Blockchain infrastructure firm ETHZilla said its board has approved a share-repurchase program of up to $250 million, adding an equity-market tool to a balance sheet already heavily weighted toward cryptocurrency
Blockchain infrastructure firm ETHZilla said its board has approved a share-repurchase program of up to $250 million, adding an equity-market tool to a balance sheet already heavily weighted toward cryptocurrency.
The company disclosed a treasury position of 102,237 ether worth roughly $489 million, making it the fifth listed company to hold more than 100,000 ETH. The tokens were accumulated at an average price of $3,948.72. ETHZilla also reported $215 million in cash.
Management said newly acquired ether will be staked through the Electric Asset Protocol to generate additional yield. Earlier this month, ETHZilla amended a sales agreement to establish a $10 billion at-the-market stock-offering program, giving the firm flexibility to raise capital even as it moves to buy back shares.
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Source: https://thedefiant.io/news/markets/ethzilla-authorizes-250-million-buyback-reveals-102000-eth-treasury-b2f67e40