ETHZilla Unveils Eurus Aero Token I Tied to US Airline Jet Engine Leases
- ETHZilla has launched Eurus Aero Token I, a new token giving holders exposure to leased aircraft engines whose ownership has been tokenized on Ethereum.
- Priced at $100, the token is only available to accredited investors, with a minimum investment of $1000.
ETHZilla, the publicly listed Ethereum treasury company, has launched Eurus Aero Token I, a new token that gives investors ownership rights to its two leased commercial jet engines.
ETHZilla revealed that the new token will be priced at $100, and the mininum ownership is 10 tokens ($1,000). It’s currently only available to accredited investors, who, in the US, must have assets worth at least $1 million.
ETHZilla was formerly known as 180 Life Sciences Corp and was a biotech company. After its stock dipped 99.9%, it raised $425 milion last year to purchase ETH for its treasury, joining a growing list of companies turning to crypto to save their dwindling fortunes. When the ETH price soared in October, the company cashed out $40 million from its treasury to buy back some of its shares to prop up their value, as we reported.
Then, three weeks ago, the company bought two jet engines worth over $12 million through a newly-created subsidiary in an effort to divest from being a purely ETH treasury company. CEO McAndrew Rudisill said at the time that it was the first step towards exploring how it can capitalize on the tokenization of real-world assets.
ETHZilla is now selling tokenized shares to these jet engines, and it’s targeting an 11% annual return from their lease by a ‘leading US carrier.’
ETHZilla: From a Collapsed Biotech to Tokenizing RWAs
The new Eurus Aero Token I will be available exclusively on Liquidity.io, a regulated platform for trading digital assets and tokenized RWAs. It’s operated by ARQ Securities, an American broker dealer regulated by the SEC.
The token will give its holders direct exposure to the two CFM56 engines. ETHZilla says that this opens up a sector that has previously been preserved for high-net-worth individuals and institutional investors. With the tokens issued on Ethereum Layer 2s, investors can independently verify the other token holders and any automated distributions.
Rudisill commented:
ETHZilla joins dozens of other companies that have transformed into crypto treasuries after their original businesses proved unprofitable. The most famous is Strategy, formerly Microstrategy, whose main business line is business software. However, under the stewardship of the controversial Michael Saylor, it now holds 714,000 BTC, worth over $48 billion. For context, that’s more valuable than the company’s entire market cap of $40 billion.
At an average cost of $76,000 per BTC, Strategy is sitting on over 10% losses as Bitcoin currently trades at $68,200, gaining slightly over the past day. Still, Strategy continues to be bullish, with Saylor recently unveiling the company’s plan to protect BTC against quantum attacks, as CNF reported.
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