TechFlow news, August 25 — According to PRNewswire, the board of directors of ETHZilla Corporation (Nasdaq: ETHZ), a U.S.-listed Ethereum treasury company, has approved a share repurchase program of up to $250 million, effective immediately. The company currently holds 102,237 ether, with an average purchase price of $3,948.72, representing a current market value of approximately $489 million. Additionally, the company holds around $215 million in cash equivalents.
McAndrew Rudisill, Executive Chairman of the company, stated that ETHZilla will continue to accelerate its Ethereum asset reserve strategy with strict discipline. The recently acquired ether will be held long-term and staked via Electric Capital's proprietary protocol, the Electric Asset Protocol, to generate yield.
The repurchase program will remain in effect until June 30, 2026, or until the $250 million repurchase limit is reached, or earlier if terminated by the board of directors. Funding for the program will come from corporate operating funds as well as proceeds raised through "at-the-market" offerings or other future financing activities.
