180 Life Sciences Corp. (ATNF): Business Model Canvas [Dec-2025 Updated]

You're looking at one of the most dramatic corporate pivots I've seen in my two decades analyzing markets: 180 Life Sciences Corp. has essentially swapped drug development risk for a massive, active Ethereum treasury, now holding about 82,186 ETH as of August 2025. Honestly, this isn't just a side project; it's a full-blown strategy to generate yield on-chain, all while balancing a hefty $516 million in secured convertible debt-a real near-term risk to watch. We've mapped out exactly how this new entity, soon to be ETHZilla Corporation, plans to make money from digital assets while keeping its old biotech IP on the back burner; check out the full Business Model Canvas below to see the structure behind this high-stakes crypto gamble.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Key Partnerships

The strategic pivot of 180 Life Sciences Corp., now operating as ETHZilla Corporation, is fundamentally underpinned by a series of high-profile partnerships that provided the capital and expertise for its transition into an Ethereum treasury management vehicle.

The cornerstone of this new model was the successful closing of a $425 million Private Investment in Public Equity (PIPE) transaction in August 2025, priced at $2.65 per share. This was supplemented by an additional $156 million raised through convertible notes, bringing the total capital infusion to approximately $581 million. These funds are primarily earmarked for the purchase of Ethereum (ETH), with the company holding 82,186 Ethereum tokens valued at approximately $349 million as of mid-August 2025.

The following table details the key financial and investment partners associated with this capital raise and the legacy iGaming platform support:

Partner Entity	Role/Contribution	Financial/Statistical Data Point
Institutional Investors (Total)	Led and participated in the $425 million PIPE	Participation from over 60 institutional and crypto-native investors
Electric Capital	External asset manager for on-chain yield strategies	Tasked with implementing a differentiated yield generation program
Founders Fund (Peter Thiel)	Significant institutional backer	Held a 7.5% stake, totaling 11.59 million shares as of August 4
Elray Resources	Partner for legacy iGaming platform assets	Sold proprietary crypto iGaming technology for preferred stock convertible into a 40% stake in ATNF and warrants for 3 million common shares
Luxor Capital	Related party in Elray Resources transaction settlement	To receive $650,000 from future capital raises by April 28, 2026, as part of a share repurchase

The yield generation strategy, managed by Electric Capital, is designed to outperform standard ETH staking through a combination of staking, lending, and liquidity provisioning. To guide this complex treasury management, 180 Life Sciences Corp. is establishing a governance structure involving key ecosystem builders.

The DeFi Council and Etherealize-related involvement highlight the deep integration with the Ethereum ecosystem:

• DeFi Council: Consortium of DeFi builders offering input on treasury yield generation.
• Etherealize Founders: Danny Ryan, Vivek Raman, and Grant Hummer participated in the PIPE.

For the legacy iGaming platform, the proceeds from the $425 million PIPE are allocated to support these operations, alongside the monetization of the company's biotech intellectual property assets. This is set against a backdrop where the company reported $2,218,331 in Cash on Hand as of June 30, 2025, and an Accumulated Deficit of $(145,619,180).

Furthermore, 180 Life Sciences Corp. has approval to sell up to an additional $150 million in fixed income securities following the PIPE completion. Separately, in April 2025, the company agreed to repurchase 1,318,000 shares from Elray Resources (representing 23.1% of outstanding shares) for a total of $1 million, with $350,000 paid directly to Elray.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Key Activities

You're looking at a company that has made a massive, almost complete pivot, so the Key Activities section of the Business Model Canvas for ETHZilla Corporation-formerly 180 Life Sciences Corp.-is now almost entirely focused on digital assets and corporate transition, not drug trials. Honestly, the old biotech work is now a secondary, monetization-only effort.

Ethereum (ETH) Accumulation: Primary capital deployment strategy.

The core activity is deploying recently raised capital to acquire and hold Ether. This isn't just buying a little bit; it's a strategic, large-scale accumulation. As of the September 5, 2025 report, the total ETH holdings reached 102,246 Ether. This represented a significant increase from the earlier reported 82,186 ETH as of August 11, 2025. The average cost basis for the September holdings was reported at $3,948.72 per ETH, valuing the total position at approximately $443 million at that time. This deployment followed a major capital raise, including a $425 million PIPE transaction and an additional $156 million in convertible notes.

