Entities linked to Peter Thiel and the Founders Fund have fully withdrawn from ETHZilla, a publicly traded Ethereum treasury that was as soon as marketed as a proxy wager for company ETH accumulation. In keeping with a Schedule 13G/A filed on Tuesday, the reporting group ended 2025 with no frequent inventory remaining, eliminating intently watched positions in each the cryptocurrency and small-cap inventory markets.
Thiel has an Ethereum Treasury Play.
The revised submitting, dated February 17, 2026, expresses the present footprint unusually bluntly: “Whole… 0.00. Class proportion… 0.0%. Class possession lower than 5%.” The place will likely be reported as of December 31, 2025, which implies the exit will likely be full by the top of the yr.
Peter THIEL Quits Ethereum DAT “ETHZILLA” AMID $ETHZ Tokenized Jet Engine Focus: Submission pic.twitter.com/nnMeT32LQ4
— Aggr Information (@AggrNews) February 18, 2026
That zeroed-out entry stands in sharp distinction to what Thiel-related automobiles revealed only a quarter in the past. As of September 30, 2025, within the earlier Schedule 13G/A reporting holdings, Thiel was listed with helpful possession of 928,389 shares, representing 5.6% of the category at the moment, with a further block attributed to Founders Fund entities. The identical submitting states that the corporate's 1-for-10 reverse inventory break up is efficient October 20, 2025, and the reported share depend has been adjusted accordingly.
ETHZilla's story is necessary as a result of it tried to remodel the Bitcoin treasury template into an ETH native wrapper at a second when the general public market automobile was introduced as a liquid and exploitable on-ramp to digital asset publicity. Thiel's preliminary involvement, extensively seen as a 7.5% stake disclosed in August 2025, helped legitimize the pitch, a minimum of for a second.
Just lately, ETHZilla is signaling a shift from pure ETH monetary identification to tokenized real-world belongings, together with aviation. In an 8-Okay associated to the Feb. 12 press launch, the corporate stated its subsidiary had launched the “Eurus Aero Token I,” which it described as a “tokenized real-asset instrument” that gives publicity to leased plane engines “through tradable digital tokens representing contractual income rights.”
The order leaves merchants with uncomfortable and unresolved questions. Did the exit of the Founders Fund precede (and implicitly preempt) a change in technique, or was it merely a portfolio cleanup after the preliminary “ETH Treasury” narrative cooled?
One commenter on X framed Thiel's timing as a part of a broader sample, however a few of the submit's claims transcend the SEC submitting. The @treebook78 account referred to as Thiel a “grasp of disaster detection” and claimed he was a “grasp of exit” who received out early when bubbles or stress had been constructing, writing that he “prevented this present downturn as nicely.”
“In 2022, he put up a diamond hand on social media telling individuals to carry their Bitcoin perpetually, however then quietly offered every little thing, avoiding the Luna collapse and the FTX collapse,” @treebook78 wrote.
At press time, Ethereum was buying and selling at $1,984.
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