$ETH

Companies that were previously designed to accumulate cryptocurrencies on their balance sheets are transitioning to selling digital assets in an attempt to either support declining stock prices or reduce outstanding debt.

ETHZilla (ETHZ), a Nasdaq-listed company focused on building a reserve of the second-largest cryptocurrency, Ether ETH$3,042.57, stated late Friday that it sold tokens worth $74.5 million from its treasury. This is the company's second such sale of Ether holdings.

The funds from this recent sale are intended to redeem the secured convertible bonds due under the terms of an agreement signed earlier this month, according to a regulatory filing on Friday.

The company sold 24,291 Ether at an average price of $3,068, reducing its holdings to approximately 69,800 Ether worth over $200 million.

ETHZ shares fell 4% on Monday, losing about 96% of their gains from August.

The recent maneuver underscores the ongoing pressure faced by digital asset treasuries. Many public companies that raised funds to purchase digital assets earlier this year are now trading below the net asset value (NAV) of their holdings as their stock prices have declined much more than the value of their underlying cryptocurrencies.