ETHZilla liquidates $74.5M in Ether to redeem convertible debt
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The transaction highlights growing pressure on crypto treasury companies to prioritize debt reduction as token prices remain volatile.
Crypto treasury company ETHZilla said in a filing with US regulators that it sold part of its Ether holdings to repay outstanding convertible notes amid a broader market downturn.
The company disclosed in a filing with the Securities and Exchange Commission the sale of 24,291 Ether (ETH) for $74.5 million at an average price of $3,068.69 per token, leaving about 69,800 ETH on its balance sheet as of Friday.
The company said it expects to use all or a significant portion of the proceeds to redeem its outstanding senior secured convertible notes.
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