180 Life Sciences Stock Slides After-Hours As Ethereum’s Decline Triggers Massive Sell-Off – 180 Life Sciences (NASDAQ:ATNF)

180 Life Sciences Corp. ATNF shares slid 1.45% in after-hours trading on Thursday, coinciding with the decline of the company’s primary reserve asset, Ethereum ETH/USD.

ATNF shares are sliding. Get the market research here.

ETH’s Decline Drags Down ATNF Stock

Ethereum sank below $4,500, reversing sharply its gains from Wednesday. The correction triggered a 28% decline in the biotechnology company’s stock during the regular trading session.

The stock has been on a tear lately, surging as much as 116% in a week and 755% in a month, aligning with ETH’s rise in this period. The second-largest cryptocurrency has gained nearly 50% in a month.

The company revealed earlier this week that it holds 82,186 ETH, valued at over $381 million, following the launch of its Ethereum-focused treasury strategy last month. The firm plans to officially rebrand as ETHZilla Corporation,

180 Life Sciences completed a $156 million private offering of convertible notes earlier this week, the proceeds of which will be used to buy more ETH.

The company has grabbed the attention of high-profile investors along the way. Billionaire venture capitalist Peter Thiel, through various Founders Fund entities, holds a 7.5% stake totaling 11.59 million shares in the firm.

See Also: Bitcoin Tanks On Hot PPI Inflation; Ethereum, Dogecoin, XRP Follow: Analyst Charts Course For BTC’s Likely Moves

Price Action: At the time of writing, ETH was trading at $4,638.80, down 3% in the last 24 hours, according to data from Benzinga Pro.  

Shares of 180 Life Sciences sank 28.88% lower at $7.610  during Thursday’s regular trading. Over the last month, the stock has exploded 271%.

As of this writing, the stock exhibited a very high Momentum score. Visit Benzinga Edge Stock Rankings to check how it compares with other ETH-focused companies, such as BitMine Immersion Technologies, Inc. BMNR