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ETHZILLA Rebrands to Forum Markets, A Redirection from Old Model

By
Paul Ugbede Godwin
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1

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.

Nvidia Still Struggling to Regain China Sales Despite U.S. Export Relief, Warns of Long-Term Threat from Surging Chinese AI Rivals

By
Samuel Nwite
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0

Nvidia has yet to generate any revenue from its recently approved H200 AI chip sales to China, despite the U.S. government easing some export restrictions late last year.

Chief Financial Officer Colette M. Kress disclosed this during the company’s earnings call on Wednesday.

“While small amounts of H200 products for China-based customers were approved by the US government, we have yet to generate any revenue,” Kress said, according to a FactSet transcript. “We do not know whether any imports will be allowed into China.”

China once accounted for at least one-fifth of Nvidia’s data center revenue before escalating U.S. export controls forced the company to develop lower-capability chips like the H20 for the Chinese market.

New rules in April 2025 further restricted even those sales. In December 2025, President Donald Trump authorized shipments of the more advanced H200, contingent on the U.S. receiving a 25% cut of sales — a condition Nvidia lobbied heavily for, with CEO Jensen Huang making multiple trips to Washington and Beijing.

Despite the clearance, sales have stalled amid reports of intense security scrutiny in both countries. Chinese regulators have been cautious about approving imports of U.S. high-end chips, while U.S. officials continue to monitor end-use to prevent military applications. Nvidia’s inability to convert approvals into revenue highlights the persistent challenges of operating in a geopolitically fragmented AI market.

Rising Chinese Competition as Long-Term Threat

Kress also issued a stark warning about domestic Chinese rivals, noting that recent IPOs have bolstered their capabilities and funding.

“Our competitors in China, bolstered by recent IPOs, are making progress and have the potential to disrupt the structure of the global AI industry over the long-term,” she said.

She urged the U.S. to encourage widespread adoption of American technology, including by developers and businesses in China: “We believe the best outcome for the U.S. is for every developer and business, including those in China, to use American technology.”

A wave of Chinese AI chipmakers and large language model developers have gone public in Hong Kong and mainland China in recent months — including MiniMax, Moore Threads, Biren Technology, and others. Initial post-IPO surges reflected investor optimism that these firms could offer viable alternatives to U.S. technology amid export restrictions.

While not all stocks have sustained gains, the funding and momentum have accelerated domestic innovation. OpenAI CEO Sam Altman, in a February 19 interview with CNBC, described Chinese tech progress across the entire stack as “remarkable,” noting that Chinese companies are “near the frontier in some areas.”

TS Lombard chief China economist Rory Green warned on CNBC’s “Squawk Box Europe” earlier this month: “You could see easily a world where maybe most of the world’s population is running on a Chinese tech stack in five to 10 years’ time,” citing China’s advantages in cost, scale, and domestic market size. Chinese models and hardware are typically far cheaper than U.S. equivalents, offering compelling value in price-sensitive emerging markets and even some enterprise segments. This cost advantage becomes increasingly important as AI inference and training workloads scale, where token consumption drives expenses.

Nvidia’s China challenges stem from a multi-year escalation of U.S. export controls that have progressively restricted access to advanced GPUs critical for training and running large models. The H200 clearance — while a partial relief — came with strict end-use monitoring and the 25% revenue-share condition, limiting commercial viability.

The company’s warning about Chinese competition echoes concerns from other U.S. tech leaders. The combination of restricted U.S. exports and rapid Chinese innovation has created a bifurcated global AI landscape: U.S. leadership in frontier capabilities, but growing Chinese dominance in cost-efficient, domestically optimized solutions.

Nvidia’s inability to monetize H200 approvals highlights the practical limits of partial export relief. Chinese customers — including ByteDance, Alibaba, Tencent, and DeepSeek — have received conditional licenses, but security reviews and regulatory caution have delayed meaningful shipments and revenue recognition.

