180 Life Sciences Corp. (ATNF): History, Ownership, Mission, How It Works & Makes Money

How does a struggling clinical-stage biotech company, 180 Life Sciences Corp. (ATNF), pivot from developing anti-inflammatory drugs to commanding a treasury of over 82,000 Ether (ETH)? The company's dramatic shift in mid-2025-moving from a focus on fibrosis and pain to a cryptocurrency treasury and iGaming strategy-is one of the most volatile stories in the NASDAQ this year, driving the stock price up over 1,500% since the pivot began. You need to understand how a company reporting a net loss of over $4 million in the first half of 2025 suddenly secured a nearly $587 million treasury, and what that means for its future business model and your investment thesis.

180 Life Sciences Corp. (ATNF) History

You need to know the origin story to understand why this company made one of the most dramatic pivots in recent biotech history. It wasn't a gradual shift; it was a hard, fast turn from a clinical-stage biotech to a crypto-treasury and iGaming entity in a matter of months in 2025. It's a textbook example of a struggling company using a capital market trend to survive and, for a time, thrive.

Given Company's Founding Timeline

Year established

The current public entity, 180 Life Sciences Corp., was effectively established in November 2020. This happened through a three-way business combination, essentially a reverse merger, with KBL Merger Corp. IV, a Special Purpose Acquisition Company (SPAC), CannBioRx Life Sciences Corp., and Katexco Pharmaceuticals Corp.

Original location

Post-merger, the company set up its headquarters in Palo Alto, California, USA.

Founding team members

The scientific foundation came from the pre-merger entities, drawing on luminaries in inflammation and fibrosis research. Key figures involved in the programs and leadership around the time of formation included Professor Sir Marc Feldmann, Professor Lawrence Steinman, Dr. Jonathan Rothbard, and Dr. James Woody, who served as the initial CEO.

Initial capital/funding

The business combination transaction that created the publicly traded company implied a combined enterprise value of approximately $175 million. This funding was intended to advance its clinical pipeline focused on anti-tumor necrosis factor (anti-TNF) therapies for inflammatory and fibrotic diseases.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The single most transformative moment was the abrupt pivot in mid-2025 from clinical-stage biotech to a cryptocurrency treasury and iGaming company. This move was defintely a Hail Mary pass, but it worked to recapitalize the business. You can see the full financial picture in Breaking Down 180 Life Sciences Corp. (ATNF) Financial Health: Key Insights for Investors.

Here's the quick math: The company was struggling, reporting a net loss of $(4,095,836) for the first six months of 2025. But, the pivot changed everything overnight. The market cap, which had been in penny stock territory, soared to over $1.58 billion in August 2025. That's a massive valuation shift.

• The Capital Injection: The company raised a total of $581 million from the PIPE and convertible notes. This influx immediately solved the liquidity crisis, where cash on hand was only $2,218,331 in June 2025.
• The Ethereum Treasury: The core of the new strategy was deploying over $350 million to acquire the 82,186 ETH, with an additional $238 million held in USD cash equivalents. This transformed the company's assets from speculative drug candidates to a large, volatile crypto holding.
• High-Profile Backing: The strategy received a major boost from high-profile investors like Peter Thiel, whose Founders Fund entities revealed a 7.5% stake, legitimizing the radical shift for many investors.

What this estimate hides is the total risk. The company's valuation is now driven almost entirely by the price of Ethereum, not its original biotech pipeline, which remains underdeveloped.

180 Life Sciences Corp. (ATNF) Ownership Structure

The ownership of 180 Life Sciences Corp. is highly concentrated among retail and public shareholders, a common characteristic of small-cap companies undergoing a massive strategic pivot from a clinical-stage biotechnology firm to an Ethereum treasury and iGaming focus.

This structure means the company's stock, which traded at $17.12 per share as of November 13, 2025, is subject to significant volatility based on public sentiment and news flow, especially given the market capitalization of approximately $10.34 million in the same period.

180 Life Sciences Corp.'s Current Status

180 Life Sciences Corp. is a publicly traded company listed on the Nasdaq Capital Market (NasdaqCM) under the ticker ATNF, though a strategic rebrand to ETHZilla Corporation was expected to change the ticker to ETHZ in August 2025.

