Quick overview

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ETHZilla (ETHZ) approved a $250 million share repurchase program aimed at boosting shareholder value and expanding its ether reserves, which recently exceeded 100,000 ETH after acquiring 7.6K ETH last week.

The program will conclude on June 30, 2026, or once the full $250 million has been spent. Management states that repurchases help counteract dilution and demonstrate confidence in the company’s strategy.

Alongside $215 million in cash equivalents, ETHZilla reported holding 102,237 ETH worth $489 million, purchased at an average price of $3,948.72 per token.

The buyback announcement followed a sharp 30 percent drop in shares on Friday after shareholders requested to sell 74.08 million convertible shares. Since Monday’s opening, ETHZ shares have decreased by nearly 60%.

The market has responded in two ways. Some see this move as further evidence that corporate treasuries are increasingly adopting Ethereum. ETHZilla does more than accumulate crypto; it also seeks to outperform traditional staking by implementing a yield-generation strategy through Electric Capital, engaging in lending, liquidity pools, and bespoke agreements beyond simple staking.

This positions the company as one of the few publicly traded firms trying to convince institutional investors that Ethereum can be a profitable treasury asset and not just a speculative gamble.