Shares of 180 Life Sciences Corp (ATNF) are soaring in pre-market trading, up a staggering 69.46% following news that billionaire tech investor Peter Thiel has acquired a 7.5% stake in the company. This surge comes as the firm rebrands itself as ETHZilla, positioning itself as an Ethereum-focused corporate treasury vehicle.

The dramatic price movement follows a strong performance on Monday, where the stock already saw an 11% increase at market close. The company's pivot towards blockchain technology and Thiel's involvement appear to be driving investor enthusiasm. 180 Life Sciences recently announced its plans to transform into an Ethereum treasury, a move that has evidently resonated with the market.

Adding to the bullish sentiment, the company disclosed on Monday that it had sold $156 million in senior secured convertible notes due 2028 to an institutional investor. This follows a recent $425 million private placement, with proceeds primarily earmarked for Ethereum purchases, yield-bearing assets, and the company's iGaming operations. The firm also plans to monetize its legacy biotech IP, signaling a significant shift in its business model. With Thiel now holding stakes in two Ethereum treasury companies, including Tom Lee's BitMine Immersion, investors seem to be betting on the potential of corporate Ethereum holdings.