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We recently announced a partnership with Puffer to deploy approximately $47 million of Ether, representing approximately 10,600 ETH, into the decentralized finance (DeFi) ecosystem. Puffer, a liquid restaking protocol, was selected for its ability to deliver high yield through restaking while simultaneously ensuring security with its innovative 2 ETH validator bond. "Our collaboration with ETHZilla demonstrates how security and yield can go hand in hand," said Amir Forouzani, Founder and CEO of Puffer. "By combining ETHZilla's forward-looking treasury strategy with Puffer's permissionless validator architecture, we are setting a new standard for institutional participation in Ethereum restaking — one that prioritizes both safety and performance." This partnership reflects our innovative approach to treasury management by generating sustainable cash flow from Ethereum deployments through which we expect to generate higher yields on our ETH treasury holdings. Learn more: https://lnkd.in/eSnq8haA

Today we announced a $350 million convertible debenture by an institutional investment partner. In partnership with the existing investor, we amended the terms of the agreement and raised an additional $350 million through the issuance of new convertible debentures (the "New Debentures"). We also introduced additional detail and metrics relating to other sources of cash flow and ETH NAV and mNAV calculation and repurchased approximately 0.5 million shares at an average price of $2.41, reducing shares outstanding by 0.3% during the week ending September 20, 2025. This brings our total repurchased shares in the month of September to approximately 6.45 million. Learn more here: https://lnkd.in/eTV7gWSK

We are witnessing the beginning of a structural transformation in the global economy. Just as the internet digitized information, Ethereum is digitizing value, from currencies and contracts to real-world assets. The question is no longer whether Ethereum will play a role in the future of finance; it already does. The real question is how far its influence will reach, and how much value will flow to ETH as adoption accelerates. For serious investors, keeping ETH’s value at the forefront is not optional, it’s essential. Read the full piece below to learn more:

Our holdings have grown to 102,255 Ether ("ETH") & ETH Equivalents at an average acquisition price of $3,948.72, which is now valued at approximately $460 million. In addition to the ETH & ETH Equivalents, we hold approximately $228 million in USD cash equivalents. Additionally, we announced that we entered into an over-the-counter transaction to obtain up to $80 million and expect to use the net proceeds to fund repurchases of common stock under our previously announced $250 million stock repurchase program. We've repurchased approximately 4.0 million shares at an average price of $2.50, reducing shares outstanding by 2.3% this week, bringing our total this month to approximately 6.0 million shares. Read the full press release to learn more: https://lnkd.in/eCyS7PZK

Traditional investors are increasingly being confronted with a new reality: the world’s financial infrastructure is digitizing, and Ethereum is quietly emerging as the foundational layer for this transformation. As a result, Ethereum deserves a closer look. Not just from crypto-native funds, but from family offices, wealth managers, and institutional allocators looking to position themselves ahead of the next structural shift in capital markets. Read the full piece below to learn more:

This week, we announced our plans to deploy into the decentralized finance (DeFi) ecosystem approximately $100 million of Ether to ether.fi, a liquid restaking protocol, pursuant to which we expect to generate higher yields on our treasury holdings. EtherFi was selected for its ability to deliver incremental yield beyond standard ETH staking through restaking, while simultaneously reinforcing Ethereum's security. This initiative underscores ETHZilla's commitment to innovation in treasury asset management and represents ETHZilla's first integration with DeFi protocols in treasury management, with additional integrations expected in the future. Read more about the announcement here: https://lnkd.in/e5mJnbZT