SCHEDULE: Hudson Bay Capital Discloses 9.99% Stake in ETHZilla
Beneficial Ownership Report
Hudson Bay Capital Management LP and Sander Gerber have reported a 9.99% beneficial ownership stake in ETHZilla Corp, primarily through convertible notes.
Summary
- Hudson Bay Capital Management LP and Sander Gerber collectively reported beneficial ownership of 17,775,595 shares of ETHZilla Corp Common Stock.
- This represents 9.99% of the company's outstanding common stock.
- The ownership includes 17,757,765 shares issuable upon conversion of convertible notes.
- A 9.99% beneficial ownership blocker prevents the conversion of notes if it would result in ownership exceeding 9.99% of outstanding shares.
- The percentage is calculated based on 160,176,122 shares outstanding as of September 19, 2025.
- The securities are held by Hudson Bay Master Fund Ltd., Hudson Bay Special Opportunities MF D LP, and Hudson Bay PH XXII LLC.
- The acquisition was made in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
Sentiment
Score: 5
Explanation: Neutral. This is a standard beneficial ownership disclosure, indicating an institutional investor's stake without implying positive or negative sentiment about the company's performance or future prospects.
Future Outlook
NA
Industry Context
NA
Stakeholder Impact
- Indicates significant institutional investor interest in ETHZilla Corp, potentially boosting investor confidence.
- The 9.99% beneficial ownership blocker limits the immediate voting power of Hudson Bay Capital Management LP, but they retain a substantial economic interest.
Key Dates
| Date | Description |
|---|---|
| 09/19/2025 | Date when 160,176,122 shares of common stock were reported outstanding. |
| 09/22/2025 | Date of filing Amendment No. 1 to the Company's Current Report on Form 8-K, which reported outstanding shares. |
| 09/30/2025 | Date of event which requires filing of this statement. |
| 11/12/2025 | Date of signing and filing of this Schedule 13G. |
Keywords
ETHZilla Corp, Hudson Bay Capital Management, Sander Gerber, Beneficial Ownership, Schedule 13G, Convertible Notes, Institutional Investment, Equity Stake, SEC Filing
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