar investment opportunities, the stock’s high momentum score places it in a favorable light compared to other ETH-focused companies, such as BitMine Immersion Technologies, Inc. (BMNR).
“This offering follows an increasing pattern of leveraging debt and equity to buy ETH,” noted Benzinga, highlighting the strategic movements within the cryptocurrency market.
As the cryptocurrency market continues to evolve in 2025, the actions taken by 180 Life Sciences could set a precedent for other companies looking to enter or expand their presence in the digital asset environment. The firm’s aggressive approach towards Ethereum acquisition may not only influence its own market position but also reflect broader trends in corporate cryptocurrency investments.
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