Ethereum-focused digital asset firm ETHZilla has initiated a share buyback program by selling $40 million worth of ETH, signaling growing institutional confidence in Ethereum holdings.
ETHZilla, which manages one of the largest Ethereum treasuries, has sold approximately $40 million worth of ETH on October 24 to kick off its share repurchase program. Following the move, ETHZ shares surged 14.5% and were trading above $22.50 at press time, though still well below the company’s previous peak of $107 during the initial treasury announcement period.
The board had approved a $250 million buyback plan in August. After the ETH sale, the company repurchased around 600,000 shares for $12 million and stated it will continue to do so “as long as shares trade at a discount to net asset value (NAV).” Chairman McAndrew Rudisill said the initiative aims to strengthen the company’s valuation by reducing outstanding shares. ETHZilla’s balance sheet still holds over $400 million worth of Ethereum, according to its latest filing.
The move follows a broader trend among Ethereum treasuries. SharpLink Gaming, the sector’s second-largest ETH holder, recently announced a $1.5 billion buyback program targeting shares trading below NAV. ETHZilla’s strategy reflects how institutional Ethereum investors are increasingly positioning themselves around market value opportunities.
