Shares of ETHZilla experienced a significant decline of nearly 30% following a notification regarding the offering of 74.8 million convertible shares, leading to concerns over share dilution.
The increase of outstanding shares by 46% from 164.4 million to approximately 239.3 million has created anxiety among investors, as their ownership stakes may diminish.
ETHZilla, rebranded as a crypto treasury firm, holds 82,186 ether valued at around 349 million USD, presenting a unique market position despite potential dilution challenges.
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