Ether Treasury Company Ethzilla hopes to raise an additional $350 million through its new convertible bonds. This is marked to generate yields through ether purchases and investments in ecosystems.
Ethzilla Chairman and CEO McAndrew Rudisill said on Monday that its strategy is to deploy ether (ETH) to “cash flowing assets” over the Ethereum network through Layer 2 protocols, and to deploy real world assets.
“We believe our business model is highly scalable, with a significantly fixed operating leverage and repeated positive cash flow.”
Through active participation in the ecosystem, a Crypto executive told Cointelegraph in August, there is an increasing number of digital asset companies simply trying to retain their code and generate yield.
Ethzilla has already won a token
Ether Treasury Company has already won 1.5 million unnamed tokens, according to our disclosed finances through participation in the ecosystem.
“Ethzilla continues to actively deploy capital throughout the Ethereum ecosystem, strategically supporting a variety of protocols that drive innovation, long-term network growth and differentiated yields,” the company said.
It also previously raised $156.5 million through convertible bonds, which, combined with a fresh $350 million, leaves a war chest of over $506 million.
Using the entire Rays for more ether purchases, Etazilla can stack another 120,000 tokens and add it to 102,000 stashes worth more than $428 million.
Etazirah, the 8th largest ether finance company
The former Life Sciences Corp, a NASDAQ-registered biotech company, rebranded as Ethzilla Corporation in July, making a major debut in Ether Investment.
Ethzilla is the eighth largest etheric financing company out of 69 listed, holding a total of 5.25 million tokens, exceeding $22 billion and accounting for 4.25% of distribution supply.
Tom Lee’s Bitmine Immersion Technologies leads the pack with 2.4 million ether, while Sharplink games are second with 838,000 tokens.
Since the crypto shift, stock prices have made small profits
Founded in 2016 as a clinical-stage biotech company, Life Sciences was published in 2020, but since its initial public offering, its share price has plummeted by more than 99% over the past five years.
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The sharp decline was primarily due to lack of revenue, increased losses and repeated dilution of shareholders to raise capital.
The stock then recorded a profit of 31% per year, with the highest performance month in August surged to $10.70.
In the last trading session, Ethzilla shares fell 5% in the regular session, but rose 2% to $2.45 after opening hours.
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