Peter Thiel’s Founders Fund sells all holdings in ETHZilla.

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Peter Thiel’s Founders Fund reported zero shares in the ether treasury firm ETHZillan at the conclusion of 2025, according to SEC filings.

Thiel’s Founders Fund completely divested from the ether treasury firm ETHZilla. (Rachel Sun/CoinDesk)

Key points:

  • Peter Thiel’s Founders Fund reported no shares in ether treasury firm ETHZillan at the end of 2025, according to SEC filings.
  • At its height, the firm accumulated over 100,000 ether, subsequently panic-selling after the market peaked in October.

Digital asset treasury firms that focus exclusively on token investments have lost their appeal among investors significantly.

Billionaire entrepreneur and PayPal and Palantir Technologies co-founder Peter Thiel’s investment arm has fully exited its position in ETHZilla, liquidating all remaining shares of the ether-accumulating digital asset treasury firm by the close of the previous year, as indicated by new documentation submitted to the Securities and Exchange Commission.

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Thiel’s Founders Fund now reflects a complete absence of ownership, down from a 7.5% holding in August of the previous year.

ETHZilla, a cryptocurrency investment firm located in Palm Beach, emulates Michael Saylor’s bitcoin accumulation strategy with Strategy (MSTR). ETHZilla began as a failed biotech company named 180 Life Sciences, before making a significant shift towards Ethereum () treasury, gathering over 100,000 ETH tokens at its peak.

However, the fund acted hastily as markets peaked in early October, executing $40 million in ether buybacks, followed by an additional $74.5 million in December to alleviate debt from convertible notes. As reported by Bloomberg, the firm is undergoing another significant transformation, launching ETHZilla Aerospace to provide investors with tokenized portions of leased jet engines.