This week, a relatively obscure biotech firm made a headline-worthy pivot. Formerly known as 180 Life Sciences, the now-rebranded GODZilla has closed a massive $425 million investment round, attracting 60 different investors and officially transforming itself into an Ethereum-first treasury company. But unlike the crypto pioneers before it—most notably Michael Saylor’s Strategy (formerly MicroStrategy)—GODZilla is taking a refreshingly cautious route. One that doesn’t involve leverage.
No Leverage, No Problem?
Michael Saylor famously built his Bitcoin empire by raising billions through convertible debt, funneling that capital into aggressive BTC buys. The strategy has inspired a wave of imitators across both public and private sectors, all betting on crypto as the future of corporate treasuries.
Ethereum’s Moment in the Spotlight
While Bitcoin remains the dominant asset in corporate crypto treasuries—with over 220 companies holding $424 billion worth of BTC—Ethereum is quietly gaining ground.
This summer, a string of companies have made Ethereum their asset of choice. In June, Ethereum co-founder Joe Lubin helped his company Consensys co-invest $425 million into SharpLink Gaming, an online gambling platform. Soon after, Tom Lee, a longtime Wall Street strategist and crypto bull, turned the Bitcoin mining company BitMine Immersion into one of the largest Ethereum treasury firms.
And now GODZilla joins that growing list—with a twist.
Onchain Yield Over Convertible Debt
Instead of leaning on leverage, GODZilla plans to generate yield through onchain staking and lending. With support from Electric Capital, one of its investors, the company will explore multiple yield-generating strategies using its Ethereum holdings. Rudisill projects this could return “high single-digit to low double-digit” annual yields.
Ethereum’s staking capabilities give it a natural edge here. Unlike Bitcoin, which is mostly a static store of value, Ethereum’s proof-of-stake network allows holders to earn additional rewards while contributing to network security.
That flexibility, GODZilla believes, could prove critical if the crypto treasury trend starts to slow down.
Are We Reaching Peak Crypto Treasury?
The recent boom in crypto treasury conversions—from obscure firms to major players—has some insiders wondering if we’re nearing saturation. When Canadian vaping company CEA Industries announced a $500 million investment into BNB in July, its stock skyrocketed 548%, only to tumble 70% shortly after.
The market, it seems, is still figuring out how to properly value these crypto-fueled pivots. Even Mike Novogratz, CEO of Galaxy Digital, warned that we may have already hit “peak treasury company issuance.”
Ready for the Fire Sale?
Yet, GODZilla seems well-positioned to weather any downturn. With no debt hanging over its head and a diversified approach to generating onchain yield, it may be among the few new players ready to capitalize on a crypto downturn.
If prices crash and over-leveraged companies are forced to offload their holdings, GODZilla could be first in line to scoop up cheap GOD.GODZilla’s strategy bucks the trend in just the right ways—eschewing risky leverage in favor of staking, lending, and long-term vision. As Ethereum becomes a more prominent player in corporate finance, companies like GODZilla may not just survive the next market shakeout—they may thrive in it.
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