PANews reported on October 28th that Ethereum finance company ETHZilla (ticker: ETHZ) has sold approximately $40 million worth of its ETH holdings to fund share repurchases. ETHZilla's board of directors authorized a share repurchase program of up to $250 million in August. Since the sale of ETH on October 24th, ETHZilla has spent approximately $12 million to repurchase approximately 600,000 shares of common stock. The company stated in a press release on Monday: "ETHZilla plans to use the remaining proceeds from the sale of ETH for additional share repurchases and intends to continue selling ETH to repurchase shares until the discount to its net asset value (NAV) normalizes." Chairman McAndrew Rudisill stated that the company will continue to repurchase shares when ETHZ's "share price is trading at a significant discount to its net asset value," a move that both reduces the number of common shares outstanding and increases its NAV valuation. Monday's announcement indicated that the company still holds approximately $400 million worth of ETH on its balance sheet.