ETHZilla has dropped its identity as an Ethereum treasury-focused company and, on February 26, 2026, will rebrand as Forum Markets next month. The firm will also adopt a new Nasdaq ticker, FRMM, replacing ETHZ on the Nasdaq Capital Market starting March 2.
The decision formalizes a retreat of ETHZilla from its earlier strategy of holding Ethereum on its balance sheet and presenting its stock as a public market proxy for crypto exposure.
That model once attracted strong investor interest. However, the trend dwindled as market dynamics changed and the company’s stock price plummeted.
ETHZilla stock peaked at $107 on August 13, 2025. The rally followed plans to establish a $425 million Ethereum treasury after the company pivoted away from its former biotech business. At the time, investors viewed the move as a bold bet on digital assets.
The fervor was short-lived. The shares subsequently tanked as investors retreated and the company scaled back its cryptocurrency investments. Although the shares were up 13.3% to $3.91 on Thursday in reaction to the rebranding announcement, the stock is still down 96% from its high in August, according to Google Finance.
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Founders Fund Divests 7.5% ETHZilla Holding
The rebranding comes shortly after Peter Thiel left ETHZilla. Founders Fund, which previously held a 7.5% stake in the company, appears to have sold its holdings in the company, as filings with regulatory bodies show the sale took place in the fourth quarter of 2025.
Thiel’s holdings had once sparked a wave of enthusiasm over the treasury system in Ethereum. The shares appreciated last year when news broke that he had built a holdings position through his venture network. However, the stock subsequently dropped by 98% from its split-adjusted peak of $174.60, following a 1-for-10 split, according to Yahoo Finance.
The departure of a high-profile supporter brought more attention to the company’s one-asset treasury strategy. As Ethereum weakened, the company’s stock also moved in the same direction. Some analysts pointed out that this strategy relies on the sustained existence of equity premiums and favorable crypto cycles.
New Focus on Tokenized Real-World Assets
Under the Forum Markets umbrella, the company is attempting to transition towards tokenized assets that are collateralized by real-world assets. The management is keen on infrastructure that is regulated, as opposed to the company’s crypto assets.
Earlier this month, the company announced its focus on jet engine leasing and other aviation assets. This is a sign of the company’s efforts to diversify its revenue streams and stabilize the equity performance trajectory.
Analysts believe that companies focusing on treasuries must operate revenue-generating business lines and have diversified exposure to remain competitive. The Ethereum network, which is highly fragmented on the main chain and layer-2 chains, has brought a new level of complexity. The absence of a fixed supply cap is also cited as a reason for the scarcity narrative.
With the ticker FRMM set to be launched in early March, Forum Markets is looking to regain the trust of investors by adopting a more diversified strategy.
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