SCHEDULE: Hudson Bay Capital Discloses 1.84% Stake in ETHZilla Corp

Hudson Bay Capital Management LP and Sander Gerber have disclosed a 1.84% beneficial ownership stake in ETHZilla Corp, primarily through call options.

Summary

• Hudson Bay Capital Management LP and Sander Gerber are the reporting persons for this Schedule 13G filing.
• The reporting persons beneficially own 350,000 shares of ETHZilla Corp's Common Stock.
• This ownership represents 1.84% of the total outstanding Common Stock of ETHZilla Corp.
• The shares are issuable upon the exercise of call options held by Hudson Bay Special Opportunities Master Fund A LP and Hudson Bay Master Fund Ltd.
• The percentage is calculated based on 19,012,231 shares of Common Stock outstanding as of December 30, 2025.
• The filing indicates that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as moderately positive. The disclosure of a stake by a reputable institutional investor like Hudson Bay Capital Management, particularly through call options, suggests a bullish sentiment towards ETHZilla Corp's stock price.

Positives

• The disclosure of a position by a sophisticated institutional investor like Hudson Bay Capital Management LP may signal confidence in ETHZilla Corp's future prospects.
• The ownership through call options suggests a bullish outlook on the stock's potential price appreciation.

Future Outlook

This filing does not contain forward-looking statements or guidance from ETHZilla Corp; it is a disclosure of beneficial ownership by an institutional investor.

Industry Context

StockSavvy.ai notes that institutional filings like this Schedule 13G provide transparency into significant investor positions. The involvement of a hedge fund like Hudson Bay Capital Management, known for its event-driven and relative value strategies, can sometimes be interpreted by the market as a positive signal, especially when the position is established via call options, indicating a directional view on the underlying asset.

Comparison to Industry Standards

• A 1.84% stake is below the 5% threshold that typically triggers more detailed Schedule 13D filings, which often imply an intent to influence management or control. This 13G filing indicates a passive investment intent.
• Compared to other institutional holdings, a 1.84% stake is a moderate position, suggesting a strategic investment rather than a controlling interest.

Stakeholder Impact

• Shareholders: May view the institutional investment as a positive signal, potentially leading to increased investor confidence and demand for the stock.
• Company Management: Awareness of a significant institutional holder may influence strategic decisions, though the filing indicates a passive investment intent.

Key Dates

Keywords

ETHZilla Corp, Hudson Bay Capital Management, Sander Gerber, Schedule 13G, Beneficial Ownership, Common Stock, Call Options, Institutional Investor, Equity Stake