Peter Thiel-backed ETHZilla (ETHZ) announced it sold 24,291 ETH for ~$74.5 million to redeem outstanding senior secured convertible notes. "We plan to use all, or a significant portion, of the proceeds to fund the redemption," ETHZilla noted in a Monday X post. Following the sale, ETHZilla reported a balance of 69,802 ETH, a market cap-to-net assets value (mNAV) ratio of 0.70, and NAV/share of $12.54. The firm also suggested it will transition away from an ETH digital asset treasury (DAT) model toward a tokenization-focused business after it removed the mNAV dashboard from its website. Prior to today's ... (full story)