On-chain Yield Generation: Staking, lending, and liquidity provisioning.

ETHZilla isn't just a passive holder; the plan is to generate income from the assets. This is managed through an external asset manager, Electric Capital, aiming for a differentiated yield program designed to outperform standard staking. While specific yield figures for ETHZilla aren't public yet, general market data from June 2025 showed average lending yields on Ethereum hovering around 4.8%. The strategy involves deploying the ETH into DeFi protocols for activities like staking and lending.

Treasury Management: Active management of 82,186 ETH and cash.

Active management involves balancing the crypto holdings with traditional cash equivalents and managing corporate actions like share repurchases. The company is focused on disciplined capital allocation. Here's a quick look at the treasury snapshot from the two key reporting dates:

Metric	As of August 11, 2025	As of September 5, 2025
Total ETH & ETH Equivalents Held	82,186	102,246
Total ETH & ETH Equivalents Held (USD)	Approximately $349 million	Approximately $443 million
Total USD Cash Equivalents	Approximately $238 million	Approximately $213 million
Total Shares Outstanding	154.032 million (as of Aug 5)	164,426,122 (as of Sep 7)

Furthermore, the company executed an over-the-counter transaction with Cumberland DRW for up to $80 million, collateralized by a portion of the ETH holdings, to fund its stock repurchase program. The total announced stock repurchase program size is $250 million, against which approximately 2.2 million shares were repurchased at an average price of $2.50.

Legacy Biotech Monetization: Seeking to sell or license existing life science assets.

The company is actively positioning its legacy intellectual property for potential transactions to maximize shareholder value while the primary focus shifts. This activity is separate from the crypto strategy. Key IP developments include:

• Secured U.S. Patent No. 12,325,744 B2 for Post Operative Cognitive Decline.
• Received a Notice of Allowance from the Canadian Intellectual Property Office for a patent covering an IL-33 antagonist for fibrotic disorders.
• The license agreement relating to the $\alpha$7nAChR platform was terminated in November 2024.

Corporate Restructuring: Managing the rebrand to ETHZilla Corporation.

A major activity was the formal rebranding from 180 Life Sciences Corp. to ETHZilla Corporation, trading under new symbols, likely ETHZ and ETHZW. This involved management changes, with McAndrew Rudisill appointed as Chief Executive Officer, succeeding Blair Jordan. The transition also involved integrating the new crypto-centric strategy with existing, though de-emphasized, operations, including legacy iGaming initiatives.

Finance: draft 13-week cash view by Friday.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Key Resources

You're looking at the core assets 180 Life Sciences Corp. (ATNF) is leaning on as of late 2025. These aren't just line items; they are the foundation for whatever strategy the new board is pushing.

The resource base shows a significant pivot, blending traditional biotech intellectual property with substantial digital asset holdings. Honestly, the mix is unusual for a company with legacy pharma patents. Here's the quick math on the hard financial assets as of August 2025.

Resource Category	Metric/Asset	Reported Value (August 2025)
Digital Assets	Ether (ETH) Holdings	82,186 ETH
Digital Assets	USD Valuation of ETH	Approximately $349 million
Liquid Capital	USD Cash Equivalents	Approximately $238 million
Financial Capital	Secured Convertible Debt Financing	$516 million

That $516 million in secured convertible debt financing is a major lever, giving 180 Life Sciences Corp. (ATNF) significant dry powder, though it comes with future conversion obligations you need to track closely. The cash position, sitting at approximately $238 million in USD equivalents in August 2025, provides immediate operational runway.

The digital asset portfolio, specifically the 82,186 Ether (ETH) holdings valued near $349 million that same month, represents a massive, defintely non-core asset for a life sciences firm. This is where the strategy shift becomes most apparent.

Beyond the balance sheet numbers, the intangible and human capital are critical components of the Key Resources block:

• Legacy biotech patents for anti-TNF and CBD/CBG analogues.
• New board members focused on crypto-focused strategy.
• Management Expertise guiding the dual-track approach.

The intellectual property remains rooted in legacy biotech, covering anti-TNF and CBD/CBG analogues. This is the original value proposition, now sitting alongside the crypto treasury. You have to watch how they allocate resources between developing these patents and managing the digital assets.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors are engaging with 180 Life Sciences Corp., now operating as ETHZilla, following its massive strategic pivot in mid-2025. The value proposition is now centered on public market access to an Ethereum treasury strategy.

