ETHZilla Rebrands as Forum Markets, Shifts to Tokenization

TLDR

• ETHZilla will rebrand as Forum Markets and change its Nasdaq ticker to FRMM on March 2, pending approval.

• The company will shift its strategy from holding large Ethereum reserves to building tokenized real-world asset products.

• Chairman and Chief Executive McAndrew Rudisill said the new brand reflects a focus on regulated on-chain investment products backed by real assets.

• ETHZilla previously accumulated Ether during the peak of crypto treasury interest and saw its shares rise to $107 in August 2025.

• The company currently holds 69,802 ETH valued at about $143.7 million based on recent market prices.

ETHZilla will rebrand as Forum Markets and change its Nasdaq ticker to FRMM on March 2, pending approval. The company announced the move on Feb. 25 and outlined a shift toward tokenized real-world assets. Management confirmed it will reduce its focus on holding large Ethereum reserves and reposition its strategy.

ETHZilla ends Ethereum treasury strategy

ETHZilla will replace its ETHZ ticker with FRMM as it adopts the Forum Markets name. The company said the change reflects a reset of its corporate direction. It will pivot from a leveraged Ethereum balance sheet model to tokenized asset products.

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

The company previously operated as 180 Life Sciences before adopting the ETHZilla brand in July 2025. It began accumulating Ether during heightened interest in crypto treasury models. Shares climbed to $107 in August as Ethereum approached $4,950 and the company expanded its reserve plans.

However, digital asset prices later declined, and demand for leveraged crypto exposure weakened. Consequently, ETHZilla shares fell sharply from their peak levels. The company reduced its crypto holdings and executed share buybacks to narrow the gap between stock price and net asset value.

The tokenization strategy takes priority

Forum Markets will now focus on structuring and aggregating income-generating assets for tokenization. Management stated that it will not position shares as a direct Ethereum proxy. Instead, it will build products backed by real-world cash flows.

The company currently holds 69,802 ETH valued at about $143.7 million. CoinGecko data places Ether at $2,060 based on recent pricing. This holding ranks the firm among larger corporate Ether holders.

Earlier this month, the company acquired two commercial jet engines leased to a major US air carrier. It also launched Eurus Aero Token I to offer fractional exposure to aviation lease income. The token issues on Ethereum and provides access to cash flows from the leased engines.

A regulatory filing showed that Peter Thiel’s Founders Fund exited its entire position. The fund had disclosed a 7.5% stake in August 2025. The exit followed pressure on Ether-focused treasury firms during the market downturn.

Shares rose more than 13% to $3.91 after the rebranding announcement. However, the stock remains down over 20% this year and well below its 2025 high. Trading under the FRMM symbol will begin on March 2, subject to Nasdaq approval.

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