The Beyond Meat meme investor's next target is a biotech firm that's pivoted to crypto

Core Viewpoint - The recent surge in Beyond Meat stock has drawn attention to ETHZilla Corporation, a digital asset treasury previously known as 180 Life Sciences, as a new investment opportunity for retail investors like Dimitri Semenikhin [1][2]. Company Overview - ETHZilla Corporation has transitioned from a biotech firm to a digital asset treasury, aligning with a broader trend among companies pivoting to digital assets to enhance share price growth in a booming crypto market [2]. - The company holds 102.3k ETH valued at approximately $420 million and has $560 million in cash, equating to roughly $62 per share in liquid assets [7]. Investment Thesis - Semenikhin's investment thesis for ETHZilla mirrors his rationale for investing in Beyond Meat, focusing on perceived undervaluation due to misunderstood corporate actions [2][7]. - The company recently announced a 1-for-10 reverse stock split, which typically signals distress but is viewed by Semenikhin as a potentially bullish development [5][6]. Market Context - The digital asset treasury trend has raised concerns among some investors, with estimates indicating that retail investors have lost $17 billion in 2025 chasing the bitcoin treasury trend [3]. - Despite the volatility in the crypto market, Semenikhin remains optimistic about the sector, arguing that such volatility enhances the attractiveness of crypto treasuries [3].