The company has executed a dramatic shift in its business model during the 2025 fiscal year, moving away from its original focus on developing therapeutics for chronic pain and inflammation.

A significant private placement (PIPE) of $425 million and a convertible note offering of $156 million in August 2025 were primarily used to establish an Ether (Ethereum's native digital currency) treasury, fundamentally changing the company's underlying assets and risk profile.

180 Life Sciences Corp.'s Ownership Breakdown

The shareholder base is dominated by the public float, with institutional investment remaining minimal following the company's pivot and recent capital raises. This breakdown is based on data from the 2025 fiscal year, reflecting the post-pivot structure. You can dive deeper into the major holders by checking out Exploring 180 Life Sciences Corp. (ATNF) Investor Profile: Who's Buying and Why?

The low institutional ownership, holding only 0.06% of the company as of mid-2025, suggests professional investors are still evaluating the long-term viability of the company's new digital asset treasury strategy.

180 Life Sciences Corp.'s Leadership

The current leadership team is steering the company through its strategic pivot, maintaining continuity while executing the new digital asset and iGaming focus.

• Blair Jordan, Chief Executive Officer (CEO): Confirmed as CEO in February 2025, Jordan also assumed the interim role of principal financial and accounting officer following the resignation of the former CFO.
• Eric R. Van Lent, Chief Accounting Officer: An executive who received accelerated vesting of equity awards in July 2025, a move often used to align management incentives with a new corporate strategy.
• Ryan Smith, Lead Independent Director: Appointed in February 2025, his role is crucial for ensuring independent oversight of the board's decision-making, especially during the significant business model change.
• Key Directors: Lawrence Steinman, M.D., and Stephen H. Shoemaker were elected as Class I directors in July 2025.

The CEO was granted an irrevocable proxy to vote shares held by the former CEO until February 5, 2026, defintely centralizing control over a portion of the insider vote for the near-term.

180 Life Sciences Corp. (ATNF) Mission and Values

The core purpose of 180 Life Sciences Corp. has undergone a dramatic shift in 2025, moving from a singular focus on clinical-stage biotechnology to a primary mission as an Ethereum treasury vehicle, fundamentally changing the cultural DNA of the organization.

180 Life Sciences Corp.'s Core Purpose

The company's identity is currently defined by two competing purposes: the legacy biotech mission and the new, highly capitalized digital asset strategy. This pivot is the critical context for understanding its values today, as the market valuation is now tied almost entirely to its crypto holdings, not its drug pipeline.

Official Mission Statement

The formal mission of the company, before its strategic pivot, centered on scientific innovation for unmet medical needs. Today, this mission is secondary to its financial strategy, but it technically remains the basis for the original corporate structure.

• Develop novel therapeutics for unmet medical needs in chronic pain, inflammation, and fibrosis.
• Target debilitating inflammatory conditions like Dupuytren's contracture and frozen shoulder.
• Leverage the combined expertise of luminaries from Oxford University, the Hebrew University, and Stanford University for drug discovery.

To be fair, the company's recent actions show the real mission is now to maximize shareholder value through digital asset exposure, which is why they raised $425 million in a Private Investment in Public Equity (PIPE) funding round in 2025.

Vision Statement

The new corporate vision, following the May 2025 announcement to rebrand to ETHZilla, is clearly focused on becoming a significant player in the digital asset ecosystem, moving away from the high-risk, long-timeline nature of clinical trials.

• Establish an Ether Treasury Reserve to utilize strategic Ethereum asset allocation.
• Generate value by deploying accumulated Ether via staking, restaking, and other on-chain yield strategies.
• Achieve a valuation driven by volatile but high-growth digital currency prices.

Here's the quick math: the company deployed $350 million of its new capital to acquire 82,186 Ether in 2025, plus it holds an additional $238 million in cash for future purchases. That's a massive commitment to the new vision. You can dive deeper into the market reaction to this shift by Exploring 180 Life Sciences Corp. (ATNF) Investor Profile: Who's Buying and Why?

180 Life Sciences Corp. Slogan/Tagline

While the company has not published a formal, consumer-facing tagline since its pivot, the market narrative has created its own de facto slogan, reflecting the new financial reality over the legacy biotech focus.

• Legacy (Implied): Scientific innovation for unmet medical needs.
• Current (De Facto): The Ethereum Treasury Vehicle.

