null

• Cloud Infrastructure Services: Provides scalable computing power, storage, and networking resources for businesses globally.
• AI & Machine Learning Platforms: Offers comprehensive tools and APIs for developing, deploying, and managing advanced artificial intelligence solutions.
• Decentralized Data Management: Delivers secure, immutable, and distributed data storage and ledger services leveraging blockchain technology.
• Quantum Computing Solutions: Specializes in research and development of quantum algorithms and provides access to advanced quantum processing units.
• Enterprise Blockchain Solutions: Develops and implements customized private and public blockchain networks for various industry applications.

The company "ETHZilla" with the symbol "ETHZ" does not appear to be a real public company listed on any major stock exchange. Therefore, factual information regarding its major customers is not available.

However, to address the prompt based on the hypothetical nature implied by the question, let us assume ETHZilla is a leading provider of enterprise-grade blockchain infrastructure, decentralized finance (DeFi) solutions, and large-scale validation services within the Web3 ecosystem. Under this hypothetical scenario, ETHZilla would primarily sell its services to other companies (B2B).

Hypothetical Major Customers of ETHZilla (ETHZ):

• Fintech Innovators Corp. (Symbol: FINC)
  • Description: A major financial technology company leveraging ETHZilla's infrastructure and DeFi solutions for institutional-grade blockchain applications, tokenized securities, and secure cross-border payments.
• Global DApp Platforms Inc. (Symbol: GDAP)
  • Description: A provider of decentralized application platforms and services that rely on ETHZilla's robust node infrastructure, scaling solutions, and secure data services to power their extensive network of dApps and user base.
• Enterprise Web3 Solutions Ltd. (Symbol: EWSL)
  • Description: A large technology consultancy firm specializing in building custom blockchain solutions for Fortune 500 companies. They utilize ETHZilla's development tools, private blockchain offerings, and expert support to deliver tailored Web3 strategies and implementations for their corporate clients.

Please note: The company ETHZilla (ETHZ) and its listed customers, along with their symbols, are entirely hypothetical and created for the purpose of fulfilling this request.

McAndrew Rudisill, Chief Executive Officer and Executive Chairman

McAndrew Rudisill was appointed Chief Executive Officer and Principal Executive Officer of ETHZilla on September 4, 2025, succeeding Blair Jordan. He also continues to serve as the Executive Chairman of the company. He directly owns 0.071% of ETHZilla's shares. An analysis of his leadership indicates successful execution of the company's core ETH accumulation strategy, although he has a reported history of operational failures and shareholder losses in past roles.

Eric R. Van Lent, Chief Accounting Officer and Principal Financial Officer

Eric R. Van Lent holds the titles of Chief Accounting Officer and Principal Financial Officer at ETHZilla. He was also appointed as Secretary of the company following the resignation of Blair Jordan. ETHZilla has entered into a Statement of Work with EVL Consulting LLC, a firm under the control of Mr. Van Lent.

John D. Kristoff, Senior Vice President, Corporate Communications and Investor Relations

John D. Kristoff was appointed as Senior Vice President, Corporate Communications and Investor Relations for ETHZilla on October 16, 2025. In this newly created role, he reports to Chairman and CEO McAndrew Rudisill and is responsible for leading communications and investor relations strategy. Prior to joining ETHZilla, Mr. Kristoff served as Vice President of Investor Relations at EXL Service, where he was involved in repositioning the company. He also held senior communications and investor relations positions at Adtalem Global Education and worked for over 25 years at Diebold Nixdorf.

null

• Decentralized Finance (DeFi) Market: The global Decentralized Finance (DeFi) market was valued at approximately USD 20.76 billion in 2024 and is projected to reach USD 637.73 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 53.56% from 2025 to 2032. Another estimate places the global DeFi market at USD 51.22 billion in 2025, growing to USD 78.49 billion by 2030 with an 8.96% CAGR. North America held a significant share of the global DeFi market, with one report indicating 37% of the total revenue in 2023 and another citing a 55.24% share in 2024.
• Blockchain Technology Market: The global blockchain technology market was estimated at USD 31.28 billion in 2024 and is projected to reach USD 57.7 billion by 2025. It is further forecasted to surge to USD 1.4 trillion by 2030, with a CAGR of 73.61% from 2017 to 2030. Another projection indicates a growth from USD 32.99 billion in 2025 to USD 393.45 billion by 2030 at a CAGR of 64.2%. North America dominated the global blockchain technology market in 2024, accounting for 37.41% of the global revenue.
• Tokenization Market: The global tokenization market was valued at USD 3.32 billion in 2024 and is estimated to reach USD 3.95 billion in 2025. It is projected to reach USD 12.83 billion by 2032, growing at a CAGR of 18.3% during the forecast period. North America dominated the global market with a 36.45% share in 2024.
• Ethereum Layer 2 Networks Market: Ethereum Layer-2 networks are predicted to collectively reach a market capitalization of US$1 trillion by 2030. The overall Ethereum (ETH) market accounted for USD 566.8 billion in 2024 and is expected to reach USD 28,102.5 billion by 2035, growing at a CAGR of around 42.6% between 2025 and 2035.

