Crypto treasury company ETHZilla has launched a token offering access to equity in jet engines that the company acquired last month as part of its pivot into tokenized assets.
ETHZilla said on Thursday that the token, called Eurus Aero Token I, was being launched through its new subsidiary, ETHZilla Aerospace, and is backed by two commercial jet engines that are leased to “a leading US air carrier.”
The company has priced each token at $100, with a minimum purchase of 10 tokens. ETHZilla said it’s targeting an 11% return rate based on holding it for the full term of the engine leases that extend into 2028.
ETHZilla was formerly a clinical-stage biotech company called 180 Life Sciences Corp that pivoted to buying and holding Ether (ETH) in July amid a frenzy of new crypto treasury companies at the time.
ETHZilla chairman and CEO McAndrew Rudisill said the project “expands investment access and modernizes fractional asset ownership in markets that have historically been available only to institutional credit and private equity.”
“Offering a token backed by engines leased to one of the largest and most profitable US airlines serves as a strong use case in applying blockchain infrastructure to aviation assets with contracted cash flows and global investment demand,” he added.
ETHZilla shifting away from crypto treasury
Rudisill said in December ETHZilla is moving away from just buying and holding ETH and aims to build a business that brings assets on-chain through tokenization.
Crypto treasury companies experienced significant growth and hype last year, but enthusiasm has since started to cool across the market.
ETHZilla purchased the two jet engines for a combined $12.2 million in January, after selling off some of its ETH stash last year.
As part of its ongoing tokenization push, ETHZilla is also planning to launch tokens for additional asset classes, including home and car loans, according to the company’s announcement.
Some crypto execs have predicted tokenized RWAs will grow significantly in 2026, fueled by adoption in emerging economies facing issues with capital formation and attracting foreign investment.
Over $24 billion in RWA is estimated to be on-chain as of Friday, across more than 846,808 holders, according to RWA.xyz.
Ether stash down from previous high
In a Securities and Exchange Commission filing in September, ETHZilla disclosed it held 102,246 Ether at an average acquisition price of roughly $3,948, which was valued at $443 million at the time.
Related: ‘Horse has left the barn:’ ETHZilla bets big on Ethereum’s stablecoin play
Ether has fallen in step with the rest of the crypto market and has been drifting between $1,872 and $2,130 in the last seven days, according to CoinGecko.
Strategic Ether reserves lists ETHZilla as holding more than 93,000 in Ether, worth over $188 million. However, CoinGecko estimates the company’s stash is closer to 69,802, and is worth about $136 million.
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