TLDRETHZilla liquidated 24,291 ETH for $74.5 million to repay senior secured convertible notes, reducing holdings to 69,800 tokens.The Peter Thiel-backed company is abandoning its digital asset treasury model to pursue tokenized real-world asset opportunities.Shares have crashed over 65% year-to-date as the company removes its mNAV transparency dashboard from its website.This marks the second major ETH sale since October when the company offloaded $40 million worth of tokens.ETHZilla rebranded from failed biotech 180 Life Sciences in July after a $425 million PIPE deal with 60+ investors.ETHZilla just offloaded a massive chunk of Ethereum. The company sold 24,291 ETH worth $74.5 million to pay off debt.Ethzilla Corp., ETHZThe sale went through at an average price of $3,068.69 per token. ETHZilla disclosed the transaction in an SEC filing on Friday.The money is going straight toward redeeming outstanding senior secured convertible notes. It’s the second big sell-off in two months for the struggling company.The firm now holds approximately 69,800 ETH on its balance sheet. At current prices, that’s worth about $207 million.ETHZilla started as 180 Life Sciences Corp, a biotech company that tanked 99.9% after going public in 2020. The company switched to an Ethereum treasury strategy in July following a $425 million PIPE agreement.From Crypto Accumulation to Real-World AssetsThe digital asset treasury dream didn’t last long. ETHZilla is now walking away from crypto accumulation entirely.“In the future, the company believes its value will be driven by revenue and cash flow growth from our RWA tokenization business,” the company stated Monday. The new strategy targets auto loans, manufactured home loans, aerospace equipment and real estate.The company killed its mNAV dashboard this week. The tool showed investors how market cap compared to crypto holdings in real-time.“We are discontinuing the mNAV dashboard on our website effective today,” ETHZilla announced. They’ll still share periodic updates, just not the transparent tracking.Peter Thiel’s investment in August sent shares flying over 90%. His backing gave the crypto pivot instant credibility with investors.That bounce didn’t stick. Shares closed down 8.7% Monday after the ETH sale news dropped.Debt Pressure Mounts Across Crypto TreasuriesYear-to-date performance tells the real story. The stock has collapsed more than 65%, trading around $6.64 per share.This isn’t ETHZilla’s first rodeo with selling. In October, the company liquidated $40 million in ETH as part of a $250 million stock repurchase plan.The company managed to squeeze in two acquisitions in December. ETHZilla grabbed a 20% stake in AI automotive-finance startup Karus and 15% of digital housing lender Zippy.Other crypto treasury companies are feeling the heat too. Ethereum has dropped nearly 30% over the past three months, forcing firms to reassess their strategies.FG Nexus sold 10,922 ETH in late October to fund share buybacks. Sequans Communications offloaded 970 Bitcoin in November, cutting its convertible debt by half.Even Strategy, the gold standard for Bitcoin treasuries, raised $747.8 million through a stock sale last week. The company acted fast as Bitcoin pulled back from its $126,000 record high.Public companies collectively hold about 6 million ETH, representing roughly 5% of total circulating supply. More than 190 listed firms also hold Bitcoin on their balance sheets.Ethereum currently trades around $3,000. The price action is squeezing companies that bet everything on token accumulation.ETHZilla’s SEC filing confirmed the sale details and updated holdings as of December 20, 2025.The post ETHZilla (ETHZ) Stock: Peter Thiel-Backed Firm Dumps $74M in Ethereum – Here’s Why appeared first on Blockonomi.