Honestly, the name change to ETHZilla says it all. The market capitalization for the rebranded entity sits at approximately $291.04 million as of November 2025, reflecting the new, volatile, and defintely speculative nature of its core business.

180 Life Sciences Corp. (ATNF) How It Works

180 Life Sciences Corp. has executed a dramatic strategic pivot, moving from a clinical-stage biotechnology company to a dedicated Ethereum (ETH) treasury vehicle, which it plans to rebrand as ETHZilla Corporation. This shift means the company primarily generates value by acquiring and managing a large reserve of Ether and executing a yield generation program within the decentralized finance (DeFi) space.

180 Life Sciences Corp.'s Product/Service Portfolio

The company's portfolio is now dominated by its treasury strategy, with legacy assets being evaluated for monetization.

180 Life Sciences Corp.'s Operational Framework

The operational process is no longer centered on clinical trials but on capital deployment and digital asset management. This is a defintely different model.

• Capital Infusion: Secure significant funding, like the $425 million Private Investment in Public Equity (PIPE) and the $156 million in convertible notes closed in mid-2025.
• Asset Acquisition: Use the majority of the new capital to purchase Ether (ETH) for the treasury reserve.
• Yield Generation: Execute a differentiated yield generation program, managed by partners like Electric Capital, which combines traditional staking with more active DeFi strategies like lending and liquidity provisioning.
• Legacy Asset Management: Maintain minimal operations on the remaining biotech programs (like the anti-TNF platform) while actively exploring options to monetize these assets.
• Financial Snapshot: The company reported a net loss of approximately $(4,095,836) for the first half of 2025, with an accumulated deficit of over $(145,619,180) as of June 30, 2025, so the pivot is a critical move to change the financial trajectory.

Here's the quick math: the PIPE and note offerings total about $581 million in fresh capital, which is a massive injection against the Q2 2025 cash on hand of just over $2.2 million.

180 Life Sciences Corp.'s Strategic Advantages

The company's market success now hinges on its ability to execute this treasury strategy effectively, not on drug development milestones. You can read more about the company's core principles here: Mission Statement, Vision, & Core Values of 180 Life Sciences Corp. (ATNF).

• First-Mover Advantage: Being one of the first publicly traded companies to pivot aggressively from a traditional sector like biotech to a dedicated, large-scale Ethereum treasury vehicle.
• Significant Capital Base: The massive 2025 capital raises provide a substantial treasury of Ether, allowing for a large-scale yield generation program that smaller crypto funds cannot match.
• Institutional Backing: Securing investment from prominent digital asset leaders, including Electric Capital, Harbour Island, and Polychain Capital, lends immediate credibility and expertise to the new strategy.
• Differentiation from Staking: The commitment to outperform simple ETH staking through a combination of lending and liquidity provisioning offers a more sophisticated, though riskier, value proposition to shareholders.

180 Life Sciences Corp. (ATNF) How It Makes Money

The company's financial engine has fundamentally pivoted from a clinical-stage biotechnology model to an asset-backed treasury model, meaning it currently generates negligible operating revenue but derives its market value primarily from the appreciation of its significant Ethereum (ETH) holdings. Its near-term financial success hinges on cryptocurrency market performance and its ability to monetize the new online gaming platform, not the legacy drug pipeline.

Given Company's Revenue Breakdown

As a pre-commercial entity that recently shifted its core strategy, 180 Life Sciences Corp. reports minimal traditional operating revenue. The trailing twelve months (TTM) revenue as of mid-2025 was approximately $95.11K, which is entirely comprised of incidental income like interest or minor licensing fees, not product sales.

Business Economics

The economics of 180 Life Sciences Corp. are now a hybrid of a biotech research firm and a crypto treasury. This makes the valuation highly volatile and dependent on capital markets, not clinical milestones. The core financial strategy is no longer about drug commercialization, but about asset management and strategic financing.

• Primary Value Driver: The company's market capitalization, which was around $1.1 Billion as of November 2025, is driven almost entirely by the value of its cryptocurrency treasury, not the biotech pipeline or the nascent gaming business.
• Treasury Strategy: Following its rebrand to ETHZilla, the company deployed approximately $350 million of capital to acquire 82,186 Ether (ETH), with plans to use an additional $238 million in cash for further crypto purchases.
• Gaming Monetization: The company is working to operationalize a business-to-consumer (B2C) online casino, with a goal to launch by the end of Q1 2025. This future revenue stream will rely on standard iGaming economics: player wagering volume, house edge, and customer acquisition costs.
• Legacy Monetization: The company still holds legacy biotechnology assets, which it plans to monetize, likely through out-licensing or sales, but this is a secondary focus.

