ETHZilla’s Stock Jumps 13% After Rebranding to Forum Markets, Signals Token‑isation Shift
Zurich, Feb. 26 — NASDAQ‑listed ETHZilla (ticker ETHZ) rallied more than 13 % on Wednesday, closing at $3.91, after the company announced a comprehensive rebrand to Forum Markets and a change of its ticker to “FRMM” pending Nasdaq approval. The move is part of a broader strategic pivot away from a crypto‑treasury model toward a platform that tokenises real‑world assets (RWA).
Background
ETHZilla began life as 180 Life Sciences, a biotech firm that rebranded in 2025 to capitalize on the then‑surging interest in crypto treasuries. In July of that year the company purchased a substantial amount of Ether (ETH) and positioned itself as a “crypto‑treasury” player. The strategy paid off temporarily: when ETH surged to just under $5,000 in August 2025, ETHZilla’s shares climbed to a multi‑year peak of $107.
The subsequent crypto market correction erased much of that upside. The stock is now down more than 20 % year‑to‑date, reflecting the broader weakness of crypto‑linked equities. In December 2025, CEO and chair McAndrew Rudisill signaled a change in direction, indicating that the firm would focus on bringing institutional‑grade, on‑chain products backed by tangible assets to market.
The Rebrand
On Wednesday the company filed a press release with PR Newswire confirming that its legal name has been changed to Forum Markets, and it will operate under the brand “Forum.” The new ticker, FRMM, is slated for the opening of trading on Monday, subject to Nasdaq’s approval.
Rudisill described the rebrand as “the next step in our evolution toward a platform that links traditional capital markets with blockchain‑based financial infrastructure.” He added that Forum’s mission is to create on‑chain products that are transparent, regulated, and underpinned by real assets.
Tokenisation Activities
Forum’s shift to tokenisation is already materialising. In late January the company disclosed the acquisition of two commercial jet engines that are leased to a major U.S. airline. Those engines have been packaged into a digital token — the Eurus Aero Token I — and are now offered to investors as an on‑chain representation of a real‑world asset.
The firm also remains a significant holder of Ether. According to data from CoinGecko, Forum controls roughly 69,800 ETH, valued at about $144 million at current prices, making it the seventh‑largest corporate Ethereum holder.
Market Reaction
The 13 % price gain suggests that investors are receptive to the tokenisation narrative. After the post‑close rally, the stock traded flat in after‑hours, indicating that the initial optimism may have been priced in. Analysts note that the move could help the company distance itself from the volatility associated with pure crypto‑treasury models and align it with the growing institutional appetite for regulated tokenised assets.
However, the shift does not erase existing headwinds. The broader crypto sector continues to grapple with regulatory scrutiny, and tokenisation projects still face challenges around custody, valuation, and secondary‑market liquidity. Moreover, Forum’s existing ETH balance ties its balance sheet to the price swings of the underlying cryptocurrency.
Strategic Context
Forum’s rebrand mirrors a larger trend among crypto‑linked firms that are seeking sustainable business models beyond speculative token holdings. Wall Street has increasingly turned its focus to tokenisation platforms that promise compliance, auditability, and the ability to represent traditional assets such as real estate, equipment, or receivables on a blockchain.
The company’s earlier reliance on Ether as a treasury asset attracted attention from high‑profile investors, including Peter Thiel’s Founders Fund, which recently divested its stake amid the sector’s downturn. The pivot to tokenised RWAs may help Forum retain institutional capital that prefers assets with clear cash‑flow attribution rather than pure speculative exposure.
Key Takeaways
| Takeaway | Implication |
|---|---|
| Rebrand to Forum Markets | Signals a clean break from the “crypto‑treasury” identity and positions the firm as a tokenisation platform. |
| Ticker change to FRMM | May improve market perception and attract investors focused on regulated blockchain infrastructure. |
| 13 % share price uplift | Short‑term market enthusiasm for the new direction, but after‑hours flat trading suggests cautious optimism. |
| Tokenised jet‑engine assets | First concrete example of the company’s RWA strategy; success will hinge on demand for such tokens and the robustness of underlying lease contracts. |
| Large ETH holding | Provides liquidity for future token launches but also exposes the firm to ETH price volatility. |
| Industry trend | Aligns with a broader shift among crypto‑adjacent firms toward compliance‑driven tokenisation of tangible assets. |
| Regulatory outlook | Success will depend on navigating U.S. securities regulations and obtaining appropriate licences for token offerings. |
Outlook
Forum’s next milestones will likely include the launch of additional tokenised assets, progress on obtaining regulatory clearances for its token offerings, and the successful transition of its ticker on Nasdaq. If the company can demonstrate that its tokenised products attract sufficient institutional demand and maintain transparent governance, it could establish a viable niche in the emerging RWA market.
Conversely, the firm must manage the dual exposure to cryptocurrency price swings and the operational complexities of managing physical asset leases. Investors will be watching the performance of the Eurus Aero Token I and any forthcoming token offerings as barometers of Forum’s ability to execute its new strategy.
In short, the rebrand marks a decisive turn for a company that once rode the crypto‑treasury wave, positioning it within the growing, albeit still nascent, ecosystem of regulated tokenisation.
Source: https://cointelegraph.com/news/ethzilla-shares-jump-rebrand-forum-tokenization-pivot?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
