ETHZilla announces accumulation of 102,246 ETH valued at $443 million and appointment of McAndrew Rudisill as CEO.
Update on stock repurchase program with an OTC transaction to obtain $80 million collateralized by ETH holdings.
Approximately 2.2 million shares repurchased at an average price of $2.50, reducing shares outstanding by 1.3%.
ETH Accumulation
Company holds 102,246 ETH valued at approximately $443 million.
Stock Repurchase Program Update
Entered OTC transaction with Cumberland DRW to obtain $80 million for repurchasing shares.
Leadership Change
McAndrew Rudisill appointed as CEO, succeeding Blair Jordan on September 4.
- The accumulation of a significant amount of ETH positions the company for potential upside in the volatile cryptocurrency market.
- The OTC transaction provides additional funding for share repurchases, indicating confidence in the company's stock value.
ETHZilla's strategic moves in accumulating ETH and repurchasing shares signal a proactive approach to capital management under new leadership.