Broader Implications for Nvidia and the AI Ecosystem

Nvidia remains the dominant supplier of AI accelerators globally, with its data center business driving the majority of revenue. However, China’s exclusion from the most advanced chips has created a parallel ecosystem of domestic alternatives — from Huawei’s Ascend series to startups like Biren and Moore Threads — that are gaining traction in cost-sensitive markets. The company’s push for broader adoption of U.S. technology reflects a strategic imperative: maximizing global market share while navigating export controls.

If Chinese rivals continue closing the capability gap at lower prices, Nvidia could face long-term margin pressure and market share erosion outside the U.S. and allied markets. Investor sentiment remains mixed. Nvidia shares have been volatile in recent months amid AI disruption fears, U.S.-China tensions, and questions about the sustainability of hyperscaler spending. The China revenue stall adds to the challenge, though strong global demand for Blackwell and upcoming Rubin architectures provides a buffer.

In the coming months, if H200 shipments materialize and generate revenue, Nvidia is expected to partially offset China losses. If delays persist and Chinese alternatives gain further ground, the company’s long-term dominance in the world’s second-largest economy could come under increasing pressure.

Whale Squeeze Longs Backfired on Lighter Perp Leading to Massive Loss 

By
Paul Ugbede Godwin
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0

A whale (large trader) recently attempted to squeeze longs in the ARC token perpetuals market on Lighter, a decentralized derivatives and perpetual futures platform.

The effort backfired spectacularly. The whale built a massive leveraged long position over several days, accumulating around 210 million ARC tokens valued at peaks of ~$20M+, pushing the total open interest (OI) in the ARC market to about $50 million.

This was an outsized bet relative to the thin liquidity in the market, with roughly 600 other traders and market makers taking the short side as counterparties. The strategy appeared aimed at forcing shorts to cover; a classic long squeeze by driving the price higher—ARC briefly pumped to around $0.15.

Funding rates reportedly surged dramatically up to annualized 2100% at points, attracting more shorts who were paid heavily to hold against the long. However, the rally drew heavy selling pressure from other traders and whales; one reportedly profited ~$1.13M by selling into the pump via DCA while still holding some.

When ARC’s price reversed and dropped sharply, the position unraveled: Partial liquidation occurred on the order book ~$2M worth. The rest shifted to Lighter’s Liquidity Provider Pool (LLP) under a high-risk isolated strategy. Auto-deleveraging (ADL) and backstop liquidity kicked in to manage systemic risk.

The whale ultimately lost approximately $8.2 million in USDC. Short-side traders profited significantly from the move. Lighter’s design shone here: Unlike more centralized or vulnerable setups; comparisons to past Hyperliquid incidents, ARC was isolated in a capped “Strategy” bucket.

This limited LLP (liquidity provider) losses to just $75,000, protecting the broader pool and platform from major damage. Post-event, Lighter imposed new safeguards like a $40M OI cap on ARC and moved it to a capped liquidity allocation ($100K).

This event served as a real-world stress test for Lighter’s risk controls (LLP Strategies), highlighting both the dangers of over-leveraged plays in thin markets and how well-designed DeFi perps can contain contagion.

ARC saw a sharp ~75% dump in the aftermath. Traders on Lighter and those long ARC elsewhere faced volatility, with some retail users reporting personal losses from forced exits or liquidations during the pump-and-dump.

The squeeze attempt failed, the whale got rekt, shorts won, and Lighter passed its battle test with minimal platform-side pain. Classic crypto chaos—always size positions carefully in low-liquidity tokens.

Hyperliquid, has experienced several high-profile liquidation incidents and related events since its rise in prominence. These often involve market manipulation, thin liquidity in meme/perp markets, large leveraged positions, and impacts on its Hyperliquidity Provider (HLP) vault.

Hyperliquid has seen more frequent and severe platform-side losses from similar dynamics. Hyperliquid has faced repeated attacks where traders build massive positions, manipulate thin markets especially meme coins, then force liquidations that the HLP vault absorbs, creating bad debt.

