Ethereum finance company ETHZilla sells $40 million in ETH to advance a $250 million stock buyback plan

PANews reported on October 28 that according to The Block, Ethereum financial company ETHZilla (code ETHZ) has sold off approximately US$40 million worth of Ethereum positions to repurchase shares. ETHZilla’s board of directors authorized a stock buyback program of up to $250 million in August. Since selling Ethereum on October 24, ETHZilla has spent approximately $12 million to repurchase approximately 600,000 shares of common stock. The company said in a press release on Monday: "ETHZilla plans to use the remaining funds from the sale of Ethereum for additional stock repurchases, and intends to continue selling Ethereum to repurchase shares until the discount of its share price to net asset value (NAV) returns to normal levels." Chairman McAndrew Rudisill said that when ETHZ's "share price is at a significant discount to NAV," the company will continue to repurchase shares, which can both reduce the number of common shares in circulation and increase its NAV valuation. An announcement on Monday revealed that the company still holds approximately $400 million worth of Ethereum on its balance sheet.
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