ELRAY RESOURCES, INC. - 27 Jul 2025 Form 4 Insider Report for ETHZilla Corp (ATNF)

Reporting relationship: Former 10% Owner
Issuer ticker: ATNF
Reported as of: 27 Jul 2025
Net transaction value: -$4,238,586
SEC form: 4
Accepted by SEC: 18 Aug 2025, 17:27:22 UTC
Prior SEC filing: 11 Apr 2025
Source filing: View source filing
Reporting owner signature: Elray Resources, Inc., by /s/ Anthony Brian Goodman, CEO

Key filing fact

ELRAY RESOURCES, INC. filed Form 4 for ETHZilla Corp (ATNF) on 18 Aug 2025.

Key facts

This page summarizes ELRAY RESOURCES, INC.'s Form 4 filing for ETHZilla Corp (ATNF).
6 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 18 Aug 2025, 17:27.

Change

Previous filing in this sequence was filed on 11 Apr 2025.
Current net transaction value: -$4,238,586.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001402371 Primary reporting owner

ELRAY RESOURCES, INC.

Relationship: Former 10% Owner
Address: 3651 LINDELL ROAD, SUITE D131, LAS VEGAS
Signature: Elray Resources, Inc., by /s/ Anthony Brian Goodman, CEO
Signature date: 18 Aug 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

ETHZ transaction

Common Stock

Exercise of in-the-money or at-the-money derivative security

Transaction value: $5,040,000
Shares: +3,000,000
Change %: +228%
Price: $1.68
Shares after: 4,318,000
Date: 27 Jul 2025
Ownership: Direct
Footnotes: F2

ETHZ transaction

Common Stock

Sale

Transaction value: $5,040,000
Shares: -1,680,000
Change %: -39%
Price: $3.00
Shares after: 2,638,000
Date: 27 Jul 2025
Ownership: Direct
Footnotes: F1, F2

ETHZ transaction

Common Stock

Sale

Transaction value: $481,515
Shares: -135,257
Change %: -5.1%
Price: $3.56
Shares after: 2,502,743
Date: 07 Aug 2025
Ownership: Direct
Footnotes: F2, F3

ETHZ transaction

Common Stock

Sale

Transaction value: $2,472,752
Shares: -777,595
Change %: -31%
Price: $3.18
Shares after: 1,725,148
Date: 08 Aug 2025
Ownership: Direct
Footnotes: F2, F4

ETHZ transaction

Common Stock

Sale

Transaction value: $1,284,319
Shares: -405,148
Change %: -23%
Price: $3.17
Shares after: 1,320,000
Date: 11 Aug 2025
Ownership: Direct
Footnotes: F2, F5

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

ETHZ transaction Derivative

Common Stock Purchase Warrants

Exercise of in-the-money or at-the-money derivative security

Transaction value: $0
Shares: -3,000,000
Change %: -100%
Price: $0.000000
Shares after: 0
Date: 27 Jul 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 3,000,000
Exercise price: $1.68
Footnotes: F1

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

ELRAY RESOURCES, INC. is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 5 footnotes

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.