Efirium- The treasury company ETHZilla was forced to sell Ethereum to pay off the resulting debt.
The firm’s report, filed with the U.S. Securities and Exchange Commission, indicates that the company sold 24,291 ETH for $74,5 million. This means that the organization’s employees sold the cryptocurrency at an average price of $3,069. As of December 19, the institution held 69,800 ETH, worth $207,7 million at the current exchange rate. This metric places ETHZilla seventh among companies holding the largest amounts of ETH.
Top 10 Companies by Ethereum Holdings (data for ETHZilla is outdated)
ETHZilla employees were forced to sell ETH to buy back convertible bonds issued by investors to raise funds for the purchase of Ethereum. In other words, the company’s business model failed, failing to stand the test of time. The cause of this fiasco was a bearish trend in the ETH market, which resulted in the coin’s price declining by 40% from its peak of $4,963 reached in August.
Recognizing its own failure, ETHZilla’s management attempted to rectify the situation and invested in AI startup Karus and lending platform Zippy in December. However, these moves had no positive impact on the company’s stock price, which fell nearly 9% in the last 24 hours and 65% since the beginning of 2025.