Peter Thiel Dumps ETHZilla Stake as Shares Plunge 98% From Peak

Peter Thiel has called it quits and dumped his ETHzilla stake as shares crashed almost 100%. 

A recent SEC filing published Thursday confirmed Thiel sold out of ETHZilla, the public company that was originally supposed to be a biotechnology company, and instead decided to build one of the largest corporate Ethereum (ETH) treasuries.

ETHzilla Stock Crashes 98%

The filings show Thiel and affiliated investment vehicles, including Founders Fund, disposed of their entire 7.5% stake by the end of 2025, removing a high-profile backer only months after the company’s crypto pivot.

Related: BlackRock Seeds US$100K to Launch Yield-Bearing Staked Ethereum ETF

ETHZilla, previously biotechnology firm 180 Life Sciences, raised over US$425 million (AU$650 million) in a private placement in August and shifted its strategy from drug development to accumulating ETH. The move made it one of the biggest publicly traded companies holding Ethereum on its balance sheet.

After the August fundraising announcement, ETHZilla shares reached a record US$174 (AU$266). ETHZilla shares (ETHZ) fell more than 8% on Tuesday after the disclosure, then recovered some of the drop. The stock was recently trading around US$3.50 (AU$5) on the Nasdaq.

That’s a 97% decrease. 

Ethereum itself was recently around US$1,944 (AU$2,974), down roughly 61% from its August all-time high of US$4,946 (AU$7,567).

The filings also indicate Thiel and Founders Fund reduced exposure to BitMine Immersion Technologies (BMNR), described as the largest publicly traded Ethereum treasury firm. 

Interestingly, though, BitMine, for some reason, keeps buying Ethereum despite facing a $6 billion unrealised loss.

Read more: Crypto Fear & Greed Index Hits Record Low After ‘10/10’ Liquidation Shock

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