A trader manipulated the JELLY token perp, leading to $13.5M unrealized loss for HLP initially. The platform settled at a much lower price ($0.0095 vs. higher on-chain) and delisted. This exposed vulnerabilities in liquidation handling and nearly risked protocol collapse.

Multiple accounts used “self-liquidation” tactics. A whale built a large short ~$250M notional, withdrew margin and collateral, forcing HLP to take over and unwind at a loss of over $4M. Platform denied it was a hack and exploit, but HLP users lost significantly, with TVL dropping sharply afterward.

Third major attack in 2025. Attacker split funds across 19 wallets, opened large longs ($26M–$30M), created a fake buy wall then canceled it to thin liquidity, triggering cascading liquidations. HLP absorbed $4.9M–$5M in bad debt and losses. Platform paused withdrawals and bridge temporarily. Attacker’s own position was wiped.

Other similar events occurred with TST token, marking a pattern of 3+ major manipulation hits in 2025 alone, highlighting risks in handling outsized positions in low-liquidity perps. Hyperliquid often sees outsized liquidations during volatility due to high leverage and volume concentration.

During a broad sell-off, Hyperliquid contributed heavily to ~$19B–$20B total market liquidations. Over 1,000 wallets fully wiped out, 6,300+ in the red, with $1.23B+ trader capital erased on-platform. 205 lost >$1M each; many high-ROI leaderboards destroyed.

Hyperliquid has adjusted, but incidents recur due to its design prioritizing speed and volume over heavy per-market isolation. HLP often takes hits, leading to bad debt or TVL outflows.

In contrast, Lighter’s recent ARC event showed better containment: isolated “Strategy” buckets, OI caps, and LLP losses limited to ~$75K. Hyperliquid’s HLP has absorbed multi-million bad debts repeatedly, sometimes forcing broader measures.

Hyperliquid remains dominant in volume/OI, but these incidents underscore risks in thin perp markets—especially meme tokens—where whales can push squeezes or manipulations that backfire on liquidity providers.

Nestlé Nigeria Plc returns to profit, with N105bn PAT as FX pressures ease, equity turns positive

By
Samuel Nwite
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0

Nestlé Nigeria Plc has staged a sharp financial recovery in the 2025 financial year, returning to profitability after a bruising 2024 marked by heavy foreign exchange losses and negative equity.

In its audited results for the year ended December 31, 2025, filed with the Nigerian Exchange on Wednesday, February 25, 2026, the food and beverage giant reported a Profit Before Tax (PBT) of N166.8 billion, reversing the N221.5 billion loss recorded in 2024. Profit After Tax stood at N105 billion, compared to a N164.6 billion loss in the previous year.

The rebound signals a decisive break from the FX-induced volatility that weighed heavily on corporates following the naira’s sharp devaluation cycle in 2023 and early 2024. For Nestlé Nigeria, which relies significantly on imported raw materials and foreign currency obligations, exchange rate stability proved pivotal.

Revenue growth strengthens core operations

Revenue climbed 26% year-on-year to N1.2 trillion from N958.8 billion in 2024, underpinned by price adjustments, improved product mix, and sustained demand in key categories. The food segment remained the primary revenue driver, contributing N784 billion, while beverages generated N424 billion.

Although the cost of sales rose to N771.88 billion from N652.46 billion, reflecting higher input and production costs, gross profit expanded significantly to N435.89 billion from N306.35 billion. This indicates that pricing actions and operational efficiencies more than offset cost pressures, lifting gross margin in the process.

Operating profit rose to N225.38 billion from N167.88 billion in 2024, suggesting improved cost discipline and stronger earnings from core activities. The company’s recovery is therefore not solely FX-driven; it reflects improved underlying business fundamentals.

The fourth quarter numbers reinforce this trajectory. PBT for Q4 2025 rose 15.1% to N38.9 billion from N33.9 billion in Q4 2024, while Profit After Tax nearly doubled to N32.5 billion from N19.7 billion. The steady quarterly performance indicates that profitability has stabilized rather than being driven by one-off gains.

