180 Life Sciences Soars After US$349 Million Ether Bet and Thiel Stake

180 Life Sciences Corp. surged as much as 270% after the biotech announced a strategic pivot into digital assets and said it will change its name to ETHZilla Corporation. The rally continued in pre-market trading on 13 August, putting the stock more than 300% above its level before the move was revealed.

The company disclosed that it has purchased 82,186 Ether for about US$312.9 million at an average price of US$3,806.71, giving it total cryptocurrency holdings of roughly US$349 million alongside US$238 million in cash. Management said the purchases are part of a plan to accumulate at least US$500 million of Ether. Funding for the strategy includes a US$156 million private placement completed this week and a US$425 million financing earlier in the year. Billionaire investor Peter Thiel also notified regulators that he owns a 7.5% stake in the firm.

Corporate buying comes as Ether trades near a record high of US$4,700 and exchange-traded funds focused on the token report heavy inflows. Analysts say growing institutional demand and stable-coin activity on the Ethereum network are supporting prices, with some forecasting the cryptocurrency could reach US$7,500 by year-end.

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