ETHZilla signals shift away from ETH treasury toward RWA tokenization

ETHZilla is signaling a valuation reset as it de-emphasizes crypto-centric metrics in favor of revenue and cash flow from real-world asset tokenization. Less than six months after adopting an ETH-based digital asset treasury strategy, the company said it sold 24,291 ETH, worth about $74.5 million, to redeem outstanding debt.

ETHZilla now holds 69,802 ETH valued at roughly $207 million, but said its future value will be driven by growth in its RWA tokenization business rather than continued ETH accumulation. The firm also announced it would discontinue publishing its mNAV dashboard, reducing transparency tied specifically to its digital asset treasury strategy.

The move highlights mounting pressure on smaller ETH treasury firms, as lower ether prices and debt obligations limit their ability to keep building crypto holdings.