The Palm Beach, Florida-based company ETHzilla disclosed in a recent U.S. Securities and Exchange Commission (SEC) filing that it sold roughly 24,291 ETH at an average price of $3,068.69 per token, with proceeds earmarked primarily to redeem senior secured convertible notes under a mandatory redemption agreement.

According to the SEC filing, ETHzilla now holds approximately 69,800 ETH on its balance sheet, down materially from earlier levels after October’s $40 million ethereum sale that funded stock buybacks and sparked backlash from some retail traders.

This latest move puts the spotlight back on ETHzilla’s evolving capital strategy as critics increasingly question whether digital asset treasury (DAT) models are compatible with leveraged balance sheets and public-market scrutiny—especially when crypto prices become a convenient source of liquidity.

ETHzilla said it expects to use all or most of the funds to pay down debt tied to its convertible notes, a decision that suggests balance-sheet cleanup has taken priority over hoarding digital assets for long-term appreciation.

The company added that it will continue evaluating capital-raising options, including additional ETH sales and equity offerings, as it pushes ahead with plans centered on real-world asset tokenization and blockchain infrastructure rather than treasury speculation.

Also read: Blastoff or Blowout? Ethereum’s Price Standoff Sparks Market Fireworks

The shift comes as ETHzilla refreshes its governance bench, recently appointing two independent directors with backgrounds in institutional investing, technology, and capital allocation—moves framed as strengthening oversight during a strategic reset.

ETHzilla’s actions mirror a broader cooling toward DAT strategies. In the fourth quarter of 2025, Sequans Communications S.A. also sold bitcoin, reinforcing the idea that crypto treasuries are increasingly being treated as financial tools, not sacred cows.

Backed by billionaire investor Peter Thiel, ETHzilla remains vocal about its ambitions in decentralized finance (DeFi) and tokenization, but the latest sale underscores a pragmatic message: when debt comes due, even crypto-heavy firms reach for the sell button.

For investors, the takeaway is blunt—ETHzilla is prioritizing solvency, governance, and operational focus over maintaining a headline-friendly crypto stash, even if that means rewriting the DAT rulebook in real time.

• How much ether did ETHzilla sell?
  ETHzilla sold approximately 24,291 ETH for $74.5 million in December.
• Why did ETHzilla sell its ETH?
  The proceeds are primarily being used to redeem senior secured convertible notes.
• How much ETH does ETHzilla still hold?
  The company reports holdings of about 69,800 ETH after the sale.
• Is ETHzilla abandoning its DAT strategy?
  The sale signals a move away from a pure DAT model toward debt reduction and tokenization-focused operations.

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