Ethzilla Stock Tanks 15% After DAT Dumps a Quarter of its ETH Stash

Shares in the digital asset treasury slumped after it announced the sale of some of its Ethereum holdings.

Ethzilla stock (ETHZ) tanked 15% on Tuesday following the company’s decision to sell $74.5 million worth of Ethereum to repay debts.

Shares slid from just over $6 to an intraday low of $5.12. They were hovering around $5.35 during after-hours trading, according to Google Finance. Ethzilla has lost 21% in share value since the opening of the Nasdaq on Monday morning and is down 95% since it spiked over $100 in August.

Pivot to RWA Tokenization

The crypto treasury company sold approximately 24,291 ETH for $74.5 million at around $3,069 per token to repay convertible debt. The sale, disclosed to the SEC, leaves the company with roughly 69,800 ETH remaining. Ethzilla is now the tenth-largest Ether DAT, falling below BTCS Inc., which holds 70,000 ETH.

“In the future, the company believes its value will be driven by revenue and cash flow growth from our RWA [real world asset] tokenization business,” the firm stated on Monday.

As part of redeeming our outstanding senior secured convertible notes, ETHZilla sold 24,291 ETH for approximately $74.5 million. We plan to use all, or a significant portion, of the proceeds to fund the redemption. The dashboard below excludes cash on the balance sheet which… pic.twitter.com/c5HMDrf48X

— ETHZilla (@ETHZilla_ETHZ) December 22, 2025

The move reflects broader challenges facing crypto treasury companies during market volatility. Ethzilla had pivoted from biotechnology in July 2024, shifting to an Ether-focused strategy after its biotech shares plummeted.

After an initial spike in August, its stock began to retreat again as crypto markets cooled and Ether prices fell hard. ETH has again fallen below $3,000 and is down 40% from its August all-time high, while many analysts have predicted the start of a bear market.

DAT Stocks Dumping

The world’s largest Ether DAT, Bitmine Immersion Technologies, also had a rough day on Tuesday, with stock (BMNR) falling 4.2% to end Tuesday below $30. Bitmine shares are down 78% from their July spike but remain up 280% since the beginning of the year. The firm remains one of the few DAT success stories this year.

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The Tom Lee-chaired DAT has remained bullish, buying the dips and accumulating more Ether while others have ceased purchases or offloaded.

Other crypto treasuries have also had a painful week, including Solana DATs Classover Holdings Inc (KIDZ), which fell 15% on Tuesday, and VisionSys AI Inc (VSA), dumping 13%.

Hyperlink DAT Nuvve Holding Corp (NVVE) lost 12% and Eightco Holdings (ORBS), which is a WLD Treasury, lost 11% on the day.