Recently, a company focused on Ethereum reserves, ETHZilla (formerly 180 Life Sciences), has attracted market attention in the US stock market. The company has announced that it has signed a revised sales agreement with Clear Street LLC. According to the new agreement, Clear Street LLC will act as the sales agent to raise funds for ETHZilla through the periodic issuance of common stock, with a maximum financing amount of up to $10 billion.

As of the announcement, ETHZilla has sold 5,001,310 shares of common stock according to the initial sales agreement, raising approximately $34.4 million in total. Notably, from the effective date of this supplemental prospectus, the company will no longer sell common stock based on the "market issuance prospectus" submitted on August 13, 2025.

This series of initiatives, including adjustments to the protocol and plans for large-scale fundraising, seems to suggest that ETHZilla may be leveraging the current market environment to further consolidate and expand its layout in the Ethereum reserve space. As one of the few companies in the U.S. stock market specializing in ETH reserves, this move by ETHZilla will undoubtedly attract the close attention of cryptocurrency investors and market observers.

For investors concerned about cryptocurrency asset allocation, the strategic adjustments of ETHZilla may signal potential changes in the Ethereum ecosystem. However, given the high volatility of the cryptocurrency market, investors should remain cautious and thoroughly assess the associated risks when making decisions.

As the financing plan of ETHZilla gradually unfolds, the industry will closely monitor its potential impact on the Ethereum market and the long-term sustainability of this large-scale reserve strategy. This development may also provide a valuable reference case for other traditional financial institutions considering entering the cryptocurrency reserve space.