Ethereum treasury ETHZilla sold 24,291 ETH to pay off debts, shifting from DAT to RWA tokenization.

Ethereum treasury company ETHZilla announced that it has sold 24,291 ETH for the early redemption of senior secured convertible notes, bringing in approximately $74.5 million. This move not only marks that the company is actively clearing its debts but also formally declares that future value will be dominated by the income and cash flow from RWA tokenization business. (Previous summary: If MSCI blacklists “more than half of the DAT market cap companies”, will it trigger a sell-off of over $10 billion?) (Background Supplement: ETHZilla sells 40 million USD worth of Ethereum to repurchase stocks, will it trigger a chain reaction of DAT sell-off?)

The US-listed company ETHZilla Corporation (NASDAQ code: ETHZ), which primarily holds Ethereum (ETH) as its main treasury asset, announced on December 22, 2025, through platform X, that it has sold 24,291 ETH, raising approximately $74.5 million in funding. ETHZilla stated that this move is to finance the early redemption of outstanding senior secured convertible notes.

As part of redeeming our outstanding senior secured convertible notes, ETHZilla sold 24,291 ETH for approximately $74.5 million. We plan to use all, or a significant portion, of the proceeds to fund the redemption. The dashboard below excludes cash on the balance sheet which… pic.twitter.com/c5HMDrf48X

— ETHZilla (@ETHZilla_ETHZ) December 22, 2025

shifting towards RWA business

In the announcement, ETHZilla detailed that the funds will be used entirely or mostly for note redemption, with settlements expected to be completed on December 24 and December 30, respectively. The announcement also pointed out that the data displayed on the relevant dashboard does not include cash on the balance sheet, and this cash will be specifically used for this early redemption.

ETHZilla further stated that the future value of the company will primarily be driven by the revenue and cash flow growth of the tokenization business of real-world assets (RWA). Therefore, from the date of the announcement, the company has decided to discontinue the mNAV (market net asset value) dashboard on its website. Nevertheless, the company is committed to regularly updating its balance sheet and reporting any significant changes in the ETH treasury holdings or share quantities through filings with the U.S. Securities and Exchange Commission (SEC) and social media.

This action is regarded as a key step for ETHZilla to optimize its capital structure, clean up its debt, and accelerate the transformation towards RWA tokenization business. Previously, the company announced in early December plans to redeem approximately $516 million of convertible notes due in 2028 ahead of schedule.

ETHZilla stock price has plummeted 63% this year.

According to data from Google Finance, when ETHZilla announced the establishment of Ethereum reserves this year, its stock price once soared. However, as market enthusiasm faded and Ethereum declined, its stock price has now fallen to a year-to-date low, having plummeted 63% so far this year, with a market capitalization shrinking to $116 million.