Key Highlights
- Shares of ETHZilla (ETHZ) advanced 13% to reach $3.91 following the Forum Markets rebrand announcement
- New ticker symbol “FRMM” scheduled to take effect Monday, subject to Nasdaq authorization
- Strategic pivot away from cryptocurrency treasury holdings toward real-world asset (RWA) tokenization
- Company maintains 69,802 ETH valued at approximately $145 million, having liquidated over $114 million in ETH since October
- Latest RWA initiatives encompass $4.7M home loan portfolio and tokenization of two aircraft engines
Shares of ETHZilla experienced a sharp 13% rally on Wednesday following the company’s announcement of its corporate rebranding to Forum Markets, marking a definitive departure from its Ethereum-focused treasury approach.
The equity concluded Wednesday’s session at $3.91, representing its strongest closing price in approximately one month, with after-hours trading showing minimal movement.
Moving forward, the enterprise will operate under the Forum brand identity. The stock ticker is scheduled to transition from ETHZ to “FRMM” when markets open Monday morning, contingent upon receiving Nasdaq approval.
According to CEO and chairman McAndrew Rudisill, the rebranding signifies the company’s conviction that future financial infrastructure will center on institutional-quality, blockchain-based instruments supported by tangible assets.
This marks ETHZilla’s second identity transformation in less than a year. The enterprise originally operated as biotechnology company 180 Life Sciences before rebranding to ETHZilla and acquiring Ethereum holdings in July 2025.
That cryptocurrency treasury strategy temporarily propelled shares above $107 in August 2025, partially fueled by investment backing from Peter Thiel and his Founders Fund. At that time, Ethereum was trading near $4,950.
The subsequent months have brought significant challenges. ETH has declined more than 50% from those peak levels, while ETHZ stock has fallen over 20% year-to-date.
Thiel’s Founders Fund has completely divested its stake, based on recent SEC disclosure documents.
Liquidating ETH Holdings to Support Transformation
ETHZilla has been systematically decreasing its Ethereum position to finance its operational pivot. The company liquidated approximately $40 million in ETH during October as part of a broader $250 million share buyback initiative.
In December, an additional 24,291 ETH changed hands — valued at roughly $74.5 million at execution — to eliminate senior secured convertible notes from the balance sheet.
The firm continues to hold 69,802 ETH, currently valued near $145 million at prevailing market rates, positioning it among the largest corporate Ethereum holders globally.
Company leadership has emphasized that future success metrics will center on revenue generation and cash flow from its RWA infrastructure rather than cryptocurrency-oriented measurements such as net asset value multiples.
Embracing the Real-World Asset Sector
Earlier this month, ETHZilla completed the acquisition of a $4.7 million collection of 95 manufactured and modular home loans, which will undergo tokenization on an Ethereum Layer 2 blockchain network. The projected annualized return exceeds 10%.
The organization has additionally acquired two CFM56-7B24 aircraft engines currently under lease to a prominent US airline carrier. These assets are undergoing tokenization via Liquidity.io, a Securities and Exchange Commission-regulated alternative trading platform.
The aviation-backed token instrument, branded as Eurus Aero Token I, commenced trading earlier this month.
Ethereum itself posted approximately 12% gains on Wednesday, surpassing the $2,000 threshold to trade around $2,058 at press time.
ETHZilla secured $565 million in capital during 2025 to establish its ETH treasury position, with initial backing from notable cryptocurrency investors including Thiel. The company’s present Ethereum reserves are valued at $145 million.
