Dimitri Semenikhin, the retail trader who sparked the recent Beyond Meat stock rally, has announced a new investment in ETHZilla Corporation. The company, formerly a biotech firm known as 180 Life Sciences, recently pivoted to a digital asset treasury focused on ethereum. ETHZilla's shares surged following Semenikhin's disclosure, amid a broader trend of companies adopting crypto treasuries in 2025.
Dimitri Semenikhin emerged as a key figure in the Beyond Meat stock rally over the past week, drawing attention from retail investors. Now, he has shifted focus to ETHZilla Corporation, a small biotech that rebranded after pivoting to manage a treasury of digital assets, primarily ethereum.
Semenikhin revealed his position in a YouTube post and on X, where he unpacked his investment thesis. He purchased 2% of the company's shares at a 50% discount from their net asset value. "ETHZ has 102.3k ETH ($420m) and 560m in cash. This adds up to roughly $62 per share in liquid assets on its balance sheet. [The] business earns 10-12m in net profit per quarter from these," he stated.
The stock experienced significant gains in recent trading sessions, rising 24% on Monday after a strong rally the previous Friday. This momentum built on Semenikhin's announcement, which highlighted similarities to his bullish case for Beyond Meat—namely, a misunderstood corporate action that he views positively.
On October 15, 2025, ETHZilla announced a 1-for-10 reverse stock split, a move typically associated with distressed companies to reduce share count and boost price. Semenikhin argues this, like Beyond Meat's debt-reduction efforts via a convertible note exchange, was more bullish than perceived, as it undervalues the firm's assets.
This investment comes amid a 2025 trend where numerous companies have adopted digital asset treasuries to capitalize on the booming crypto market. While Semenikhin remains optimistic about the sector despite volatility, critics note concerns: research estimates retail investors have lost $17 billion chasing similar bitcoin treasury plays this year. He anticipates ETHZilla's next earnings report on November 13, 2025, as a major catalyst, potentially showcasing profits from its ethereum pivot, distinct from its prior biotech operations.