Schedule 13G: Citadel Entities Disclose 5.3% Combined ETHZ Stake

Rhea-AI Filing Summary

Citadel-linked entities disclosed shared beneficial ownership of ETHZilla Corporation common stock totaling 5,643,440 shares, representing 3.5% of the outstanding class, as of the opening of trading on September 25, 2025. The Schedule 13G is jointly filed by Citadel Securities GP LLC, Citadel Securities LLC, Citadel Securities Group LP, Citadel Advisors LLC, Citadel Advisors Holdings LP, Citadel GP LLC, and Kenneth Griffin. Citadel Advisors-related entities report beneficial ownership of 2,774,758 shares (1.7%).

Mr. Kenneth Griffin is reported with shared beneficial ownership of 8,418,198 shares, equal to 5.3% of the class. The filing states the share count is based on 160,176,168 Shares outstanding, which includes 46 Shares issuable on conversion of certain warrants held by affiliates. Signatures are dated September 25, 2025.

Positive

• Transparent disclosure of aggregated beneficial ownership by multiple Citadel entities and Kenneth Griffin, including exact share counts and percentages.
• Certification of passive intent states the holdings were not acquired to influence control, which clarifies the nature of the positions for investors.

Negative

• None.

Insights

Securities Analyst

TL;DR: Citadel entities and Kenneth Griffin disclosed passive, shared holdings in ETHZilla totaling up to 5.3% for Griffin; filing signals institutional stake monitoring.

The Schedule 13G reports shared voting and dispositive power rather than sole control, and contains explicit percentages tied to a 160,176,168 share base. The largest reported shared stake among the corporate filers is 5,643,440 shares (3.5%), while the advisory/affiliate path shows 2,774,758 shares (1.7%). Mr. Griffin's aggregated shared position of 8,418,198 shares (5.3%) crosses the 5% threshold that typically requires public disclosure, explaining this filing. The certification clarifies the holdings are not intended to influence control of the issuer. For investors, this provides transparent ownership disclosure without indication of an active control campaign.

Corporate Governance Expert

TL;DR: Filing documents joint reporting structure and clarifies relationships among Citadel entities and Kenneth Griffin; no governance change implied.

The Schedule delineates organizational roles: Citadel Advisors as portfolio manager for the Cayman fund, CALC4 as non-member manager of Citadel Securities, and CSGP/CGP as general partners, with Mr. Griffin holding controlling interests in GP entities. All reporting persons state shared voting and dispositive powers, and the certifications assert passive intent. The filing includes a joint filing agreement (Exhibit 99.1) and power-of-attorney reference for signatures, evidencing coordinated compliance rather than operational governance shifts at ETHZilla.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ETHZilla Corporation

(Name of Issuer)

Common Stock, par value $0.0001 per share (the "Shares")

(Title of Class of Securities)

68236V302

(CUSIP Number)

09/18/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 68236V302

1

Names of Reporting Persons

Citadel Securities GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,643,440.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,643,440.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,643,440.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.5 %

12

Type of Reporting Person (See Instructions)

HC, OO

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 160,176,168 Shares outstanding comprised of (i) 160,176,122 Shares outstanding as of September 19, 2025 (according to the issuer's Form 8-K/A as filed with the Securities and Exchange Commission on September 25, 2025), and (ii) 46 Shares issuable upon conversion of certain warrants held by affiliates of the reporting persons. Except as described in the preceding sentence, all Shares for the holdings of the reporting persons reported in this Schedule 13G are as of the opening of the market on September 25, 2025.

SCHEDULE 13G

CUSIP No. 68236V302

1

Names of Reporting Persons

Citadel Securities LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,643,440.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,643,440.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,643,440.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.5 %

12

Type of Reporting Person (See Instructions)

BD, OO

SCHEDULE 13G

CUSIP No. 68236V302

1

Names of Reporting Persons

Citadel Securities Group LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,643,440.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,643,440.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,643,440.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.5 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 68236V302

1

Names of Reporting Persons

Citadel Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,774,758.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,774,758.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,774,758.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.7 %

12

Type of Reporting Person (See Instructions)

IA, HC, OO

SCHEDULE 13G

CUSIP No. 68236V302

1

Names of Reporting Persons

Citadel Advisors Holdings LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,774,758.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,774,758.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,774,758.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.7 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 68236V302

1

Names of Reporting Persons

Citadel GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,774,758.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,774,758.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,774,758.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.7 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 68236V302