Direct Public Exposure

The primary offering is a simple public-market vehicle for direct exposure to an Ethereum (ETH) accumulation strategy. This allows investors to gain exposure to large-scale ETH holdings through a traditional stock ticker, which is a key differentiator from direct crypto purchasing. The company executed a significant capital raise to facilitate this strategy.

Financing Event	Amount Raised	Date Closed (Approx.)
Private Investment in Public Equity (PIPE)	$425 million	August 1, 2025
Senior Secured Convertible Notes	$156 million	August 8, 2025

Differentiated Yield

180 Life Sciences Corp. is not just buying and holding; the value proposition includes an active, managed approach to generate yield on its Ether holdings, aiming to outperform simple staking rewards. Electric Capital serves as the external asset manager to implement this strategy.

• Strategy includes lending, liquidity provisioning, and structured agreements.
• Goal is to optimize ETH yield while maintaining risk controls.
• The program is described as a differentiated, on-chain yield generation program.

The initial deployment of capital saw $350 million deployed to acquire 82,186 Ether.

Transparency

A commitment to keeping the market informed about the core asset base is a stated value proposition. This is intended to build confidence in the new strategy, especially given the volatility inherent in the underlying asset.

• The Company plans to provide investors with regular updates on its Ethereum holdings.
• This is a key component of the strategy built for the Ethereum community.

Optionality

While the focus has shifted dramatically, the company retains, though deprioritizes, its prior business lines, offering a degree of optionality to investors. The company plans to continue its legacy operations while seeking to monetize its older intellectual property.

The planned use of proceeds from the initial $425 million PIPE included allocations to support the Company's legacy iGaming operations and the plan to monetize its biotechnology intellectual property assets. The original focus was on developing therapeutics for inflammatory diseases.

Capital Strength

The recent financing activities have substantially bolstered the balance sheet, providing a strong foundation for the new strategy. The stated value proposition is a balance sheet bolstered by significant capital influx.

The company has a bolstered balance sheet with over $1 billion in gross capital raised, according to the stated value proposition. Following the two confirmed funding rounds totaling $581 million ($425M PIPE + $156M notes), the company also indicated it held an additional $238 million in cash as of mid-August 2025, which was earmarked for further crypto dip buying.

As of November 22, 2025, the stock price was reported at $7.040 USD.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Customer Relationships

You're looking at how 180 Life Sciences Corp., now operating as ETHZilla, manages its various stakeholder groups following its dramatic pivot to an Ethereum treasury strategy in mid-2025. The relationships are now heavily centered on digital asset performance and capital structure, not just biotech development.

Investor Relations

Investor relations is now high-touch, focused on transparency regarding the new core asset. Communication centers on the ETH treasury, which as of August 2025, held 82,186 Ethereum tokens valued at approximately $349 million. The company also maintained approximately $238 million in USD cash equivalents, bringing the total treasury to nearly $587 million. The Executive Chairman noted the commitment to provide shareholders with regular updates on the treasury and on-chain yield generation strategies through public releases.

• ETH Holdings: 82,186 tokens (as of August 2025).
• Average ETH Acquisition Cost: $3,806.71 per token.
• Total Capital Raised in 2025 Financing: $581 million.
• Shares Outstanding (as of August 5, 2025): 154.032 million.

Capital Markets

Engagement here is continuous with both traditional institutional money and crypto-native funds that participated in the recent capital raises. The $425 million Private Investment in Public Equity (PIPE) was supported by over 60 investors, including prominent names from both worlds. The relationship is built on the promise of generating outsized yield from the ETH reserve.

Key capital market participants include:

• Institutional/Crypto-Native Backers: Electric Capital, Polychain Capital, GSR, Harbour Island, Omicron Technologies.
• Notable Individual Supporters: Konstantin Lomashuk (Lido), Sreeram Kannan (Eigenlayer), Robert Leshner (Compound).

Speculator-Driven

The relationship with the broader retail and speculative trading base is intrinsically linked to volatility and news flow surrounding the pivot. The stock price experienced a rally of over 1,500% since beginning ETH purchases. This dynamic means relationships are often transactional, driven by the perceived success of the treasury strategy and the price of Ethereum. The company's market capitalization was reported at $462 million following the debt closing.

