ETHZilla approves $250 million share buyback as ETH holdings grow

Ethereum digital asset treasury (DAT) ETHZilla said Monday its board of directors authorized a stock buyback plan of up to $250 million of the company's outstanding shares of common stock.

The company also said it had added another 7,537 ether, bringing its total supply to over 102,237 ETH bought at an average price of $3,948.72, according to a statement . Ethereum was trading hands at $4,667.013 as of 10:25 a.m. ET, according to The Block Price Page .

"At ETHZilla, we continue to deploy capital to accelerate our Ethereum treasury strategy with discipline and record speed," Executive Chairman McAndrew Rudisill said in a statement. "As we continue to scale our ETH reserves and pursue differentiated yield opportunities, we believe an aggressive stock repurchase program at the current stock price underscores our commitment to maximizing value for shareholders."

ETHZilla shares have risen by more than 8% as of 10:27 a.m. ET, according to Yahoo Finance, since the announcement.

Last week, fellow Ethereum DAT SharpLink Gaming said its board approved a stock repurchase program of up to $1.5 billion, positioning the company to buy back shares when its stock trades at or below the net asset value of its crypto holdings.

ETHZilla, previously trading as 180 Life Sciences Corp., saw its shares jump over 90% earlier this month after entities controlled by tech billionaire Peter Thiel acquired a 7.5% stake in the Ethereum DAT.

The company said Monday that its "recently purchased ETH is expected to be held long-term and staked to Electric Capital's proprietary Electric Asset Protocol to generate yield."