1

Names of Reporting Persons

Kenneth Griffin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,418,198.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,418,198.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,418,198.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ETHZilla Corporation
(b)	Address of issuer's principal executive offices: 2875 South Ocean Blvd, Suite 200, Palm Beach, FL, 33480
Item 2.
(a)	Name of person filing: This Schedule 13G is being jointly filed by Citadel Securities GP LLC ("CSGP"), Citadel Securities LLC ("Citadel Securities"), Citadel Securities Group LP ("CALC4"), Citadel Advisors LLC ("Citadel Advisors"), Citadel Advisors Holdings LP ("CAH"), Citadel GP LLC ("CGP"), and Mr. Kenneth Griffin (collectively with CSGP, Citadel Securities, CALC4, Citadel Advisors, CAH, and CGP, the "Reporting Persons") with respect to the Shares of the above-named issuer owned by Citadel Securities and Citadel Multi-Strategy Equities Master Fund Ltd., a Cayman Islands company ("CM"). Such owned Shares may include other instruments exercisable for or convertible into Shares. CALC4 is the non-member manager of Citadel Securities. CSGP is the general partner of CALC4. Citadel Advisors is the portfolio manager for CM. CAH is the sole member of Citadel Advisors. CGP is the general partner of CAH. Mr. Griffin is the President and Chief Executive Officer of CGP, and owns a controlling interest in CGP and CSGP. The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).
(b)	Address or principal business office or, if none, residence: The address of each Reporting Persons is 830 Brickell Plaza, Miami, Florida 33131.
(c)	Citizenship: Each of CSGP, Citadel Securities, Citadel Advisors, and CGP is organized as a limited liability company under the laws of the State of Delaware. Each of CALC4 and CAH is organized as a limited partnership under the laws of the State of Delaware. Mr. Griffin is a U.S. citizen.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share (the "Shares")
(e)	CUSIP No.: 68236V302
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1. Citadel Securities LLC may be deemed to beneficially own 5,643,440 Shares. 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 5,643,440 Shares. 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 2,774,758 Shares 4. Mr. Griffin may be deemed to beneficially own 8,418,198 Shares.
(b)	Percent of class: 1. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 3.5% of the Shares outstanding. 2. The number of Shares that each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own constitutes 3.5% of the Shares outstanding. 3. The number of Shares that each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own constitutes 1.7% of the Shares outstanding. 4. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 5.3% of the Shares outstanding.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1. Citadel Securities LLC: 0 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 4. Mr. Griffin: 0
	(ii) Shared power to vote or to direct the vote: 1. Citadel Securities LLC: 5,643,440 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 5,643,440 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 2,774,758 4. Mr. Griffin: 8,418,198
	(iii) Sole power to dispose or to direct the disposition of: 1. Citadel Securities LLC: 0 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 4. Mr. Griffin: 0
	(iv) Shared power to dispose or to direct the disposition of: 1. Citadel Securities LLC: 5,643,440 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 5,643,440 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 2,774,758 4. Mr. Griffin: 8,418,198
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Citadel Securities GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	09/25/2025

Citadel Securities LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	09/25/2025

Citadel Securities Group LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	09/25/2025

Citadel Advisors LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	09/25/2025

Citadel Advisors Holdings LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	09/25/2025

Citadel GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	09/25/2025

Kenneth Griffin

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, attorney-in-fact*
Date:	09/25/2025

Comments accompanying signature: * Seth Levy is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Advisors LLC on Schedule 13G for Allakos Inc. on October 13, 2023.

Exhibit Information

Exhibit 99.1 - Joint Filing Agreement

FAQ

How many ETHZ shares do Citadel entities report owning?

The filing reports Citadel Securities-related entities beneficially own 5,643,440 shares (3.5% of the class).

What percentage of ETHZ does Kenneth Griffin report beneficially owning?

Kenneth Griffin is reported with shared beneficial ownership of 8,418,198 shares, equal to 5.3% of the outstanding shares.

What share count is the percentage based on in the Schedule 13G for ETHZ?

Percentages are based on 160,176,168 shares outstanding, which includes 46 shares issuable upon conversion of certain warrants held by affiliates.

When were the signatures on the Schedule 13G dated?

All signatures on the filing are dated September 25, 2025.

Does the filing indicate an intention to influence control of ETHZ?

No; the certification states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.