Here's the quick math on the recent stock movement:

Metric	Value	Context
Stock Price Rally Since ETH Buying	Over 1,500%	Reflects speculative excitement post-pivot.
Stock Decline Post-$500M Offering News	17%	Investor reaction to potential dilution.
Q2 Cash Liquidity	$221,331	Indicates tight cash position before treasury deployment.

Debt Holders

The relationship with debt holders is formal and restrictive, governed by the terms of the recent notes issuance. While the prompt mentioned $516 million in secured notes, the confirmed financing includes a $156 million senior secured convertible notes offering due 2028. This debt carries a 4% annual interest rate, which only begins accruing after the first six months. The notes are convertible into common stock at $3.445 per share.

The terms create a clear structure for this relationship:

• Debt Instrument: Senior Secured Convertible Notes due 2028.
• Initial Interest Accrual Delay: Six months.
• Conversion Price: $3.445 per share.
• Maturity Term: Three years from issuance date (August 8, 2025).

DeFi Community

ETHZilla explicitly seeks collaborative input from the DeFi community to guide its strategy, moving beyond simple asset holding. This input is formalized through a DeFi Council, which includes Etherealize and a consortium of leading DeFi builders, set to offer input on maximizing yield while benefiting the Ethereum ecosystem. Electric Capital serves as the external asset manager to implement this yield generation program, which is designed to go beyond standard staking.

The commitment to the DeFi ecosystem involves specific operational targets:

• Asset Manager: Electric Capital.
• Yield Strategy: Beyond standard staking, including lending and liquidity provisioning.
• Staking Commitment: Over 95% of Ethereum is expected to be staked or deployed through liquid staking platforms.

Finance: draft 13-week cash view by Friday.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Channels

You're looking at how 180 Life Sciences Corp. (ATNF), which is also noted as ETHZilla Corporation in some filings, gets its message and its shares in front of the world. This is a hybrid play now, mixing traditional biotech visibility with a very modern digital asset treasury strategy, so the channels reflect that duality.

Nasdaq Stock Exchange (ATNF): Primary channel for investor access and liquidity.

The listing on the Nasdaq Stock Exchange remains the central hub for traditional equity access. As of November 26, 2025, the share price for ATNF was $17.12 per share. 180 Life Sciences Corp. carried a market capitalization of $274.3M on that date. 180 Life Sciences Corp. had 6,039,208 shares outstanding as of its August 2025 filings. Liquidity is supported by an average daily trading volume reported around 998.74K shares. The 52-week trading range for the stock has been quite wide, moving between a low of $6.58 and a high of $174.60 over the last year.

Here are some key metrics related to this primary channel:

• Share Price (Nov 26, 2025): $17.12
• Market Cap (Nov 21, 2025): $274.3M
• 52-Week High: $174.60
• 52-Week Low: $6.58
• Average Daily Volume: 998.74K shares

Corporate Filings (SEC): Official communication of financial status and strategy.

The Securities and Exchange Commission (SEC) filings are the mandatory, formal route for communicating material changes, especially given the significant strategic shift. These documents are critical for validating the company's dual focus. For instance, an August 11, 2025, Form 8-K filing disclosed the initiation of a cryptocurrency treasury strategy, noting the acquisition of 82,186 ETH at an average price of $3,806.71, valuing that position at approximately $349 million. This was complemented by holding about $238 million in USD cash equivalents at that time. Furthermore, the company announced closing a private offering of approximately $156 million in senior secured convertible notes due 2028 on August 8, 2025, with proceeds intended to increase ETH holdings. The firm, headquartered in Palm Beach, Florida, reported having 4 employees as of late 2025.

The financial health context provided by these filings is stark:

Financial Metric (TTM)	Amount
Net Income	-$17.22M
EPS (TTM)	-18.13
Total Assets	$10.7M (as of Aug 2025)
Liabilities	$5.3M (as of Aug 2025)

Crypto/DeFi Media: Direct outreach to digital asset communities.

The aggressive move into an Ethereum treasury strategy necessitates direct engagement with digital asset communities, often bypassing traditional financial media for initial announcements. The rebranding to ETHZilla Corporation signals this intent. The channel here is less about traditional press releases and more about disclosures that resonate with crypto-native investors, such as the specific details of the $425M private placement and the subsequent $156M convertible note offering, both aimed at expanding the ETH holdings. The company plans to provide regular updates on its Ethereum holdings to ensure maximum transparency, which is a key communication tactic for this segment.

