ETHZilla, a company that manages Ethereum
After selling part of its crypto holdings, the firm purchased two commercial jet engines for $12.2 million in cash, according to a regulatory filing on January 23.
The deal was completed through a new branch called ETHZilla Aerospace LLC.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is a Bitcoin Faucet? Pros & Cons Explained (With Animations)
The engines are already leased to a major airline, which allows ETHZilla to earn income from the start. This marks the company’s first step toward turning physical assets into on-chain investments.
In a December statement, chairman and CEO McAndrew Rudisill said the company aims to move beyond simply holding Ethereum.
He explained that ETHZilla plans to “build an operating business to bring real-world assets (RWA) on-chain through tokenization“.
Rudisill also shared that the company will begin with aerospace equipment, including aircraft engines and airframes. He said, “Members of our leadership team and board have deep relationships in the aerospace industry, which we are leveraging to build an initial pipeline of assets to tokenize without the need for additional partnerships”.
The purchase supports ETHZilla’s plan to generate consistent returns from tokenized physical assets.
ETHZilla Corporation has acquired a 20% ownership interest in Karus, Inc., an artificial intelligence (AI) company that builds tools for auto finance analytics and lending decisions. What is the goal of the acquisition? Read the full story.
