October 28, 2025 | Nasdaq-listed ETHZilla — Ethereum treasury company ETHZilla has sold roughly $40 million worth of ETH from its corporate treasury to fund a share buyback program, aiming to narrow the gap between its stock price and net asset value (NAV).
According to an Oct. 27 press release, the company repurchased approximately 600,000 shares for $12 million. The remaining proceeds from the ETH sale will also be used for further share repurchases until the discount to NAV is normalized.
“By opportunistically repurchasing shares while our stock is trading below NAV, we plan to reduce the number of shares available for stock loan/borrow activity, while increasing the NAV per share of the company,” said ETHZilla Chairman and CEO McAndrew Rudisill.
Following the transaction, ETHZilla continues to hold roughly $400 million worth of Ethereum in its treasury.
The company’s shares rallied sharply, climbing 14.5% on Monday to close at $20.65, and gaining another 14% in after-hours trading to $23.55, according to Google Finance. Part of the enthusiasm came from ETHZilla’s $15 million investment in a 15% stake in Satschel, Inc., the parent company of Liquidity.io.
Shareholder Pressure and Buyback Program
The repurchase program comes amid pressure from major shareholders like activist investor Dimitri Semenikhin, who holds a 2.2% stake and urged management to deploy Ethereum holdings to unlock immediate value for investors.
ETHZilla’s board initially approved a $250 million share buyback plan in August, following over 6 million shares repurchased in September. The program is expected to run through June 30, 2026, with purchases made either on the open market or via privately negotiated transactions at prevailing market prices.
