Down 99%, biotech firm 180 Life Sciences pivots to crypto with ETH bet

Key Points

1. 180 Life Sciences Corp, a Nasdaq-listed biotech firm, announced a $425 million private placement to pivot towards cryptocurrency, specifically investing in Ether, and rebrand as ETHZilla Corporation.

2. The company's stock has plummeted over 99.9% since its 2020 IPO, now trading below $3.00, with an accumulated deficit of over $141.5 million and a working capital deficit of approximately $1.6 million.

3. The firm's decline is attributed to lack of revenue, mounting losses, and repeated shareholder dilution to raise capital.

4. Other companies like Mill City Ventures, Nature’s Miracle, and Upexi are also pivoting to crypto, investing in assets like Sui, XRP, and Solana.

5. Standard Chartered predicts companies could eventually hold up to 10% of Ether’s total supply as crypto treasury strategies gain momentum.