TechFlow, Oct 28 — According to The Block, Ethereum treasury company ETHZilla (ticker: ETHZ) has sold approximately $40 million worth of its Ethereum holdings for stock buybacks.
The company's board previously approved a stock repurchase program of up to $250 million in August. Since selling ETH on October 24, ETHZilla has repurchased about 600,000 shares of common stock at a cost of approximately $12 million.
ETHZilla Chairman McAndrew Rudisill said the company will continue buying back shares until ETHZ "trading at a significant discount to net asset value is normalized." The company reportedly still holds around $400 million worth of ETH on its balance sheet.
Add to Favorites
Share to Social Media
