On December 22, there was a US stock market company ETHZilla listed in the ETH treasury, which mentioned on social media that to redeem the previously issued priority guaranteed convertible notes, they sold 24291 ETH, amounting to approximately 74.5 million USD.
This money, they plan to take all or use a large portion to complete the redemption. The company also stated that moving forward, their value will primarily come from the revenue and cash flow growth of the tokenization of real-world assets (RWA) business. Therefore, starting from that day, the "Adjusted Net Asset Value" (mNAV) dashboard on the official website will no longer be updated, but the balance sheet will still be shown to everyone regularly.
Additionally, any significant changes involving ETH holdings or the number of company shares will continue to be communicated through SEC filing documents and social media platforms.
Interestingly, while the overall US stock market was up that day, ETHZ's stock price fell by 3.91% against the trend.
At first glance, this matter seems like a normal financial arrangement for the company, but upon further thought, it reveals some nuances. Prioritized convertible notes are essentially a debt instrument that carries equity conversion; the company uses the money from selling ETH to redeem them, essentially clearing its debts first to relieve pressure.
They are shifting their future focus to RWA tokenization, which is essentially changing tracks - no longer relying solely on token holdings to support valuations, but looking to bring stable income through the business of real assets on the blockchain.
Many friends in the crypto space know that RWA is a popular direction in the past two years, turning offline assets like houses, bonds, and commodities into on-chain tokens, which can enhance liquidity and expand the channels for traditional funds to enter.
This step by ETHZilla is essentially betting that this trend can be monetized.
But there is a detail to note - they have stopped the updates to the mNAV dashboard. This dashboard was originally designed for investors to see the net value of the company's token holdings in real-time. Stopping the updates may mean that they do not want everyone to focus on the fluctuations of ETH prices anymore, but rather guide attention to the revenue curve of the RWA business.
In other words, this is a narrative shift: from 'we are major token holders' to 'we are a company that can make money through tokenized business.'
As for the stock price declining against the market that day, it is not hard to understand. The act of selling tokens itself may be interpreted by some investors as a short-term selling pressure signal, and coupled with the stop of mNAV updates, it may lead some to feel that transparency is declining, prompting them to exit early.
However, some people believe that this is the company paving the way for long-term transformation, and there is no need to panic about short-term fluctuations.
We often say that the funding logic in the crypto world is different from that in the US stock market, but the actions of treasury companies often reveal the thoughts of large funds. This wave of selling tokens by ETHZilla is not just a debt repayment operation, but more like a strategic shift - from relying on the price of tokens for income to relying on business for income. Understanding this shift allows you to determine whether it is a short-term bearish signal or a long-term strategy.
For ordinary players, this news reminds us that the strategies of token-holding companies are also evolving. It's no longer enough to just look at the amount of holdings; we also need to consider what direction they are converting their chips.
Behind the hotspots, there is often a race between funding and narratives.
(Information comes from ETHZilla's official social media platforms and public reports, and is only for logical clarification, not constituting any investment advice.)#比特币流动性
