ETHZilla raises $350 million through convertible debentures

ETHZilla Corporation (NASDAQ: ETHZ) announced a $350 million convertible debenture investment from an institutional partner on September 22, 2025. The company also amended terms of its existing $156.5 million convertible debentures.

The previously issued debentures will maintain 0% interest until February 6, 2026, then carry a 2% annual interest rate, reduced from the original 4%. The new debentures will bear a 2% annual interest rate with a conversion price of $3.05 per share. ETHZilla will receive excess interest income from the approximately $500 million portfolio of interest-bearing securities.

The company repurchased approximately 0.5 million shares at an average price of $2.41 during the week ending September 20, 2025, reducing shares outstanding by 0.3%. Total September repurchases reached approximately 6.45 million shares.

ETHZilla reported holding 102,264 ETH and ETH equivalents valued at approximately $462 million as of September 19, 2025. The company maintains $559 million in cash and cash equivalents. The holdings include 33,836 ETH units valued at $153 million and positions across three protocols totaling $309 million.

"We are a DeFi technology company focused on building our capital reserves to deploy ETH into cash flowing assets," said McAndrew Rudisill, Chairman and Chief Executive Officer. The company plans to provide guidance for the remainder of 2025 in its Q3 earnings release.

Clear Street served as exclusive financial advisor to the company for the transaction.

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