TLDR
- ETHZilla (ETHZ) stock saw a 13% increase, reaching $3.91, following its rebranding to Forum Markets.
- The company’s ticker is set to change to “FRMM” on Monday, pending Nasdaq’s approval.
- Forum Markets is shifting away from its crypto treasury strategy to concentrate on tokenizing real-world assets (RWA).
- While ETHZilla still possesses 69,802 ETH, valued at approximately $145 million, it has divested over $114 million in ETH since October.
- Recent initiatives in RWA include the tokenization of $4.7 million in home loans and two aircraft engines.
ETHZilla stock experienced a surge of over 13% on Wednesday subsequent to the company’s announcement of its name change to Forum Markets and its decision to abandon its Ethereum treasury strategy.
The stock concluded trading at $3.91, marking its highest point in nearly a month, before trading flat in after-hours activity.
The company will operate as Forum moving forward. Its ticker symbol is also slated to change from ETHZ to “FRMM” at the market open on Monday, contingent upon Nasdaq approval.
CEO and chair McAndrew Rudisill stated that the rebrand signifies a conviction that the next era of financial markets will be constructed upon institutional-grade, on-chain products underpinned by tangible assets.
This marks ETHZilla’s second rebranding within a twelve-month period. The company initially began as a biotech firm named 180 Life Sciences before adopting the ETHZilla name and making acquisitions in July 2025.
That pivot towards a crypto treasury briefly propelled the stock to exceed $107 in August 2025, partly supported by investment from Peter Thiel and his Founders Fund. At that time, Ethereum was trading close to $4,950.
Since then, developments have been rapid and not entirely favorable. ETH has declined by more than 50% from those peaks, and ETHZ stock has fallen over 20% year-to-date.
According to a recent SEC filing, Thiel’s Founders Fund has since divested its entire position.
Selling ETH to Fund the Pivot
The company has been gradually reducing its ETH holdings to finance this transition. In October, it sold approximately $40 million worth of ETH as part of a $250 million stock repurchase program.
In December, it sold an additional 24,291 ETH, valued at roughly $74.5 million at the time, to settle senior secured convertible notes.
The company continues to hold 69,802 ETH, which is currently valued at approximately $145 million, positioning it as one of the largest corporate holders of Ethereum.
Management has clearly indicated that future performance will be assessed based on revenue and cash flow generated from its RWA platform, rather than crypto-centric metrics such as net asset value multiples.
Into Real-World Assets
Earlier this month, ETHZilla acquired a portfolio of 95 manufactured and modular home loans valued at $4.7 million, which it intends to tokenize on an Ethereum Layer 2 network. The projected annualized yield is over 10%.
The company has also acquired two CFM56-7B24 aircraft engines that are leased to a major US air carrier. These are currently being tokenized through Liquidity.io, an alternative trading system regulated by the SEC.
The aircraft token product, named Eurus Aero Token I, was launched earlier this month.
Ethereum itself saw an approximate 12% increase on Wednesday, regaining the $2,000 level and trading around $2,058 at the time of writing.
ETHZilla raised $565 million in 2025 to establish its ETH treasury, with early backing from notable crypto investors including Thiel. The firm’s current ETH holdings amount to $145 million.