Honestly, the stock is now a proxy for Ethereum exposure, plus a small, defintely speculative option on a new gaming platform.

For a deeper dive into the company's long-term goals, you should review the Mission Statement, Vision, & Core Values of 180 Life Sciences Corp. (ATNF).

Given Company's Financial Performance

Financial health is best measured by capital runway and asset value, given the pre-revenue status. The company's performance metrics reflect a significant burn rate typical of development-stage firms, but this is now offset by large capital raises tied to the new treasury strategy.

• Net Loss (TTM 2025): The company reported a Net Income (TTM) loss of approximately -$17.22 Million, reflecting ongoing operational expenses and R&D costs before the full pivot to the crypto treasury model.
• Capital Raised (2025): In 2025, 180 Life Sciences Corp. raised a total of $581 million through a $425 million private placement and a $156 million convertible note offering. This capital is the lifeblood of the new treasury strategy.
• Accumulated Deficit: As of December 31, 2024, the company reported an accumulated deficit of over $141.5 Million, which is a clear indicator of the historical cost of its biotechnology R&D phase.
• Cash Runway: The cash balance as of early 2025 was expected to fund operations until December 2025, but the massive capital raises have significantly extended this runway, allowing for the substantial ETH purchases.

Here's the quick math: they raised over half a billion dollars in 2025, and most of that went straight into one volatile asset. What this estimate hides is the extreme sensitivity of the balance sheet to a 10% swing in the price of Ether.

180 Life Sciences Corp. (ATNF) Market Position & Future Outlook

The market position of 180 Life Sciences Corp. has undergone a radical, high-risk transformation in 2025, pivoting from a struggling clinical-stage biotech to a digital asset treasury, often referred to as ETHZilla. This pivot means its future outlook is almost entirely tied to Ethereum's (ETH) price volatility and the success of its new yield-generation programs, not its legacy drug pipeline.

Honestly, you're not evaluating a biotech company anymore; you're evaluating a proxy crypto fund with a tiny market cap of just over $21.62 Million USD as of November 2025.

Competitive Landscape

The company now competes in the highly volatile 'Digital Asset Treasury' sector, not the inflammatory disease therapeutic market. Its competitive advantage is the significant capital raised to acquire Ethereum, positioning it against established crypto-holding entities.

Opportunities & Challenges

The strategic shift, funded by a massive capital infusion, presents clear opportunities for rapid valuation growth, but it also introduces significant, defintely non-traditional risks. The primary opportunity is the leverage gained from holding a large, single digital asset.

Industry Position

180 Life Sciences Corp. has effectively abandoned its position as a clinical-stage biotech, a sector where it reported a net loss of $(4,095,836) for the first half of the 2025 fiscal year, and had cash expected to fund operations only until December 2025 under the old model. The new strategy is a desperate, but potentially lucrative, attempt to recapitalize and re-rate the stock.

The company's standing is now defined by its balance sheet strength in digital assets, not its pipeline. The August 2025 capital raises fundamentally changed its financial stability, moving it from a working capital deficit of $(1,636,486) (as of Dec 31, 2024) to holding hundreds of millions in digital assets and cash equivalents. This is a total reset.

• Valuation is a function of Net Asset Value (NAV) of its ETH holdings, not biotech milestones.
• The firm is a micro-cap with a macro-asset strategy, creating significant risk-reward asymmetry.
• Its competitive edge is the focus on Ethereum, differentiating it from the Bitcoin-heavy strategies of larger peers like MicroStrategy.

To understand the foundational principles driving this new direction, you should review the Mission Statement, Vision, & Core Values of 180 Life Sciences Corp. (ATNF).

Here's the quick math: The value of the ETH holding alone is over 16 times the company's current market capitalization, which suggests a deep discount or extreme investor skepticism about management's ability to execute the new strategy and protect the assets. Finance: Monitor the ETH-to-Market Cap discount daily to gauge market sentiment.