Finance cost collapse drives bottom-line swing

The most dramatic shift came below the operating line.

Finance costs plunged to N100.96 billion in 2025 from N392.83 billion in 2024, underscoring the easing of foreign exchange losses and a reduction in debt-related pressures. In 2024, FX revaluation losses had severely distorted earnings across several multinationals operating in Nigeria. With the naira showing relative stability in 2025, those pressures moderated.

Finance income also surged to N42.43 billion from N3.37 billion, further boosting net profitability. The combined effect of lower finance costs and higher finance income created significant leverage on earnings, converting operating gains into bottom-line profitability.

Chief Executive Officer, Wassim Elhusseini, said in a statement accompanying the results: “Our 2025 results reflect the strong foundations of our return to profitability since the fourth quarter of 2024, with the resilience of our people and renewed operational efficiency, supported by the stability of the Naira against the Dollar.”

He added that negative retained earnings reduced by 53.6% from N243.2 billion in 2024 to N112.8 billion in 2025, noting: “As long as the business generates positive net profit, we will soon eliminate the negative retained earnings and resume dividend payments.”

The implication is significant for shareholders who have not received dividends during the period of accumulated losses. Continued profitability in 2026 could accelerate capital restoration and dividend reinstatement.

Balance sheet repair underway

Beyond income statement recovery, the balance sheet shows early signs of structural repair.

Total assets declined marginally by 1.5% to N846.16 billion from N858.70 billion, largely due to a sharp drop in prepayments, including advance payments to suppliers and deposits for imports. Prepayments fell to N53.8 billion from N149.46 billion, indicating improved working capital management and possibly reduced forward FX exposures.

More notably, total equity turned positive at N12.89 billion, reversing the negative equity position of N92.29 billion recorded in 2024. The improvement was driven by the substantial reduction in retained losses, which declined to N112.78 billion from N243.23 billion.

While equity remains thin relative to total assets, the shift from a deficit position materially strengthens the company’s solvency profile and reduces concerns around capital erosion. If profitability is sustained, retained losses could be fully eliminated within the medium term.

Market signals renewed confidence

Investors have responded swiftly to the turnaround narrative.

As of the close of trading on Thursday, the shares were priced at N3,100, marking a 44% gain in February alone and pushing the year-to-date return to 58.2%. The rally suggests that the market had priced in much of the 2024 distress and is now recalibrating expectations toward earnings normalization.

The sharp appreciation also reflects broader investor appetite for defensive consumer names with strong brand equity and pricing power in an inflationary environment. Nestlé Nigeria’s portfolio, which spans essential food and beverage categories, positions it to maintain volume resilience even amid consumer income pressures.

Analysts expect the sustainability of this recovery to rely on three key variables: exchange rate stability, input cost management, and consumer purchasing power.

Exchange rate volatility remains the single largest risk factor for import-dependent manufacturers. Any renewed depreciation cycle could reintroduce finance losses and compress margins. Conversely, continued naira stability would provide a more predictable planning environment.

On operations, the company will need to sustain efficiency gains and deepen local sourcing to mitigate exposure to global commodity price swings and FX risks. The 2025 performance suggests progress in this direction.

Finally, consumer demand remains fragile in a high-inflation environment. While revenue growth in 2025 was strong, part of that expansion likely reflects pricing adjustments. Volume momentum in 2026 will be a critical indicator of underlying demand strength.

When Should You Hire a Property Insurance Litigation Attorney?

By
Amarachi Uche
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0

Property damage can leave homeowners overwhelmed, especially when insurance claims don’t go as expected. After a storm, fire, water leak, or other catastrophic event, you expect your insurer to honor the policy you’ve been paying for. Unfortunately, claim denials, underpayments, and delays are more common than many property owners realize.

While some disputes can be resolved through negotiation, others require stronger legal action. Understanding when to escalate your claim can make the difference between recovering fully and facing long-term financial strain.

