ETHZilla Rebrands to Forum Markets After 96% Share Decline, Shifts From ETH Treasury to Tokenized RWA

ETHZilla, formerly a biotech firm that pivoted to an Ethereum treasury strategy in 2025, announced it will rebrand as Forum Markets and begin trading under the ticker “FRMM” on the Nasdaq Capital Market on March 2, 2026, following a 96% decline in share price from its August 2025 peak of $107.

The company has abandoned its single-asset Ethereum balance sheet model after investor exits, including Peter Thiel’s Founders Fund, and is pivoting toward tokenized real-world assets including home loans and aircraft engines as part of a broader strategy to generate revenue from cash-flow-producing assets .

Rebranding and Strategic Shift

ETHZilla will formally change its corporate identity to Forum Markets, with shares expected to begin trading under the new ticker symbol “FRMM” on March 2, 2026, after previously trading as “ETHZ” on the Nasdaq Capital Market . The rebrand formalizes a strategic departure from the company’s earlier positioning as a publicly traded proxy for Ethereum exposure, a model that faltered amid declining crypto prices and shareholder skepticism.

Shares rose 13.3% on February 24, 2026, to approximately $3.91 following the rebranding announcement, marking their highest level in nearly a month. However, the stock remains down roughly 96% from its August 13, 2025, peak of $107, when the company first announced plans to build a $425 million Ethereum treasury following its pivot from the former biotech business 180 Life Sciences .

Under the Forum Markets brand, the company plans to focus on developing tokenized products backed by real-world assets using regulated infrastructure, rather than maintaining large crypto positions on its balance sheet. Management has indicated that future shareholder value will be driven by revenue and cash flow from its real-world asset tokenization platform, rather than crypto-centric metrics such as multiple of net asset value .

Investor Exodus and Asset Sales

The strategic pivot follows the departure of prominent early backers, including Peter Thiel’s Founders Fund, which exited its position in ETHZilla earlier in February 2026 . The exit of a high-profile institutional investor coincided with the stock’s sharp decline and increased scrutiny of the single-asset treasury model.

The company has significantly reduced its Ethereum holdings through multiple sales in late 2025. In October, ETHZilla sold approximately $40 million worth of ETH as part of a $250 million stock repurchase plan . In December, it sold an additional 24,291 ETH, valued at roughly $74.5 million at the time, to redeem senior secured convertible notes . These transactions signaled a definitive shift away from the aggressive accumulation strategy that characterized the company’s initial pivot.

Despite these sales, ETHZilla continues to hold 69,802 ETH as of late February 2026, valued at approximately $145 million based on current prices, making it the sixth-largest corporate holder of Ethereum . However, the company’s strategic focus has moved decisively toward real-world assets rather than balance-sheet crypto exposure.

Real-World Asset Expansion

In early February 2026, ETHZilla expanded its real-world asset ambitions by acquiring a $4.7 million portfolio of 95 manufactured and modular home loans . The company plans to tokenize these loans on an Ethereum Layer 2 network, targeting an annualized yield of over 10% from the underlying cash flows .

The firm has also purchased two CFM56-7B24 aircraft engines for tokenization through Liquidity.io, an SEC-regulated alternative trading system . This acquisition follows an earlier announcement that the company would pivot into jet engine leasing and other aviation-related assets to bolster its business model amid a weakening Ethereum price .

These initiatives reflect a broader strategy to build a portfolio of cash-flow-generating assets that can deliver double-digit yields to token holders, positioning Forum Markets as an operating business with tangible revenue rather than a passive Ethereum holding vehicle.

Industry Perspective on Single-Asset Treasury Models

The challenges faced by ETHZilla’s single-asset Ethereum treasury strategy highlight structural vulnerabilities inherent in such approaches, according to industry observers. Vincent Liu, chief investment officer at quantitative trading firm Kronos Research, noted that “single-asset treasury strategies are highly dependent on strong market conditions and sustained equity premiums.”

Liu explained that treasury-focused firms ultimately need revenue-generating businesses and broader asset exposure to remain relevant over the long term. Such strategies can be considered “fragile because its value is tightly linked to network activity,” thereby creating “a correlation trap where purchasing power weakens during ecosystem downturns.”

This vulnerability is compounded by fragmentation across Ethereum’s main network and its layer-2 chains, which Liu said dilutes the network’s narrative and premium. This condition is “further undermined by the absence of a hard supply cap, leaving its long-term scarcity proposition open to question.”

Market Context and Ethereum Price Performance

The strategic pivot comes amid a broader crypto rebound, with Ethereum rising approximately 12% on February 24, 2026, to reclaim the $2,000 level . However, ETH has lost over 50% of its value since ETHZilla began its accumulation strategy in August 2025, when prices were significantly higher .

The divergence between the company’s share price and its underlying Ethereum holdings illustrates the risks of correlation traps identified by analysts. While ETHZilla’s stock rallied on the rebranding news, it remains deeply underwater from its peak, reflecting investor skepticism about the viability of single-asset treasury models in volatile crypto markets.

FAQ: Understanding ETHZilla’s Rebrand and Strategic Shift

Q: Why is ETHZilla rebranding to Forum Markets?

A: ETHZilla is rebranding to Forum Markets to reflect its strategic pivot away from a single-asset Ethereum treasury model toward tokenized real-world assets. The new identity signals a focus on developing cash-flow-generating products including tokenized home loans and aircraft engines, rather than serving as a publicly traded proxy for Ethereum exposure.

Q: What happened to ETHZilla’s share price and why?

A: ETHZilla shares peaked at $107 in August 2025 following the announcement of its Ethereum accumulation strategy and backing from Peter Thiel’s Founders Fund. The stock subsequently declined approximately 96% as Ethereum prices fell, investors including Founders Fund exited their positions, and the company began selling ETH holdings to fund buybacks and debt retirement.

Q: How much Ethereum does ETHZilla still hold?

A: As of late February 2026, ETHZilla holds approximately 69,802 ETH, valued at roughly $145 million, making it the sixth-largest corporate holder of Ethereum. This represents a significant reduction from peak holdings following multiple sales in late 2025 totaling over $114 million.

Q: What is Forum Markets’ new business strategy?

A: Forum Markets plans to focus on tokenizing real-world assets using regulated infrastructure, beginning with a $4.7 million portfolio of manufactured home loans targeting double-digit yields and aircraft engines tokenized through an SEC-regulated platform. The company aims to generate shareholder value from operating revenue and cash flow rather than crypto-centric metrics.