Investor Presentations: Explaining the complex on-chain yield strategy.

Given the complexity of merging clinical-stage biotech with an on-chain treasury management program, investor presentations become a vital channel for synthesis. These presentations must translate the technical details of the ETH treasury strategy-including the use of net proceeds from financings to rapidly increase ETH holdings-into a coherent investment thesis. The goal is to bridge the gap between the legacy biotechnology assets and the new digital finance focus. The technical rating assigned by some analysts in late 2025 was 9 / 10, suggesting strong technical signals despite the dual-focus complexity.

Legacy Biotech Channels: Potential licensing or sale via pharmaceutical networks.

The foundational value proposition remains the development of novel drugs for inflammatory diseases, fibrosis, and pain, leveraging expertise from institutions like Oxford University and Stanford University. This requires maintaining traditional biotech channels for potential licensing deals or outright sale of assets. While the crypto strategy garners headlines, the underlying biotech pipeline is the ultimate exit channel for many investors. Recent reports noted the company is partnering with local research institutions in Europe to aim for a broader impact, which feeds directly into these legacy licensing pathways. The company is still evaluating monetization strategies for its biotechnology assets, a process that relies on established pharmaceutical networks.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Customer Segments

You're looking at the customer segments for 180 Life Sciences Corp., now operating as ETHZilla Corporation, as it executes a major pivot from clinical-stage biotech to an Ethereum treasury vehicle.

The customer base is split between those interested in the new digital asset strategy and those focused on the remaining legacy drug pipeline assets. This dual focus means distinct groups are engaging with the company for very different reasons.

Here is a breakdown of the key customer segments as of late 2025:

• Crypto-Native Investors: Seeking a public-market, regulated ETH treasury vehicle.
• Institutional Speculators: High-risk tolerance investors chasing volatility and growth.
• Retail Investors: Individuals seeking exposure to the Ethereum ecosystem.
• Legacy Biotech Buyers: Potential acquirers of the existing drug pipeline assets.
• Convertible Note Holders: Institutional investors holding the debt.

The financial context for these segments is shaped by recent capital raises and the company's balance sheet position as of mid-2025.

Customer Segment	Primary Interest/Focus	Relevant Financial Data Point
Crypto-Native Investors	Publicly traded vehicle for regulated ETH accumulation.	Proceeds from recent financing primarily used to purchase Ethereum (ETH).
Institutional Speculators	Chasing volatility and growth from the strategic pivot.	Stock price increased by 291.11% in the past year.
Retail Investors	Seeking accessible exposure to the Ethereum ecosystem via stock.	Market Cap as of November 2025: $21.62 Million USD.
Legacy Biotech Buyers	Acquiring existing drug pipeline assets for development.	Pipeline includes fibrosis/anti-TNF (Phase IIb) and preclinical assets.
Convertible Note Holders	Institutional investors holding debt instruments.	Holding debt structure related to the user-specified $516 million figure, contextualized by recent raises of $156 million and $425 million in 2025.

For the Convertible Note Holders, the recent financing structure provides specific terms. The August 2025 notes accrue 4% annual interest after six months and are convertible at $3.445 per share. This group is watching the stock performance closely, given the potential for conversion.

The company's financial state, which influences all segments, shows strain alongside the new capital. As of June 30, 2025, Cash on Hand was $2,218,331, set against an Accumulated Deficit of $(145,619,180). The Net Loss for the first six months of 2025 was $(4,095,836).

The Legacy Biotech Buyers are assessing assets that saw an impairment loss of $3,342,084 recognized in Q4 2022. The company continues to evaluate monetization strategies for these intellectual property (IP) assets.

The overall market perception for the speculative segments is volatile; the stock has seen a recent monthly price increase of 274.47%, yet the overall market capitalization remains small at $21.62 Million USD in November 2025.

Finance: draft 13-week cash view by Friday.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Cost Structure

You're looking at the cost side of the 180 Life Sciences Corp. Business Model Canvas as of late 2025. Honestly, the cost structure is dominated by non-operational, financing-related, and administrative overhead, reflecting the company's pivot away from traditional biotech operations toward a digital asset treasury strategy. Here's the quick math on what's driving expenses.

