ETHZilla Abandons Ethereum, Rebrands as Forum to Focus on RWA Tokenization

ETHZilla is stepping away from its Ethereum treasury strategy, now focusing on RWA tokenization. Earlier today, the company announced its shift in approach, rebranding itself as Forum Markets.

This move signals a clear break from the company’s earlier identity as an Ethereum treasury company. The company now operates its business by developing operations that use tokenized real-world assets (RWAs).

ETHZilla to Focus on RWA Tokenization

In a press release, ETHZilla, previously known for its Ethereum treasury strategy, announced its decision to rebrand as Forum Markets. This initiative stems from the company’s desire to move from balance-sheet cryptocurrency operations to real-world asset (RWA) tokenization.

Commenting on this critical milestone, CEO McAndrew Rudisill noted,

Earlier this month, ETHZilla expanded into real-world assets by purchasing a $4.7 million portfolio of 95 manufactured and modular home loans. As per the new initiative, the company plans to tokenize these loans on an Ethereum layer-2 network. With this move, it envisions generating an annual yield of over 10%.

In addition, ETHZilla bought two CFM56-7B24 aircraft engines to tokenize through Liquidity.io, an SEC-regulated alternative trading platform. As noted by the company, the future growth of ETHZilla depends on steady revenue and cash flow from its real-world asset platform.

It is worth noting that the move aligns with the growing demand for tokenized assets. More companies, including Kraken and Binance, are launching tokenized products.

Why the Treasury-Heavy Crypto Strategy Fell Short

Significantly, ETZilla has decided to drop its Ethereum treasury strategy driven by the prevailing ETH price crash. The company’s crypto strategy struggled as it relied heavily on the price movements of the token. While the project attracted investor interest when the ETH price was high, the ETHZ stock fell sharply as the market cooled.

The company admitted that relying on a single asset treasury could often be risky. ETHZilla, previously the biotech company 180 Life Sciences, was rebranded as an Ethereum treasury firm in 2025 when Ether traded at its peak. The company raised about $565 million to expand its Ethereum reserve initiative.

This move attracted early investors like Peter Thiel, pushing the company’s shares above $100. However, when the Ether token price started losing momentum, the platform began to sell its holdings. In October 2025, it sold about $40 million in ETH as part of a $250 million stock repurchase plan. In December, the firm dumped an additional 24,291 Ethereum, valued at roughly $74.5 million.

This shift in focus has led to the departure of early backer Peter Thiel, who exited his investment as the company moved away from its Ethereum-centric strategy. As CoinGape reported last week, Peter Thiel divested his complete investments in the company following a 3% slip in the ETHZ stock price.