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ETHZilla Corporation
(NASDAQ:ETHZ)
ETHZilla Corporation (ETHZ) vs. SPDR S&P 500 ETF (SPY)
ETHZilla Corporation Business Overview & Revenue Model
ETHZilla Corporation Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.11M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | -58.28K | -105.67K | 0.00 | 0.00 | 0.00 |
| EBITDA | -8.66M | -6.32M | -22.13M | -39.53M | -20.05M | -9.69M |
| Net Income | -225.11M | -6.17M | -19.94M | -38.73M | -20.32M | -10.88M |
Balance Sheet | ||||||
| Total Assets | 1.01B | 12.76M | 5.26M | 19.65M | 62.71M | 55.53M |
| Cash, Cash Equivalents and Short-Term Investments | 53.31M | 4.59M | 1.98M | 6.97M | 8.22M | 2.11M |
| Total Debt | 496.76M | 154.50K | 1.05M | 1.34M | 1.96M | 3.78M |
| Total Liabilities | 564.18M | 3.51M | 5.39M | 8.31M | 23.39M | 25.25M |
| Stockholders Equity | 445.14M | 9.25M | -127.73K | 11.34M | 39.32M | 30.29M |
Cash Flow | ||||||
| Free Cash Flow | -19.37M | -1.48M | -10.92M | -12.13M | -19.37M | -3.87M |
| Operating Cash Flow | -19.37M | -1.48M | -10.92M | -12.13M | -19.37M | -3.87M |
| Investing Cash Flow | -252.37M | 0.00 | 0.00 | 0.00 | 0.00 | 14.49M |
| Financing Cash Flow | 830.17M | 4.04M | 5.91M | 10.87M | 25.41M | -8.73M |
ETHZilla Corporation Risk Analysis
ETHZilla Corporation Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | $326.00M | 121.85 | 1.57% | ― | 3.75% | ― | |
56 Neutral | $497.06M | -6.90 | -45.01% | ― | ― | -7.87% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $255.07M | -2.59 | -35.48% | 0.91% | -3.80% | -2176.08% | |
45 Neutral | $95.06M | -0.07 | -371.02% | ― | ― | ― | |
43 Neutral | $347.97M | -109.77 | -1.11% | ― | ― | ― | |
41 Neutral | $126.08M | -1.57 | -50.72% | ― | ― | -1898.55% |
ETHZilla Corporation Corporate Events
On December 9, 2025, ETHZilla Corporation entered into a Note Mandatory Redemption Agreement with an investor to repurchase all of its outstanding Convertible Notes at a premium. By the December 30, 2025 redemption deadline, the company fully redeemed the notes, paying 117% of principal plus accrued interest, for a total of $516.1 million in principal, $1.77 million in interest, and an $87.75 million premium, signaling a significant balance-sheet move that eliminates this convertible debt from its capital structure.
On December 19, 2025, ETHZilla Corporation expanded its Board of Directors to seven members and appointed Angela Dalton, founder and CEO of Signum Growth, and veteran institutional investor Michael Edwards as independent Class I directors, with Dalton joining the Audit Committee and chairing the Compensation Committee and Edwards joining the Nominating and Corporate Governance Committee, all under standard non-employee director compensation and indemnification arrangements and with both deemed independent under Nasdaq and SEC rules. Also since December 15, 2025, the company sold approximately 24,291 Ether for about $74.5 million and now holds around 69,800 ETH on its balance sheet, with the proceeds expected to be used largely to redeem outstanding senior secured convertible notes, a move that signals active balance sheet management and capital structure optimization as ETHZilla advances its real-world asset tokenization strategy and seeks broader institutional adoption of its DeFi infrastructure.
On December 16, 2025, ETHZilla Corporation held a special meeting where stockholders representing 79.8% of voting shares were present. The meeting resulted in the approval of a proposal to issue shares underlying senior secured convertible notes, potentially exceeding 20% of common stock, and a proposal to adjourn the meeting if necessary, though the latter was not enacted. The approval allows conversion of notes into a significant number of shares, with a redemption agreement in place to repurchase these notes by December 30, 2025.
On December 9, 2025, ETHZilla Corporation acquired a 15% stake in Zippy, Inc., a company providing mortgage loans and related services, through a series of agreements. This acquisition allows ETHZilla to integrate its blockchain platforms with Zippy’s operations, potentially enhancing digital asset management and tokenization processes, which could impact stakeholders by increasing the company’s influence in the digital finance sector.
On December 9, 2025, ETHZilla Corporation entered into a Note Mandatory Redemption Agreement to repurchase and redeem its outstanding convertible notes, valued at approximately $516 million, by December 30, 2025. This strategic move aims to streamline the company’s capital structure, enhance financial flexibility, and support its growth initiatives in tokenization and DeFi services, as highlighted by recent investments in Karus and Zippy.
