San Francisco, CA – In a significant strategic pivot, US-listed company ETHZilla (NASDAQ: ETHZ) has officially announced its rebranding to Forum Markets, operating under the simplified name “Forum.” This move signals a definitive shift in the company’s core strategy, moving away from its previous identity as an “Ethereum reserve company” to focus squarely on the burgeoning field of Real World Asset (RWA) tokenization. The news sent ripples through the market, with the company’s stock price surging over 13% on Wednesday, reaching a one-month high of approximately $3.91.
A New Chapter: Forum Markets and NASDAQ Listing
Forum’s official statement confirms that, pending final approval from Nasdaq, its common stock is slated to begin trading on the Nasdaq Capital Market under the new ticker symbol “FRMM” starting at market open on March 2nd. This rebranding marks not just a name change, but a complete reorientation of the company’s mission and future direction.
From Biotech to Blockchain: ETHZilla’s Journey
The company’s history is one of transformation. Formerly known as the underperforming biotech stock 180 Life Sciences, ETHZilla underwent a dramatic pivot last year. Following a successful $565 million fundraising round that attracted investment from Silicon Valley venture capitalist Peter Thiel, the company repositioned itself to bet big on an Ethereum reserve strategy. At its peak, ETHZilla had amassed over 100,000 ETH, becoming a notable player in the crypto space.
Navigating Crypto Volatility and a Strategic Realignment
Despite a recent upturn in the cryptocurrency market, with Ethereum briefly reclaiming the $2,000 mark after a 12% single-day surge, ETHZilla’s journey as an Ethereum HODLer has been challenging. Since the company’s substantial ETH purchases in August of last year, Ethereum’s value has declined by over 50%. Further compounding these challenges, it was recently revealed that Peter Thiel had divested all his holdings. This confluence of factors led to a “painful valuation correction and strategic realignment” for the stock, which had once soared past $100 on the back of significant institutional backing.
To mitigate mounting pressure from convertible debt repayments, ETHZilla began strategically reducing its crypto exposure. This included the sale of $40 million worth of Ethereum in October last year, followed by an additional $74.5 million in December, signaling a clear intent to diversify away from a high concentration in a single digital asset.
Accelerating the RWA Tokenization Push
Entering 2026, ETHZilla has significantly accelerated its transition towards Real World Asset (RWA) tokenization. This strategic shift is already yielding tangible results:
- Manufactured Housing Loans: Earlier this month, the company invested $4.7 million to acquire a portfolio of 95 manufactured housing loans. These assets are slated for tokenization via an Ethereum Layer 2 network, with an ambitious target of achieving an annualized yield exceeding 10%.
- Aircraft Engines: Demonstrating the breadth of its RWA strategy, ETHZilla has also partnered with Liquidity.io, an SEC-regulated alternative trading system, to acquire two CFM56-7B24 aircraft engines – commonly used in Boeing 737 passenger jets – for tokenization. This highlights the potential for illiquid, high-value physical assets to be brought onto the blockchain.
As of its latest disclosure, Forum (formerly ETHZilla) still retains a substantial holding of 69,802 Ethereum tokens, valued at approximately $145 million. This positions the company as the 6th largest corporate Ethereum holder globally, indicating that while its strategy has evolved, its connection to the foundational blockchain ecosystem remains.
The rebranding to Forum Markets and the aggressive pivot to RWA tokenization mark a new era for the company, aiming to leverage blockchain technology to unlock liquidity and create new investment opportunities in traditional asset classes.
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