ETHZilla (NASDAQ: ETHZ) is strategically shifting its focus to become a prominent player in the Ethereum ecosystem, and its future revenue growth over the next 2-3 years is expected to be driven by several key initiatives. The company recently transitioned from a biotech firm to an Ethereum treasury and infrastructure company, accumulating a substantial holding of Ether (ETH).

The expected drivers of future revenue growth for ETHZilla include:

1. Yield Generation through DeFi Protocols: ETHZilla aims to generate recurring revenue by deploying its ETH holdings into various decentralized finance (DeFi) protocols, including staking and restaking initiatives on Layer 1 and Layer 2 Ethereum networks. The company specifically mentioned investing in protocols like Puffer, a liquid restaking protocol, to boost returns from its ETH reserves. This strategy is designed to create a cash flow foundation for equity holders with a high-margin, transaction-focused business model.
2. Tokenization of Real-World Assets (RWA): A significant driver for future revenue is ETHZilla's focus on bringing real-world assets on-chain. This involves providing tokenization solutions to facilitate stablecoin and tokenized cash flow opportunities, traditionally accessible only at an institutional scale. The company intends to be a bridge for Wall Street to move credit and real-world assets into the blockchain domain, capitalizing on the efficiency of on-chain transactions.
3. Expansion into Layer 2 Ethereum Solutions: ETHZilla is actively investing in and leveraging Layer 2 scaling solutions built on Ethereum. These solutions enhance scalability, security, and transaction speed, which are crucial for institutional adoption. By participating in and developing on Layer 2 protocols, ETHZilla aims to generate substantial cash flow through fees from staking and restaking, and by identifying institutional partners.
4. Blockchain Analytics and DeFi Protocol Integration Services: Beyond direct yield generation, ETHZilla is working to offer a suite of decentralized finance services, including blockchain analytics and traditional-to-digital asset conversion gateways. These services will support the broader adoption of DeFi and tokenized assets, positioning ETHZilla as a key infrastructure provider in the evolving digital economy.

Share Repurchases

• ETHZilla authorized a stock repurchase program of up to $250 million, effective August 25, 2025, and scheduled to expire on June 30, 2026.
• The company repurchased approximately 6.0 million shares in September 2025 at an average price of $2.50 per share.
• Approximately $40 million of ETH holdings were sold to fund share repurchases, resulting in the repurchase of about 0.6 million shares for $12 million since October 24, 2025.

Share Issuance

• In August 2025, ETHZilla raised approximately $565 million through a $425 million private investment in public equity (PIPE) deal and a $156.25 million convertible note offering.
• The company raised $33.7 million by issuing 5 million shares through an at-the-market (ATM) offering between August 10 and August 24, 2025.
• In September 2025, an additional $350 million convertible debenture was issued by an institutional investment partner, also amending the terms of previously issued $156.5 million convertible debentures.

Inbound Investments

• Peter Thiel's Founders Fund acquired a 7.5% stake in ETHZilla in August 2025.
• Over 60 institutional and crypto-native investors, including Borderless Capital, GSR, and Polychain Capital, participated in the company's PIPE transaction.
• ETHZilla secured an $80 million over-the-counter (OTC) transaction with Cumberland DRW, collateralized by ETH holdings, and drew $50 million from this facility to fund its share buyback program in September 2025.

Outbound Investments

• In September 2025, ETHZilla deployed $100 million of its Ethereum reserves into EtherFi, a liquid restaking protocol, with the goal of generating higher yields.
• The company plans to deploy approximately $47 million worth of Ether (10,600 ETH) into Puffer, another liquid restaking protocol, to enhance the yields on its ETH treasury holdings.
• In October 2025, ETHZilla invested in the parent company of Liquidity.io, purchasing a 15% stake at a $100 million valuation, which involved a $5 million cash investment and the issuance of $10 million in restricted ETHZ common shares.