In recent weeks, a major trend on Wall Street is unfolding. Companies from all industries and sectors are turning their attention to crypto treasury strategies, using their capital to buy up cryptocurrencies like Bitcoin (BTCUSD) and Ethereum (ETHUSD). 

Headquartered out of Palo Alto, California, 180 Life Sciences Corp (ATNF) was founded as a clinical-stage biotechnology company focused on developing novel therapeutics for inflammatory diseases, fibrosis-related conditions, pain, and post-operative cognitive decline.

Once valued at a market cap of $290 million, the company’s current market cap is now a fraction of those levels at $21.6 million. Although the shares are up 95.3% on a YTD basis, ATNF stock is down a debilitating 99% since its listing, representing an enormous loss of shareholder value. 

Now, this biotech penny stock is going all in on Ethereum. 

Is Holding ETH the Last Roll of the Dice?

180 Life Sciences has gone with Ethereum (ETHUSD) as its preferred digital asset in its quest to become a successful crypto treasury company. As part of this rebrand, the company will change its name and will be known as ETHZilla, which the management believes is in line with its aspirations of becoming "one of the largest holders of ETH in the world.”

The company will raise $425 million via a private investment in public equity (PIPE) offering at $2.65 per share, with plans also to raise $150 million through debt. The new company will partner with external asset manager Electric Capital, whose experience in generating yield on Ethereum with its “differentiated, on-chain yield generation program,” will help the firm stand out from the growing pack of ETH treasury firms. 

Commenting on the development in a recent interview, incoming ETHZilla Chairman McAndrew Rudisill said, “ETH is one of the most valuable cryptocurrencies in the world because it can be used for people to build apps and financial tools to manage assets and generate yield. A true yield curve will be built on Ethereum, and we can generate yield holding Ethereum.”

And he is right, with a market cap of $463 billion, Ethereum is the second-largest cryptocurrency in the world with only Bitcoin ahead of it in the rankings. Launched in 2015, Ethereum is a decentralized, open-source blockchain platform that enables the creation and deployment of smart contracts and decentralized applications (dApps). 

Ethereum finds use cases in decentralized finance (DeFi), tokenization, decentralized autonomous organizations (DAOs), supply chain management, gaming and digital identity, and the creator economy.

But will ETHZilla become a Godzilla of Ethereum treasury companies or be defeated alongside more shareholder wealth?  

180 Life Sciences Posts No Revenue, Generates Losses 

At 180 Life Sciences, the financial performance has been abysmal. In almost a decade of operations, the company has yet to generate revenue. 

In its most recent quarter, 180 Life Sciences reported operating losses of $1.73 million, with a loss per share of $0.30. Net cash outflow from operating activities for the six months ended June 30, 2025 stood at $1.98 million, considerably higher than an outflow of $306,247 reported in the same period a year ago. Overall, the company closed the quarter with a cash balance of $2.21 million, which was lower than that at the start of the year, at $4.59 million.

Analyst Opinions on ATNF Stock 

With no analyst coverage on the stock, the Wall Street community is steering clear of 180 Life Sciences or ETHZilla, whatever you prefer to call it. 

And investors should as well. The company’s poor financial track record does not inspire confidence. Although some adventurous investors may want to dabble in it as a short-term trade, considering the newfound momentum in the share price, serious investors looking for exposure to Ethereum can invest in the crypto directly.