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A Nasdaq-listed firm that raised $565 million betting on Ether has abandoned its cryptocurrency treasury strategy entirely, rebranding as Forum Markets and pivoting to tokenised real-world assets after its stock declined sharply alongside Ethereum’s slowing momentum.
The announcement, made on February 25, 2026, confirms the company will transition away from holding large amounts of Ether toward building a business centred on tokenised real-world assets (RWAs).
ETHZilla’s leadership appears to believe the answer lies not in speculative token holdings but in income-producing assets linked to traditional finance.
In a company statement, CEO McAndrew Rudisill framed the rebrand as a structural evolution rather than a retreat from blockchain technology.
“Forum represents who we are today, and where we are going. The next generation of financial markets will be built around institutional-grade, on-chain products backed by real assets.” McAndrew Rudisill, CEO, Forum Markets.
The company expects its shares to begin trading under the new ticker FRMM following regulatory approval.
ETHZilla rose to prominence in 2025 by positioning itself as an Ethereum treasury company, a model similar to corporate Bitcoin accumulation strategies seen elsewhere in crypto markets.
At the height of Ether’s rally, the firm raised roughly $565 million to expand its holdings, attracting high-profile investors including venture capitalist Peter Thiel.
However, the strategy proved highly sensitive to swings in crypto prices. As Ether’s momentum slowed, ETHZilla’s stock price declined sharply.
Company filings and reports show ETHZilla gradually unwound parts of its crypto position, selling tens of millions of dollars worth of ETH in late 2025.
One sale alone involved approximately 24,291 ETH valued at about $74.5 million.
The shift also coincided with the exit of early backer Peter Thiel, underscoring investor concern about treasury-heavy crypto models during market downturns.
Industry analysts say the decision reflects a broader realisation across crypto markets.
“Treasury strategies tied to a single digital asset expose companies to extreme balance-sheet volatility.” Digital assets analyst, Crypto Breaking, commenting on the rebrand announcement.
Under its new identity, Forum Markets plans to generate revenue by acquiring and tokenising tangible, income-producing assets, effectively merging traditional finance with decentralised infrastructure.
Recent acquisitions illustrate the strategy. The company purchased a $4.7 million portfolio of manufactured and modular home loans, which it plans to tokenise on an Ethereum layer-2 network with a projected annual yield exceeding 10%.
It has also acquired two CFM56-7B24 aircraft engines intended for tokenisation through liquidity.io, a regulated alternative trading platform designed to bring institutional assets on-chain.
The goal is to move from speculative gains to recurring revenue streams derived from asset management fees, issuance fees, and secondary trading activity.
According to company disclosures, future value creation will rely on stable cash flows rather than cryptocurrency price appreciation alone.
This aligns with a rapidly expanding trend in crypto markets: tokenization of real-world assets such as loans, real estate, and infrastructure.
Major exchanges and financial firms are increasingly exploring RWAs as a bridge between traditional capital markets and blockchain rails.
ETHZilla’s transformation into Forum Markets may represent more than a single corporate turnaround; it could signal a maturation phase for the crypto industry itself.
During the previous bull cycle, many firms gained investor attention through aggressive token accumulation strategies.
Today, institutional investors are increasingly prioritising revenue visibility, regulatory compatibility, and real-world use cases.
Forum’s strategy reflects that shift: instead of betting on Ether’s price trajectory, the company is positioning blockchain as infrastructure for securitising physical and financial assets.
Market reaction has been cautiously positive. Reports indicate the company’s stock rose following the rebrand announcement.
