Thiel’s Founders Fund Exits ETHZilla as ETH Treasuries Strain
Peter Thiel-linked Founders Fund has completely exited Ether treasury company ETHZilla, according to a Tuesday filing with the United States Securities and Exchange Commission (SEC). Entities associated with Thiel now report holding zero shares in a Schedule 13G/A filed Tuesday, after previously disclosing a 7.5% stake on Aug. 4, 2025.
At that time, the group beneficially owned 11,592,241 shares of what was then 180 Life Sciences Corp., representing 7.5% of the 154,032,084 shares outstanding and valued at about $40 million based on trading around $3.50 per share in early August. This information can be confirmed by checking the 180 Life Sciences stock chart on Fintel.
Founders Fund 13G Filing with SEC. Source: SEC
180 Life Sciences rebrands as ETHZilla
In July 2025, 180 Life Sciences raised $425 million to initiate an Ether treasury strategy and rebrand as ETHZilla. The company later pursued an additional $350 million via convertible bonds in September to expand its Ether (ETH) reserves and deploy them across decentralized finance (DeFi) and tokenized assets, at one point holding more than 100,000 ETH.
As market conditions softened, ETHZilla sold 24,291 ETH for $74.5 million in December 2025 at an average price of $3,068.69 per token to repay debt, leaving approximately 69,800 ETH on its balance sheet.
Pressure on Ether-focused corporate treasury models
Thiel’s exit adds to signs of stress for publicly traded companies running treasury strategies centered on Ether rather than Bitcoin (BTC). Other large Ether holders have taken varied approaches.
BitMine Immersion Technologies, the largest listed Ethereum holder, acquired a further 40,613 ETH on Feb. 9, bringing its total holdings to more than 4.325 million ETH, worth about $8.8 billion at current prices.
Trend Research, meanwhile, began unwinding its entire Ethereum position this month, selling 651,757 ETH for about $1.34 billion on Feb. 8, realizing an estimated $747 million loss. This can be verified by< a href="https://x.com/lookonchain/status/2020345960610902440"> looking on the blockchain.
ETHZilla has sought to diversify by launching ETHZilla Aerospace, a subsidiary offering tokenized exposure to leased jet engines.
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