ETHZilla Drops Ethereum Treasury Label in Rebrand After Share Price Collapse

In brief

• ETHZilla will rebrand as Forum Markets and trade as FRMM on Nasdaq at the start of March
• The move follows a week after investors exited as it turned away from an Ethereum balance sheet model.
• Observers say single-asset treasury strategies depend on sustained equity premiums and strong market conditions.

Former Ethereum treasury firm ETHZilla said it will rebrand as Forum Markets and adopt a new Nasdaq ticker next month, formalizing a shift away from balance-sheet crypto exposure toward tokenized real-world assets. The move marks a departure from the company’s earlier strategy of positioning its shares as a public proxy for Ethereum, an approach that faltered as the stock fell sharply from last year’s highs and the firm reduced its crypto holdings. ETHZilla’s shares peaked at $107 on August 13, 2025, shortly after the company announced plans to build a $425 million Ethereum treasury following a pivot from its former biotech business. 

The strategy initially drew investor interest but later unraveled as the share price declined, investors exited, and the company began selling assets to scale back its exposure. Shares rose 13.3% on Wednesday to $3.91 following the rebranding announcement, though the stock remains down about 96% from its August peak, according to Google Finance data. Under the Forum Markets name, the company said it plans to focus on developing tokenized products backed by real-world assets, using regulated infrastructure rather than holding large crypto positions on its balance sheet. The rebrand follows Peter Thiel’s Founders Fund exiting its position in ETHZilla earlier this month. The departure of a prominent early backer came as the stock slid sharply, and the firm’s positioning as a publicly traded proxy for ETH exposure drew increased scrutiny.

Earlier this month, the company said it would pivot into jet engine leasing and other aviation-related assets to further bolster its business model and equity performance amid a weakening Ethereum price. “Single-asset treasury strategies are highly dependent on strong market conditions and sustained equity premiums,” Vincent Liu, chief investment officer at quantitative trading firm Kronos Research, told Decrypt. “Treasury-focused firms ultimately need revenue-generating businesses and broader asset exposure to remain relevant long term,” Liu said. Such strategies, like Forum’s previous endeavors, could be considered “fragile because its value is tightly linked to network activity,” thereby creating “a correlation trap where purchasing power weakens during ecosystem downturns,” he explained. That vulnerability is compounded by fragmentation across Ethereum’s main network and its layer-2 chains, which Liu said dilutes its narrative and premium. This condition, he said, is “further undermined by the absence of a hard supply cap, leaving its long-term scarcity proposition open to question.” Forum Markets is expected to begin trading under the ticker symbol “FRMM” on March 2, after previously trading under the ticker “ETHZ” on the Nasdaq Capital Market.