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Peter Thiel is supporting another company that manages an Ethereum treasury; the company’s stock price tripled. According to a recent SEC filing, Thiel and his associates acquired a 7.5% stake in 180 Life Sciences, a biotech firm that previously concentrated on researching inflammatory diseases.

The company has recently shifted its focus to accumulating Ethereum and has rebranded itself as “ETHZilla.”

The company’s stock exploded, more than tripling in value in a matter of hours after word of Thiel’s investment circulated on Tuesday. The stock closed at $10.24, up nearly 207% from its close at $3.34 on Monday afternoon.

Thiel and his co-founders’ venture capital firm, Founders Fund, recently acquired a 91% stake in BitMine, another publicly traded company that has made a major commitment to buy as much Ethereum as possible.

That business, which formerly concentrated on mining Bitcoin, currently has over $5 billion in ETH and intends to raise over $20 billion to continue expanding its market-leading holdings. For years, Thiel and his venture capital funds have been heavily involved in the cryptocurrency space, supporting a wide range of blockchain projects, from prediction market Polymarket to entire networks like Ethereum layer-2 Layer N to centralized exchanges like Bullish and Bitpanda.

Thiel, a co-founder of PayPal and Palantir, has been a significant contributor to the political campaigns of far-right parties and has played a vital role in shaping the current Trump administration’s technology strategy.