Former Ethereum treasury company ETHZilla will rebrand as Forum Markets and begin trading under the ticker FRMM on Nasdaq in early March. This formalizes a strategic pivot away from holding Ethereum on its balance sheet toward developing tokenized real-world asset products. The move follows investor exits and a steep 96% stock decline from its August 2025 peak, highlighting the challenges of single-asset treasury strategies.
ETHZilla announced it will rebrand as Forum Markets and adopt a new Nasdaq ticker next month. This formalizes a shift away from balance-sheet crypto exposure toward tokenized real-world assets.
The company’s shares peaked at $107 on August 13, 2025 after announcing plans to build a $425 million Ethereum treasury. The strategy later unraveled as the share price declined and investors exited, prompting asset sales to scale back exposure.
Shares rose 13.3% to $3.91 following the rebranding announcement. The stock remains down approximately 96% from its August peak.
Under the new name, the company plans to focus on developing tokenized products backed by real-world assets. It will use regulated infrastructure instead of holding large crypto positions on its balance sheet.
This rebrand follows Founders Fund exiting its position in ETHZilla earlier this month. The departure came as the stock slid and the firm’s positioning as a public proxy for ETH exposure drew increased scrutiny.
The company had also recently announced a pivot into jet engine leasing and other aviation-related assets. This move aimed to bolster its business model amid a weakening Ethereum price.
Vincent Liu, chief investment officer at quantitative trading firm Kronos Research, analyzed the difficulties of such strategies. “Single-asset treasury strategies are highly dependent on strong market conditions and sustained equity premiums,” he stated.
“Treasury-focused firms ultimately need revenue-generating businesses and broader asset exposure to remain relevant long term,” Liu added. He explained that such strategies are fragile because their value is tightly linked to network activity.
Forum Markets is expected to begin trading under the ticker symbol “FRMM” on March 2. It previously traded under the ticker “ETHZ” on the Nasdaq Capital Market.
