[Form 3] ETHZilla Corp Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

ETHZilla Corp (ETHZ) director Jason New filed a Form 3 reporting initial beneficial ownership as of October 7, 2025. He indirectly holds 56,603 shares of common stock through New Island Capital LLC.

He also reports warrants to purchase 480,787 shares at $27.75 (exercisable 08/04/2025) and warrants to purchase 95,700 shares at $34.45 (exercisable 08/08/2025), both held indirectly via New Island Advisors LLC. The warrants have no expiration date and are subject to a 4.99% beneficial ownership blocker, which may be increased to 19.99% with at least 61 days’ written notice. Holdings are adjusted for the company’s 1‑for‑10 reverse stock split effective October 20, 2025.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

New Jason Griffin

(Last) (First) (Middle)

2875 SOUTH OCEAN BLVD, SUITE 200

(Street)

PALM BEACH FL 33480

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/07/2025

3. Issuer Name and Ticker or Trading Symbol
ETHZilla Corp [ ETHZ ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	56,603	I	By New Island Capital LLC(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants to Purchase Common Stock	08/04/2025(2)	(3)	Common Stock	480,787	$27.75	I	By New Island Advisors LLC(4)
Warrants to Purchase Common Stock	08/08/2025(2)	(3)	Common Stock	95,700	$34.45	I	By New Island Advisors LLC(4)

Explanation of Responses:

1. The Reporting Person is the founder and managing partner of New Island Capital LLC, and therefore deemed to beneficially own the securities held by such entity. Mr. New disclaims beneficial ownership of the securities owned directly by New Island Capital LLC, except to the extent of his pecuniary interest therein and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

2. These warrants are currently exercisable, subject to a blocker provision that prevents New Island Advisors LLC from exercising the warrants if it would be more than a 4.99% beneficial owner of the outstanding shares of the Issuer's common stock following such exercise, which percentage may be increased to up to 19.99% with at least 61 days prior written notice to the Issuer.

3. The warrants have no expiration date.

4. The Reporting Person is the founder and managing partner of New Island Advisors LLC, and therefore deemed to beneficially own the securities held by such entity. Mr. New disclaims beneficial ownership of the securities owned directly by New Island Advisors LLC, except to the extent of his pecuniary interest therein and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

Remarks:

This Form 3 represents the beneficial ownership of the Reporting Person as of October 7, 2025, the date the Reporting Person was appointed as a member of the Board of Directors of the Issuer, as adjusted for the Issuer's 1-for-10 reverse stock split effective October 20, 2025.

	/s/ Jason New	11/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did ETHZ’s Jason New report on Form 3 for ETHZ?

He reported indirect ownership of 56,603 common shares and warrants for 480,787 shares at $27.75 and 95,700 shares at $34.45.

How are Jason New’s shares in ETHZ held?

Common shares are held indirectly by New Island Capital LLC; warrants are held indirectly by New Island Advisors LLC.

What are the key terms of the ETHZ warrants reported?

They are exercisable on 08/04/2025 and 08/08/2025, have no expiration date, and carry exercise prices of $27.75 and $34.45, respectively.

Is there a beneficial ownership cap on exercising the ETHZ warrants?

Yes. A 4.99% blocker applies, which may be increased to 19.99% with at least 61 days’ prior written notice.

Why do some ETHZ share counts appear adjusted?

Holdings reflect ETHZ’s 1‑for‑10 reverse stock split effective October 20, 2025.

What is Jason New’s role at ETHZilla Corp?

He was appointed a Director as of October 7, 2025.