ETHZilla sells $40M ETH to facilitate stock repurchases

ETHZilla (ETHZ) sold approximately $40M of its ETH treasury holdings and plans to use the proceeds for share repurchases. Since executing the sale on Oct. 24, the company has repurchased approximately 600,000 shares of its common stock for approximately $12M under its existing board authorized $250M stock repurchase program. ETHZilla plans to use the remaining proceeds of its ETH sale for additional share repurchases and intends to continue to sell ETH to repurchase its shares until the discount to NAV is normalized. ETHZilla continues to hold approximately $400M of ETH on its balance sheet.