Peter Thiel-backed venture capital firm Founders Fund has reduced its position in Ethereum treasury company ETHZilla, according to a recent SEC filing.
The disclosure shows that as of September 30, 2025, Founders Fund held 928,389 shares of ETHZilla, representing 5.6% of the company’s stock. That is down from the 7.5% stake reported on August 4, 2025, marking a decline of 1.9 percentage points.
A notable ownership change
The filing confirms a reduction in the firm’s ownership, but it does not provide additional details on the reason for the move. No information was disclosed بشأن pricing, transaction timing, or whether further selling may follow.
Because Founders Fund is one of the best-known venture investors linked to Peter Thiel, changes in its public market positions can draw attention from investors tracking institutional sentiment around crypto-linked companies. That is especially true for firms tied to Ethereum treasury strategies.
Institutional positioning remains in focus
ETHZilla’s classification as an Ethereum treasury company puts it squarely within a segment of the market that investors increasingly watch for signals on digital asset allocation. Still, the available filing only shows that Founders Fund’s stake fell to 5.6%; it does not, on its own, establish a broader shift in the firm’s long-term view on ETH or crypto-related equities.
For now, the market has only the regulatory disclosure to work with. Any fuller interpretation will likely depend on whether ETHZilla or Founders Fund offers additional commentary in the future.