Peter Thiel’s Complete Withdrawal from ETHZilla: An Analysis
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Thiel’s Strategic Withdrawal from Ethereum Investment Venture
In a significant move, Peter Thiel and associated entities with Founders Fund have divested completely from ETHZilla, a publicly traded entity known for its Ethereum treasury strategies. According to a Schedule 13G/A filed recently, the group concluded the year 2025 with no remaining common shares, marking a notable exit that has caught the attention of both cryptocurrency enthusiasts and small-cap equity investors.
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Peter Thiel’s Departure from ETHZilla
The updated filing, dated February 17, 2026, clearly outlines the current status: “Aggregate amount… 0.00. Percent of class… 0.0%. Ownership of 5 percent or less of a class.” These figures reflect the holdings as of December 31, 2025, confirming that the exit was completed by the end of the year.
Previously, Thiel-related entities were reported to hold 928,389 shares, accounting for 5.6% of the class, as per a prior Schedule 13G/A dated September 30, 2025. The document also mentions a 1-for-10 reverse stock split effective as of October 20, 2025, with share counts adjusted accordingly.
ETHZilla’s Evolving Strategy
ETHZilla initially aimed to offer a Bitcoin-like treasury model for Ethereum, capitalizing on the growing interest in public-market vehicles as liquid avenues for digital asset exposure. Thiel’s initial 7.5% stake, disclosed in August 2025, added credibility to this approach.
Recently, ETHZilla has been shifting its focus towards tokenized real-world assets, particularly in aviation. An 8-K filing linked to a February 12 press release announced the launch of “Eurus Aero Token I,” a tokenized asset providing exposure to aircraft engines through digital tokens representing contractual revenue rights.
Market Reactions and Speculations
Thiel and Founders Fund’s departure raises questions about whether the exit anticipated ETHZilla’s strategic pivot or was a routine portfolio adjustment. On social media, some commentators suggest Thiel’s timing is indicative of his ability to foresee market shifts, dubbing him an “exit master” adept at navigating market fluctuations.
One user, @treebook78, described Thiel as a “master at sensing crises,” noting his past actions, such as selling Bitcoin before the Luna crash and FTX collapse, as evidence of his foresight.
As of the latest update, Ethereum trades at $1,984, remaining below the 200-week EMA as reflected in the 1-week chart.
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