Key Highlights
The company will adopt the Forum Markets name and transition to the FRMM Nasdaq ticker symbol on March 2, subject to regulatory approval.
Management will redirect corporate strategy away from maintaining large Ethereum reserves toward developing tokenized real-world asset offerings.
CEO McAndrew Rudisill stated the rebrand represents a commitment to regulated on-chain investment vehicles supported by tangible assets.
The firm built up Ether reserves during the crypto treasury trend’s height and reached a share price of $107 in August 2025.
Current Ethereum holdings stand at 69,802 ETH with an approximate market value of $143.7 million.
The company known as ETHZilla will transform into Forum Markets and begin trading under the FRMM ticker on Nasdaq starting March 2, subject to final approval. Company leadership revealed the strategic transformation on Feb. 25, emphasizing a new direction centered on tokenizing real-world assets. The move marks a departure from its previous emphasis on accumulating substantial Ethereum treasury positions.
Company abandons Ethereum treasury approach
The ETHZ ticker will be replaced by FRMM as the company completes its transformation to Forum Markets. Leadership characterized the change as a fundamental restructuring of corporate strategy. The firm will transition away from maintaining a leveraged Ethereum balance sheet toward developing products based on tokenized assets.
McAndrew Rudisill, serving as Chairman and Chief Executive, explained the strategic rationale behind the transformation. He stated, “Forum embodies our belief that the next generation of financial markets will be built around institutional-grade, on-chain products.” He emphasized these offerings will feature backing from tangible assets and operate within regulated frameworks.
The organization previously functioned as 180 Life Sciences before rebranding to ETHZilla in July 2025. Management initiated Ether accumulation when corporate crypto treasury strategies gained momentum. Stock valuations surged to $107 in August while Ethereum neared $4,950 and the company announced expanded acquisition plans.
Market conditions shifted as cryptocurrency valuations dropped and investor appetite for leveraged digital asset exposure diminished. The company’s share price tumbled significantly from peak valuations. Management responded by reducing cryptocurrency positions and implementing buyback programs to address the discount between market price and underlying asset value.
Tokenization becomes central business focus
Forum Markets will concentrate resources on organizing and consolidating revenue-producing assets for tokenization purposes. Leadership clarified that equity shares will no longer function as a direct Ethereum proxy. The company will instead develop offerings supported by tangible cash-generating operations.
Current treasury holdings include 69,802 ETH worth approximately $143.7 million. Market data from CoinGecko shows Ether trading at $2,060 in recent sessions. This reserve positions the organization among prominent corporate Ethereum holders.
Recent weeks saw the company purchase two commercial aircraft engines under lease to a prominent US airline. Management simultaneously introduced Eurus Aero Token I, enabling fractional ownership of aviation lease revenue streams. The token operates on Ethereum infrastructure and distributes income generated from engine leases.
Disclosure documents revealed that Peter Thiel’s Founders Fund sold its complete stake in the company. The investment firm had maintained a 7.5% ownership position disclosed in August 2025. The divestment occurred alongside broader challenges facing Ethereum-focused treasury companies during market volatility.
Equity values jumped more than 13% to $3.91 following the rebranding disclosure. Year-to-date performance still shows a decline exceeding 20%, with current levels far below 2025 peaks. The FRMM ticker will become active on March 2, pending Nasdaq confirmation.
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