180 Life Sciences has announced a "crypto pivot" to focus on its investment strategy in ETH.
The company announced this with a teaser for its rebranding to ETHZilla Corporation.
On the 29th (local time), 180 Life Sciences announced that it had raised a total of $425 million.
The funds will be raised through a private investment in public company equity (PIPE), which is the largest investment method among crypto assets.
The structure is frequently used by investors with strong financial acumen. The company also said it has received approval to issue up to $150 million in bonds. After the company raised Ethereum reserves, venture capitalists
Electric Capital will act as external administrator and will be responsible for managing revenue through various on-chain activities.
180 Life Sciences was founded in 2016 as a clinical biotech company and went public in 2020. However, its stock price has since plummeted by more than 99.9%.
The company is trading at less than $3, with a market capitalization of about $17 million. The sharp decline is due to weak sales, accumulated losses, and repeated stock issuances that are diluting shareholders.
The company is expected to have a cumulative deficit of over $141.5 million and a working capital deficit of approximately $1.6 million as of the end of 2024.
2025/07/30 17:18 KST
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