1. Your Insurance Claim Has Been Denied

One of the clearest signs you may need a property insurance litigation attorney is a denied claim. Insurance companies often cite policy exclusions, technicalities, or insufficient documentation as reasons for denial.

However, insurance policies are complex legal contracts. Coverage language can be interpreted in multiple ways, and not all denials are justified. An attorney can:

  • Review your policy in detail
  • Identify whether the denial violates policy terms
  • File an appeal or initiate litigation if necessary
  • Ensure the insurer complies with state insurance laws

A denial does not automatically mean the end of your claim. Legal review may reveal that you are still entitled to compensation.

2. Your Settlement Offer Is Significantly Underpaid

Sometimes insurance companies approve claims but offer settlements that fall short of actual repair or replacement costs. Underpayments may result from:

  • Low repair estimates
  • Overlooked structural damage
  • Depreciation disputes
  • Exclusion of hidden or secondary damage

If your contractor’s estimates are much higher than the insurer’s offer, it may be time to seek legal guidance. An attorney can challenge undervaluations, bring in independent experts, and negotiate aggressively for a fair payout.

3. Your Claim Is Being Delayed Without a Clear Explanation

Insurance companies are required to process claims within reasonable timeframes. Repeated document requests, prolonged inspections, or months without meaningful updates may indicate stalling tactics.

Unreasonable delays can:

  • Prevent timely repairs
  • Increase financial stress
  • Exposing your property to further damage

When delays become excessive, legal intervention often prompts faster action. Attorneys can formally demand compliance and hold insurers accountable for bad-faith handling practices.

4. The Damage Is Extensive or High-Value

Large-scale property damage claims — such as hurricane destruction, fire loss, or significant water intrusion — involve higher financial stakes. These cases often require:

  • Engineering assessments
  • Detailed damage evaluations
  • Replacement cost analyses
  • Business interruption calculations (for commercial claims)

High-value claims are more likely to face resistance from insurers. Having legal representation ensures your documentation is thorough and your insurance claim is presented strategically from the start.

5. You Suspect Bad Faith Practices

Insurance companies have a legal duty to act in good faith. Signs of potential bad faith include:

  • Misrepresenting policy language
  • Failing to conduct a proper investigation
  • Ignoring clear evidence of damage
  • Offering settlements without justification
  • Denying valid claims without adequate explanation

When insurers fail to uphold their obligations, litigation may be necessary to enforce your rights. In some cases, policyholders may be entitled to additional damages due to bad faith conduct.

6. Negotiations Have Reached a Standstill

If back-and-forth negotiations fail to produce progress, litigation may be the next logical step. Insurance companies often take disputes more seriously once formal legal action begins.

An experienced attorney can:

  • File a lawsuit within the required deadlines
  • Manage court procedures and filings
  • Present expert testimony
  • Advocate aggressively on your behalf

Litigation is not always the first option, but when negotiations stall, it may be the most effective way to secure fair compensation.

Why Early Legal Consultation Matters

Waiting too long to seek legal advice can complicate your case. Deadlines for filing lawsuits are governed by statutes of limitation and policy requirements. Missing these deadlines can permanently bar recovery.

Consulting an attorney early allows you to:

  • Preserve evidence
  • Avoid procedural mistakes
  • Strengthen your claim strategy
  • Protect your legal rights from the outset

Even if litigation ultimately isn’t necessary, professional guidance can significantly improve the outcome of your claim.

Conclusion

Insurance policies are designed to provide financial protection after property damage. When insurers deny, underpay, or delay legitimate claims, homeowners should not have to shoulder the burden alone.

If you are facing serious disputes or suspect unfair claim handling, consulting a property insurance litigation attorney can help level the playing field. Legal representation ensures your rights are protected, your policy is properly interpreted, and your claim is pursued with the full force of the law when necessary.

Taking action at the right time can make all the difference in recovering the compensation you deserve and restoring your property with confidence.

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