Shares of 180 Life Sciences Corp. (NASDAQ: ATNF) surged 206.59% on Tuesday to close at $10.24, after regulatory filings revealed that billionaire tech investor Peter Thiel had acquired a 7.5% stake in the company. 

The momentum carried into pre-market trading Wednesday, with the stock climbing another 56.05% to $15.98.

According to a Schedule 13G filing with the U.S. Securities and Exchange Commission, Thiel holds 11,592,241 shares in 180 Life Sciences, representing shared voting and dispositive power over the entire stake, with the filing confirming this position amounts to 7.5% of the company’s outstanding shares.

What is 180 Life Sciences?

180 Life Sciences, a clinical-stage biotech focused on inflammatory diseases, also disclosed that it holds 82,186 ETH on its balance sheet, currently valued at approximately $349 million based on Ethereum’s price of $4,600 at the time of publication. 

Ethereum adds a unique dimension to the company’s assets, providing potential liquidity and diversification benefits.

The convergence of high-profile investor backing, significant digital asset holdings, and renewed market interest has catapulted ATNF into the spotlight, with traders closely watching for the next catalyst that could drive further gains.