ETHZilla Corp — Director's Dealing 2025

Aug 18, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ETHZilla Corp (ETHZ)
CIK: 0001690080
Period of Report: 2025-07-27-05:00

Reporting Person: ELRAY RESOURCES, INC. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-27-05:00	Common Stock	X	3000000	$1.68	Acquired	4318000	Direct
2025-07-27-05:00	Common Stock	S	1680000	$3.00	Disposed	2638000	Direct
2025-08-07-05:00	Common Stock	S	135257	$3.56	Disposed	2502743	Direct
2025-08-08-05:00	Common Stock	S	777595	$3.18	Disposed	1725148	Direct
2025-08-11-05:00	Common Stock	S	405148	$3.17	Disposed	1320000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-27-05:00	Common Stock Purchase Warrants	$1.68	X	3000000	Disposed	2031-09-30-05:00	Common Stock (3000000)	Direct

Footnotes

F1: On July 27, 2025, Elray Resources, Inc. exercised Common Stock Purchase Warrants to purchase 3,000,000 shares of the Issuer's common stock at an exercise price of $1.68 per share. Elray Resources, Inc. paid the exercise price on a cashless basis, resulting in the Issuer withholding of 1,680,000 of the warrant shares to pay the exercise price and issuing to the reporting person the remaining 1,320,000 shares.

F2: Includes 1,318,000 shares of Common Stock that are expected to be repurchased by the Issuer following the date of this Form 4 pursuant to the terms of that certain Settlement and Release Agreement dated and effective April 23, 2024, by and between the Issuer, Elray Resources, Inc. and Luxor Capital, LLC, as previously disclosed.

F3: This transaction was executed in multiple trades at prices ranging from $3.83 to $3.40, inclusive. The price reported above reflects the weighted average sales price. The Reporting Person hereby undertakes to provide upon request to the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.

F4: This transaction was executed in multiple trades at prices ranging from $4.84 to $3.00, inclusive. The price reported above reflects the weighted average sales price. The Reporting Person hereby undertakes to provide upon request to the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.

F5: This transaction was executed in multiple trades at prices ranging from $3.37 to $3.00, inclusive. The price reported above reflects the weighted average sales price. The Reporting Person hereby undertakes to provide upon request to the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.