On December 10, 2025, ETHZilla Corporation announced the acquisition of a 15% stake in Zippy, Inc., a digital lending platform, as part of a strategic move to tokenize manufactured home loans on-chain. This acquisition is expected to enhance ETHZilla’s real-world asset strategy by integrating Zippy’s lending technology with ETHZilla’s tokenization capabilities, potentially positioning ETHZilla as a leader in the US on-chain home finance market. The partnership aims to create a transparent, secured lending product accessible to investors, addressing the US housing affordability crisis by expanding access to affordable housing finance.
On December 2, 2025, ETHZilla Corporation acquired a 20% stake in Karus Inc., an AI-powered data analytics platform for the consumer auto finance industry, through a combination of cash and stock transactions. This strategic investment aims to integrate Karus’s AI-driven underwriting into ETHZilla’s blockchain infrastructure, enabling the tokenization of AI-modeled auto-loan assets. The acquisition is expected to position ETHZilla as a significant player in the $1.6 trillion US asset-backed securities market, leveraging Karus’s extensive network of auto loan originators and its AI decisioning engine trained on over 20 million historical auto loan outcomes.
ETHZilla Corporation announced the rescission and cancellation of restricted common stock awards granted to its CEO and directors on November 12, 2025, following shareholder feedback. This decision, made on December 1, 2025, reflects the company’s responsiveness to shareholder concerns and its commitment to revisiting its equity compensation strategy, while the previously granted stock to the CFO remains unaffected.
On November 21, 2025, ETHZilla Corporation canceled 2,099,741 treasury shares of common stock, which had been repurchased under a Board-approved share repurchase program. Following this cancellation, the total number of issued and outstanding shares is 19,301,223 as of November 24, 2025, with an average repurchase price of $22.04 per share.
On November 12, 2025, ETHZilla Corporation appointed John Saunders as the Chief Financial Officer and Secretary, effective following the filing of the company’s quarterly report. This appointment is part of a broader strategy to strengthen executive leadership and accelerate the company’s growth in tokenized asset platforms. In the third quarter of 2025, ETHZilla reported $4.1 million in revenue and secured $931 million in institutional capital, underscoring its strategic transformation and leadership in tokenized real-world asset infrastructure. The company also announced a strategic partnership with Liquidity.io and a share repurchase program, reflecting confidence in its intrinsic value and commitment to delivering superior returns.
ETHZilla Corporation announced its participation in the ThinkEquity Conference on October 30, 2025, in New York, where it will present its updated corporate strategy and engage with investment banks. The company aims to enhance its market position by leveraging Ethereum for financial technology solutions, focusing on staking, DeFi yield generation, and real-world asset tokenization, which could impact its operations and stakeholder engagement.
On October 27, 2025, ETHZilla Corporation announced the sale of $40 million of its Ether (ETH) holdings to facilitate a stock repurchase program. Since October 24, 2025, the company has repurchased approximately 600,000 shares of its common stock for about $12 million, with plans to use the remaining proceeds for further repurchases. The initiative aims to leverage the company’s balance sheet strength and reduce the number of shares available for stock loan/borrow activity, while increasing the net asset value per share. ETHZilla continues to hold approximately $400 million of ETH to support future strategic initiatives.
On October 22, 2025, ETHZilla Corporation entered into a Purchase and Subscription Agreement with Satschel, Inc., acquiring a 15% stake in Satschel for $15 million in cash and stock. This strategic partnership with Satschel’s Liquidity.io platform is expected to enhance ETHZilla’s capabilities in securitizing real-world assets on-chain, offering expanded liquidity and market access, and aligning with institutional compliance requirements. The partnership aims to provide institutional and retail investors access to cash flow-generating assets through Ethereum Layer 2 networks, supporting ETHZilla’s growth strategy and market positioning in the DeFi industry.
On October 15, 2025, ETHZilla Corporation announced a 1-for-10 reverse stock split of its outstanding common stock, effective October 20, 2025. This move aims to expand engagement with institutional investors by providing access to collateral and margin availability associated with stock prices over $10.00, supporting the company’s long-term capital markets strategy. The reverse stock split, approved by stockholders in July 2025, will reduce the number of outstanding shares from approximately 160 million to 16 million, affecting all issued and outstanding shares, options, and warrants. The par value of the common stock remains unchanged, and no fractional shares will be issued.
On October 7, 2025, ETHZilla Corporation‘s stockholders approved an amendment to increase the company’s authorized shares from one billion to five billion, which was filed on October 8, 2025. Additionally, Jason New was appointed to the Board of Directors, bringing extensive experience in global credit and digital assets, which is expected to enhance ETHZilla’s strategic positioning in bridging traditional and decentralized finance.