Founders Fund led by Peter Thiel has fully exited Ethereum treasury company ETHZilla, Cointelegraph reported on Feb. 18. Founders Fund was reported to hold a 7.5 percent stake in ETHZilla in August 2025, but recent documents filed with the U.S. Securities and Exchange Commission showed its stake at 0 percent.
ETHZilla raised $425 million in July 2025 for an Ethereum treasury strategy. In September, it issued $350 million of convertible bonds to increase its Ethereum holdings and at one point held more than 100,000 ether. As market conditions worsened, it sold 24,291 ether in December 2025 to secure $74.5 million and now holds 69,800 ether.
ETHZilla recently introduced ETHZilla Aerospace, which offers tokenised exposure to aircraft engine leasing, as it seeks to diversify its business. Cointelegraph said Thiel's exit shows how unstable an Ethereum-focused treasury strategy is.
Chi-gyu Hwang
delight@d-today.co.kr