Peter Thiel Discreetly Departures from Ethereum Treasury Company ETHZilla – Implications for the DAT Model?

Peter Thiel has made a significant yet understated move. He and Founders Fund have completely divested their stake in the Ethereum treasury firm ETHZilla. This was confirmed through a recent 13G filing with the SEC.

This marks a notable shift. Just a few months prior, Thiel’s investment caused the stock to soar over 90%. Now, he has exited entirely.

The timing is noteworthy. It implies that institutional interest in this Ethereum treasury model might be waning, particularly with the renewed focus on broader market volatility.

Key Takeaways:

• Total Exit: Founders Fund sold off its complete stake after initially acquiring 7.5% in August 2025.
• Market Impact: ETHZilla shares dropped nearly 7% to $3.20 in premarket trading, down 97% from their peak of $107.
• Strategic Pivot: The firm is redirecting its focus from solely accumulating ETH to tokenizing real-world assets (RWA) such as aircraft engines.

What Does the Exit Signal?

This is not merely an investor stepping back. Founders Fund was among the largest early supporters, acquiring a 7.5% stake when ETHZilla transitioned from biotech to a digital asset treasury model. At that time, this move seemed to provide significant institutional endorsement for Ethereum-linked balance sheet strategies.

Now, they are completely out.

BREAKING: Peter Thiel Fully Exits ETHZilla – What It Means
Billionaire Peter Thiel has divested his ENTIRE stake in #ETHZilla – The company that aimed to be the “MicroStrategy of Ethereum.”
They raised $425M, accumulated over 100,000 ETH, secured Thiel’s support… and now?
→ $ETH Crashed… pic.twitter.com/ykaQ1uDJND

— Crypto Patel (@CryptoPatel) February 18, 2026

This does not necessarily indicate a bearish stance on crypto overall. It appears more like a shift in confidence regarding this particular treasury model. This distinction is significant.

Notably, Founders Fund has maintained its exposure to other crypto infrastructure entities. This suggests a selective approach rather than a complete withdrawal. In turbulent markets, capital often consolidates into what is perceived as higher-quality investments instead of broadly distributing risk.

Breaking Down the Filing And What Could Happen Next

The SEC filing indicates that Founders Fund has fully liquidated its position. There was no partial exit or trimming involved. It was a clean break. The market reacted negatively.

ETHZilla shares fell nearly 7% in premarket trading, settling around $3.20. This represents a severe 97% decline from the $107 peak last August.

Source: ETHZ / TradingView

This decline corresponds with the company’s recent actions. ETHZilla has recently sold $40 million worth of ETH for stock buybacks and another $74.5 million to manage its debt. It currently holds approximately 69,802 ETH, valued at around $139 million at present prices. This amount is relatively small compared to larger treasury players in the sector.

The firm is now transitioning towards real-world asset tokenization, focusing on sectors such as housing loans and aircraft engines.

At this point, the narrative is no longer solely about holding ETH. It revolves around whether the RWA strategy can produce genuine revenue and stabilize the business model.

Discover: Here are the crypto likely to explode!

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