Thiel-Backed Crypto Hoarder ETHZilla Sells Tokens to Pay Debt

ETHZilla Corp., a cryptocurrency accumulator backed by billionaire Peter Thiel, appears to be shifting focus as investors abandon what was briefly one of the stock market’s hottest trades.

Just four months after the former 180 Life Sciences Corp. rebranded itself as a digital asset treasury company centered on buying Ether - the second largest cryptocurrency after Bitcoin - it sold $74.5 million worth of the tokens to pay down debt, according to a filing Friday with the US Securities and Exchange Commission.

ETHZilla plans to continue to evaluate various capital raising strategies including Ether sales and equity ...