ETHZilla sold approximately $40 million worth of ether (ETH) from its treasury to facilitate stock repurchases. Since the sale, the firm has bought back around 600,000 shares for roughly $12 million as part of a broader $250 million buyback plan. The company plans to continue selling ETH to fund more buybacks until the discount to NAV is normalized, holding around $400 million in ETH. Despite the timing of the ETH sales at $3,900, with subsequent ETH price rise to $4,250, ETHZ shares rallied 14.5% alongside a major sector rally, increasing by another 12% after hours. The move highlights the pressure digital asset treasuries face as many stocks are trading below NAV, limiting their ability to raise funds to expand their crypto holdings. ETHZ traded at a 30% discount to its NAV, prompting the company to reduce shares available for stock loan/borrow activity and increase NAV per share through buybacks.

Read more at Yahoo Finance: Ether Treasury Firm ETHZilla Sold $40M ETH to Fund Share Buyback Amid Discount to NAV