NASDAQ-listed Ethereum treasury firm ETHZilla approved a $250 million share repurchase program and disclosed holdings of 102,237 ETH valued at approximately $489 million.
NASDAQ-listed Ethereum ETH $2 814 24h volatility: 2.8% Market cap: $339.93 B Vol. 24h: $16.80 B treasury firm ETHZilla recently approved a $250 million share repurchase plan and revealed it holds 102,237 ETH at an average acquisition price of $3,948.72 for a value of approximately $489 million.
According to paperwork filed with the Securities and Exchange Commission on Aug. 25, the firm’s total holdings, including USD cash equivalents of approximately $215 million, come to about $704 million with 165,478,655 company shares outstanding.
Depending on market conditions at the time of the buyback, ETHZilla stands to onboard somewhere around half of its outstanding stock if it instigates a full $250 million buyback.
ETHZilla Continues ETH Accumulation Amid Stock Volatility
As of the time of this article’s publication, ETHZilla stock (ETHZ) is trading at $3.33 per share with a 24-hour volume of $25,509,723, according data from Yahoo Finance. The stock leapt as much as 10% to $3.7 as trading began on Monday before settling back to $3.3.
ETHZ reached a six-month high on Aug. 13, peaking at $17.4 before closing the day at $10.7. This activity coincided with Ethereum peaking at $4,760.
ETHZ stock reached a six-month high on Aug. 13. Source: Yahoo Finance
Meanwhile, Ethereum has maintained much of its momentum and, as of the time of this article’s publication, is holding steady around $4,620 per coin after reaching a new ATH of $4,900 on Aug. 23.
ETHZilla has steadily been accumulating ETH during this period. The aforementioned SEC document indicates the firm purchased 12.5 coins during the week of Aug. 17 and another 7.6 for the week ending Aug. 24.
The company says its recently purchased ETH will be held long-term and staked to Electric Capital’s proprietary Electric Asset Protocol to generate yield.
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