Entities linked to Peter Thiel and the Founders Fund have utterly withdrawn from ETHZilla, a publicly traded Ethereum treasury that was as soon as marketed as a proxy guess for company ETH accumulation. In accordance with a Schedule 13G/A filed on Tuesday, the reporting group ended 2025 with no widespread 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 share… 0.0%. Class possession lower than 5%.” The place will probably be reported as of December 31, 2025, which suggests the exit will probably be full by the tip of the 12 months.
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 useful 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 rely has been adjusted accordingly.
ETHZilla’s story is vital as a result of it tried to rework 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, at the very least for a second.
Lately, ETHZilla is signaling a shift from pure ETH monetary id to tokenized real-world belongings, together with aviation. In an 8-Ok associated to the Feb. 12 press launch, the corporate mentioned 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 “by way of 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 among the submit’s claims transcend the SEC submitting. The @treebook78 account known 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 effectively.”
“In 2022, he put up a diamond hand on social media telling folks to carry their Bitcoin ceaselessly, however then quietly offered every thing, avoiding the Luna collapse and the FTX collapse,” @treebook78 wrote.
At press time, Ethereum was buying and selling at $1,984.
Featured picture created with DALL.E, chart from TradingView.com
