Key Highlights
- Shares of ETHZilla (ETHZ) gained 13% to reach $3.91 following the Forum Markets rebrand announcement
- New ticker symbol “FRMM” expected to go live Monday, awaiting final Nasdaq clearance
- Strategic pivot abandons pure crypto treasury approach in favor of real-world asset tokenization
- Company maintains 69,802 ETH position valued at roughly $145 million, after liquidating over $114 million since October
- Current RWA initiatives feature $4.7M home loan portfolio and tokenized aircraft engine assets
Shares of ETHZilla experienced a significant 13% surge Wednesday following the company’s announcement of a corporate rebrand to Forum Markets, marking its departure from a pure Ethereum treasury model.
The equity closed Wednesday’s session at $3.91, representing the highest price point seen in approximately four weeks, with minimal movement in extended trading hours.
Moving forward, the organization will operate under the Forum brand identity. Simultaneously, the trading symbol will transition from ETHZ to “FRMM” when markets open Monday morning, contingent upon final regulatory approval from Nasdaq.
According to CEO and chairman McAndrew Rudisill, this transformation signals the company’s conviction that future financial infrastructure will center on institutional-quality, blockchain-based products supported by tangible assets.
This marks the second major identity transformation for the company in less than one year. Originally operating as biotechnology enterprise 180 Life Sciences, the firm adopted the ETHZilla branding and began accumulating Ethereum holdings in July 2025.
The initial cryptocurrency treasury strategy temporarily propelled shares beyond $107 in August 2025, bolstered partially by investment support from Peter Thiel and his Founders Fund venture capital firm. At that juncture, Ethereum was trading near the $4,950 mark.
Subsequent developments have been challenging. ETH values have plummeted more than 50% from peak levels, while ETHZ shares have declined over 20% during the current calendar year.
Founders Fund, backed by Thiel, has completely divested its stake, based on recent Securities and Exchange Commission documentation.
Liquidating ETH Holdings to Finance Strategic Shift
ETHZilla has been systematically reducing its Ethereum position to finance this operational transformation. During October, the firm liquidated approximately $40 million in ETH as component of a broader $250 million share buyback initiative.
In December, an additional 24,291 ETH tokens were sold — generating roughly $74.5 million at prevailing market rates — to eliminate senior secured convertible debt obligations.
The organization continues holding 69,802 ETH, currently valued at approximately $145 million, positioning it among the most substantial corporate Ethereum stakeholders.
Company leadership has emphasized that future success metrics will center on revenue generation and cash flow from its real-world asset platform, rather than cryptocurrency-centric measurements such as net asset value premiums.
Embracing Real-World Asset Tokenization
Earlier this month, ETHZilla completed acquisition of a $4.7 million collection comprising 95 manufactured and modular residential mortgages, scheduled for tokenization on an Ethereum Layer 2 blockchain network. The projected annual return exceeds 10%.
Additionally, the company has procured two CFM56-7B24 aircraft engines currently under lease to a prominent United States airline carrier. These aviation assets are undergoing tokenization via Liquidity.io, an SEC-registered alternative trading platform.
The aviation-focused token offering, designated Eurus Aero Token I, commenced trading earlier this month.
Ethereum itself experienced approximately 12% appreciation Wednesday, recovering above 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, receiving initial backing from notable cryptocurrency investors including Thiel. The company’s present ETH holdings total $145 million.