The most significant cost centers are heavily weighted toward corporate overhead and financing activities, rather than direct research and development, which is now minimal. We need to track these figures closely because they represent the burn rate required just to keep the corporate structure running and service the capital raised.

Here is a breakdown of the primary cost components:

Cost Category	Financial Metric/Amount	Notes
General & Administrative (G&A)	$228 million (Nine Months Ended Q3 2025)	Represents significant fixed and overhead costs for the corporate entity.
Stock-Based Compensation	$209 million (Non-cash expense)	Expense related to executive warrants and options granted.
Debt Servicing (Interest)	$20,640,000 (Estimated Annual Interest)	Calculated at 4% per annum on the $516 million principal amount of secured convertible notes.
External Asset Management Fees	Not Publicly Specified	Fees paid to Electric Capital for managing the Ethereum treasury strategy.
Legacy R&D Maintenance	Minimal Ongoing Costs	Costs associated with maintaining and seeking monetization for existing biotech intellectual property.

The G&A figure is defintely eye-opening. A spend of $228 million over just nine months suggests substantial fixed operating costs that must be covered regardless of revenue generation from the new digital asset focus.

Stock compensation is another major non-cash drain. The $209 million non-cash charge related to executive warrants and options shows a heavy reliance on equity incentives to compensate management, which dilutes existing shareholders.

For the debt servicing, you have to account for the cost of the capital raised through the secured convertible notes. While the company raised approximately $581 million in total financing in 2025 through a $425 million placement and a $156 million note offering, the prompt specifies the cost structure analysis centers on the $516 million principal. The interest rate found for the recent notes is 4% after an initial six-month deferral period. This translates to an annual interest cost of $20,640,000, which is a real cash obligation once the deferral ends.

The shift in strategy introduces new cost dynamics:

• Fees paid to Electric Capital for yield generation on the digital asset holdings.
• Costs associated with the iGaming business operations.
• Legal and advisory fees related to the frequent capital raises and rebranding.

The biotech IP monetization effort appears to be a low-cost endeavor now:

• Minimal ongoing costs to maintain the intellectual property assets.
• Costs are focused on administrative support for monetization efforts, not active clinical trials.

Finance: draft 13-week cash view by Friday.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Revenue Streams

The revenue streams for 180 Life Sciences Corp., now operating as ETHZilla Corporation, are distinctly split between legacy operations and the newly established digital asset treasury strategy as of late 2025.

Digital Asset Yield represents a new, significant component following the strategic pivot. The initial reported staking revenue for the nine months ending Q3 2025 reached $4.1 million.

Investment Income is generated from the core of the new strategy: yield from on-chain activities managed by Electric Capital. This includes returns from diversified strategies such as lending and liquidity provisioning on the substantial Ethereum holdings. As of August 11, 2025, the company reported holding 82,186 ETH.

The legacy business segments still contribute to the revenue profile, though they are secondary to the treasury strategy. The projected revenue for the full year 2025 is $13.1M, which contrasts with the standardized revenue reported for 2024 of $12.27 million.

The following table summarizes the capital raised to fund these operations, which is a primary driver of the current revenue-generating capacity:

Financing Event	Amount Raised	Instrument Type	Closing/Announcement Period
Private Investment in Public Equity (PIPE)	$425 million	Common Stock / Pre-funded Warrants	August 2025
Convertible Note Offering	$156 million	Senior Secured Convertible Notes due 2028	August 8, 2025
Total Combined Financing	$581 million	Equity and Debt	Mid-2025

The terms associated with this capital infusion also define future potential revenue streams and obligations. The convertible notes, for instance, carry a 4% annual interest rate commencing after six months and are convertible at $3.445 per share.

Future Licensing revenue is anticipated from the monetization efforts related to the company's legacy biotechnology intellectual property. This is planned as a potential one-time revenue source, alongside continuing existing operations.

Future iGaming revenue is expected to continue from the online gaming platform the company maintains. Proceeds from the recent capital raises are designated, in part, to continue the deployment and development of these gaming initiatives.

The revenue streams can be categorized by their source as follows:

• Digital Asset Yield from ETH treasury management.
• Investment Income from on-chain lending and provisioning.
• Legacy Revenue from existing iGaming operations.
• Potential one-time revenue from biotech IP monetization.