Shares of 180 Life Sciences Corp., which is rebranding to ETHZilla, surged more than 200% on Tuesday after a regulatory filing showed entities linked to billionaire investor Peter Thiel had amassed a 7.5% position in the company. The stock closed at $10.24, up from $3.34 the previous session, adding roughly $1 billion in market value. The Nasdaq-listed firm simultaneously disclosed that it holds 82,186 ether, purchased at an average price of $3,806.71, giving the position a market value of about $349 million. ETHZilla said it still has approximately $238 million in cash and equivalents after completing a $156 million private placement earlier in the day and a $425 million financing earlier this month. Management plans to stake its ether through a mandate with Electric Capital, positioning the company as a public-market vehicle for institutional exposure to Ethereum. The pivot marks a sharp turn from ETHZilla’s original focus on inflammatory-disease drug development and comes as ether traded near $4,500, its highest level since 2021.