Transformation Index: ETHZilla goes beyond Ethereum with investments in real assets

ETHZilla, a company specializing in managing Ethereum cryptocurrency reserves, is moving in a completely new direction. In a time when cryptocurrency indices show volatility and treasury stocks are losing value, ETHZilla demonstrates a radical shift: instead of solely accumulating tokens, the company is beginning to invest in physical assets with predictable cash flows.

Jet engines as a strategic asset: $12.2 million for a new path

According to SEC regulatory documents filed by the company, ETHZilla recently acquired two CFM56-7B24 jet engines costing $12.2 million through a new subsidiary, ETHZilla Aerospace LLC. Sounds exotic for a crypto company, but this deal is not just speculation. The engines have already been leased to a major airline, generating stable monthly income. Aero Engine Solutions handles maintenance, allowing ETHZilla to earn passive income without operational costs.

The deal structure includes a purchase option: at the end of the lease period, either party can demand the sale of the engines at a price of $3 million each. This is a typical scheme in the aerospace industry, where companies like AerCap, Willis Lease Finance Corporation, and SMBC Aero Engine Lease are already earning billions from leasing such equipment.

Cryptocurrency treasuries under pressure: why investor trust index is falling

In recent months, public companies holding cryptocurrency reserves have faced serious pressure. Their stocks have fallen significantly below net asset value (NAV)—the cryptocurrencies they hold on their balance sheets. This discount index to NAV has sharply limited their ability to raise new capital.

ETHZilla itself sold $40 million worth of Ethereum in October 2025 for share buybacks, then sold another $74.5 million in December to pay down debt. The company’s stock has plummeted about 97% since its August peak. These metrics reveal the depth of the trust crisis in the traditional crypto treasury model.

Tokenization of real assets: how ETHZilla is building a new pipeline

Instead of fighting cryptocurrency market volatility, ETHZilla has chosen a different path. In a letter to shareholders in December, the company announced a partnership with Liquidity.io—a regulated broker-dealer and Alternative Trading System (ATS) registered with the SEC. The ambitious goal: tokenize various asset classes and bring them onto the blockchain.

The company has already taken initial steps. ETHZilla acquired a 15% stake in Zippy, which specializes in loans for mobile homes, with plans to tokenize these loans as compliant assets. Simultaneously, it invested in Karus—a car loan platform—to bring auto loans onto the blockchain. The purchase of jet engines fits into this logic: they generate stable rental income, have global demand, and potential for tokenization.

“We are creating a scalable pipeline for tokenizing various asset classes with predictable cash flows and global investor demand,” the company stated.

Growing demand: the aircraft engine market and opportunities for RWA

The demand index for spare aircraft engines is increasing. According to IATA, airlines will need to spend around $2.6 billion on additional spare engines in 2025. TechSci Research analysts forecast that the global aircraft engine leasing market will grow from $11.17 billion in 2025 to $15.56 billion in 2031, with a CAGR of 5.68%.

This dynamic aligns perfectly with ETHZilla’s vision. Real assets with such clear economics—scarce aircraft engines, mortgages, auto loans—could become the foundation for a new generation of digital finance. ETHZilla plans to place its first tokenized assets in the first quarter of 2026.

Thus, investing in jet engines is not an eccentric turn, but a logical element of the strategy to rebuild the crypto treasury into a platform for managing real assets. ETHZilla demonstrates that the popularity index of RWA (real-world assets) on the blockchain is growing—and the company is rushing to occupy a place in this emerging market.