ETHZilla spends $12 million to buy aircraft engines, Ethereum vault bets on the new track of RWA tokenization

On January 26, news reports indicate that Ethereum vault ETHZilla announced the acquisition of two large commercial aircraft engines through its newly established subsidiary ETHZilla Aerospace LLC, for approximately $12.2 million in cash, marking the official implementation of its asset tokenization strategy. Regulatory documents show that these two engines are already under existing lease agreements with a major airline, which means ETHZilla can start receiving stable rental cash flow immediately after the acquisition.

This move continues ETHZilla’s transformation direction announced in December 2025. The company’s Chairman and CEO, McAndrew Rudisill, explicitly stated at the time that ETHZilla is no longer just holding Ether but aims to build an operational business around real-world assets on the blockchain, with the core focus on tokenizing high-value assets such as aerospace equipment. He pointed out that aircraft engines and fuselages will be the initial focus, and the company’s management and board’s deep connections in the aviation industry will help quickly build an asset pool without the need for additional partners.

By acquiring cash-flow-generating aviation assets, ETHZilla aims to provide a more stable income source for its Ethereum vault while offering a real-world example to support the RWA (Real-World Asset) track. Compared to relying solely on cryptocurrency price volatility, this “off-chain assets + on-chain tokenization” model is seen as an important way to enhance risk resistance and long-term valuation.

However, the capital market remains cautious about ETHZilla. Data from Google Finance shows that the company’s stock price once surged above $100 in August 2025 but then declined along with the crypto market correction, currently down about 95% from its peak, closing at $5.24 last Friday. The price of Ethereum also dropped from nearly $5,000 to around $2,800.

Despite this, ETHZilla still holds approximately 69,802 ETH, with a market value close to $200 million. As physical assets like aircraft engines are incorporated into its balance sheet and gradually brought onto the blockchain for circulation, whether this Ethereum vault can leverage RWA tokenization to reshape market confidence is becoming a major point of interest at the intersection of crypto and traditional finance.