ETHZilla, a once-prominent Ethereum treasury firm, is abandoning its crypto-focused strategy after its stock crashed 96% from its 2025 peak. The company will rebrand as Forum Markets with the new Nasdaq ticker FRMM starting March 2, 2026. This pivot follows the exit of Peter Thiel’s Founders Fund, which sold its 7.5% stake in late 2025. The reborn company will now focus on building infrastructure for tokenized real-world assets, moving away from holding Ethereum on its balance sheet.
ETHZilla will officially rebrand as Forum Markets on February 26, 2026, and change its Nasdaq ticker to FRMM. This move formalizes the company’s retreat from its original strategy of holding Ethereum as a treasury asset.
The stock had peaked at $107 on August 13, 2025, following plans to establish a $425 million Ethereum treasury. Investor interest in the model subsequently dwindled as market dynamics shifted.
Despite a 13.3% rebound to $3.91 on the rebranding news, shares remain approximately 96% below their August 2025 high. The stock had previously dropped 98% from its split-adjusted peak of $174.60.
In a significant shift, Peter Thiel’s Founders Fund divested its 7.5% stake in ETHZilla during the fourth quarter of 2025. Thiel’s initial investment had once fueled major enthusiasm for the company’s treasury model.
The new Forum Markets will pivot toward tokenized real-world assets (RWAs) and regulated infrastructure. The company has already signaled a focus on areas like jet engine leasing and other aviation assets.
Analysts point to the complexity of the Ethereum ecosystem and the absence of a fixed supply cap as challenges for the single-asset treasury strategy. The company now aims to diversify its revenue streams and stabilize its equity performance.
