ETHZilla rebrands to Forum Markets, shifts to tokenization strategy

ETHZilla is formally closing the chapter on its time as a publicly traded Ethereum proxy, announcing a rebrand to Forum Markets and a new Nasdaq ticker as it pivots toward tokenized real-world assets.

According to a Feb. 25 announcement, the company’s common stocks are expected to begin trading under the symbol FRMM on March 2, pending Nasdaq approval, replacing its current ETHZ ticker. 

The name change, it said, reflects a broader strategic reset away from holding large crypto reserves on its balance sheet and toward building tokenized investment products backed by income-generating assets.

Management described the transition as the next stage in its evolution into a digital asset platform designed to connect traditional capital markets with blockchain-based financial infrastructure. 

“Forum embodies our belief that the next generation of financial markets will be built around institutional-grade, on chain products backed by real assets, governed by transparency, and delivered through regulated infrastructure,” Chairman and Chief Executive McAndrew Rudisill said in a statement.

ETH treasury plans backfire

Under the Forum Markets identity, the company intends to focus on aggregating and structuring real-world assets for tokenization rather than positioning its shares as a leveraged play on Ethereum’s price. 

The transition comes after a volatile year in which ETHZilla’s treasury strategy initially drew strong investor interest before unravelling amidst a market-wide downturn.

Originally a biotech firm known as 180 Life Sciences, the company adopted the ETHZilla brand in July 2025 and began accumulating Ether during the peak of hype around crypto treasury models. 

ETHZilla shares surged to $107 in August as Ethereum approached $4,950 and the company outlined plans for a sizable Ethereum reserve.

However, as digital asset prices retreated, investor appetite for leveraged crypto balance sheets weakened, and ETHZilla’s stock retreated sharply from its peak.

The company has since reduced its crypto exposure, sold portions of its holdings, and launched share buybacks in an effort to address the widening gap between its stock price and net asset value. 

It currently holds 69,802 ETH valued at about $143.7 million at an ETH price of $2,060, according to CoinGecko data, making it one of the larger corporate holders of the asset.

Pressure intensified after a regulatory filing showed that Peter Thiel’s Founders Fund had fully exited its position, reversing a 7.5% stake disclosed in August 2025. 

Departure of a prominent institutional backer fueled further scrutiny of the company’s earlier high-leverage Ethereum strategy, particularly as Ether-focused treasury companies struggled more than comparable Bitcoin models.

Investors welcome tokenization play

Strategic focus has since turned toward tokenization.

Earlier this month, the company acquired two commercial jet engines leased to what it described as a leading US air carrier and introduced Eurus Aero Token I, a product offering fractional exposure to lease-generated cash flows from aviation assets.

The product is issued on Ethereum and is aimed at providing fractional exposure to aviation assets.

Shares of ETHZilla rose more than 13% to $3.91 following the rebranding announcement, though the stock remains down more than 20% so far this year and significantly below its 2025 high.

With Wall Street’s attention turning from balance sheet crypto plays to structured real-world asset products, Forum Markets is betting that tokenized income-generating assets, rather than direct cryptocurrency accumulation, will define its next phase.