ETHZILLA Rebrands to Forum Markets, A Redirection from Old Model

ETHZilla Corporation (Nasdaq: ETHZ), which previously positioned itself as a publicly traded “Ethereum treasury” company, has officially announced a rebranding to Forum Markets, Incorporated doing business as Forum.

This change, detailed in a press release, reflects a strategic pivot away from passively accumulating and holding Ethereum toward building an institutional-grade platform focused on the tokenization of real-world assets (RWAs) on Ethereum.

The company emphasizes creating durable, income-generating products backed by real assets such as loans, aviation equipment, and potentially home loans, with transparent, compliant markets. The rebrand drops the explicit “Ethereum Treasury” identity, which had faced challenges including a sharp decline in share price (down ~96% from its 2025 peak above $100 to around $3.91 recently, though it rose 13%+ on the announcement day).

ETHZilla still holds a substantial amount of ETH approximately 69,802 ETH, valued at roughly $136–145 million depending on the exact price at the time, making it one of the larger corporate holders, but the focus is shifting to revenue from asset tokenization, management fees, issuance, and related activities rather than leveraged ETH price exposure.

Pending Nasdaq approval, the stock is expected to begin trading under the new ticker FRMM on March 2, 2026. This move aligns with broader trends in crypto toward regulated RWA tokenization for more sustainable, cash-flow-oriented models, especially as pure treasury plays have underperformed for some firms amid market volatility.

The announcement triggered a positive immediate response from investors. Shares of ETHZ currently ~$3.91 close rose approximately 13-13.3% on the day of the news, adding roughly $9 million to the market cap in one session. This reflected relief and optimism about the strategic shift away from a volatile “Ethereum treasury” model.

However, this bounce is viewed as modest and sentiment-driven rather than transformative: The stock remains down over 20% year-to-date in 2026. It has declined about 96-97% from its 2025 peak above $100–$107 in August 2025. After-hours trading stayed flat, indicating cautious rather than euphoric enthusiasm.

The pivot drops the passive ETH accumulation focus which tied valuation heavily to Ethereum price swings in favor of building an institutional-grade platform for real-world asset (RWA) tokenization on Ethereum. Creating yield-generating, compliant products backed by tangible assets like home loans, aviation equipment; tokenized aircraft engines via products like Eurus Aero Token I, and potentially other infrastructure.

Shifting toward recurring revenue from token issuance, management fees, trading, and related services—aiming for more sustainable cash flows instead of leveraged crypto exposure. The company sold significant ETH holdings to fund debt retirement, a $250M stock buyback program, and liquidity—reducing crypto balance sheet risk while funding RWA initiatives.

Remaining holdings: Still ~69,802 ETH valued at ~$145M at recent prices, ranking it among top corporate holders, but no longer the core identity. This aligns with industry trends toward regulated, income-focused RWAs amid crypto volatility, potentially attracting more institutional interest long-term.

The move is seen as an admission that the pure “ETH treasury” narrative failed—especially after Ethereum’s price declines eroded holdings’ value; over 50% loss in some periods and led to sharp stock crashes. High-profile setbacks include Peter Thiel’s Founders Fund fully exiting its ~7.5% stake by late 2025, contributing to earlier sell-offs.

Reactions on X and crypto media are mixed: Some praise it as a “smart pivot” toward defensible, yield-oriented models; others call it a “desperate” rebrand after a failed experiment, with execution risks high if RWA revenue doesn’t scale quickly. It highlights challenges for corporate crypto treasuries in bearish or sideways markets, pushing survivors toward hybrid or infrastructure plays.

While the rebrand provides a short-term sentiment boost and positions the company for potentially more resilient growth in the RWA space, the stock’s massive prior drawdown and ongoing volatility mean sustained recovery depends on successful execution of tokenized products and broader market conditions. This is a classic case of a crypto-linked firm adapting to survive beyond hype cycles.