ETHZilla Retreats From Crypto Exposure, Launches RWA-Focused Rebrand
Forum Markets drops the single-asset ETH treasury model and shifts toward revenue-backed, tokenized real-world assets.
Former Ethereum treasury firm ETHZilla will rebrand as Forum Markets and adopt a new Nasdaq ticker next month. The move formalizes a retreat from balance-sheet crypto exposure toward tokenized real-world assets.
Forum Markets Launches With FRMM Ticker Following Ethereum-Linked Stock Crash
Forum Markets will begin trading under the new stock symbol “FRMM” on March 2. It will replace its old ticker, “ETHZ,” on the Nasdaq exchange. CEO McAndrew Rudisill said the new name reflects a shift toward building regulated financial products backed by real assets.
“Forum embodies our belief that the next generation of financial markets will be built around institutional-grade, on-chain products backed by real assets, governed by transparency, and delivered through regulated infrastructure.”
McAndrew Rudisill said.
ETHZilla attracted strong market interest when it announced plans to build a $425 million Ethereum treasury. Investors pushed the stock up to $107 in August 2025. The company had previously operated as a biotech business but shifted its focus to holding Ethereum, treating it like a public stock tied to ETH’s price.
Interest faded as Ethereum’s price dropped. Stock fell sharply as investors sold and the company reduced its crypto holdings. The shares recently rose 13.3% to $3.91 after the rebrand news. Even so, the price remains about 96% below its peak.
Crypto Treasury Model Faces ‘Correlation Trap,’ Says Kronos Research CIO
Pressure intensified earlier this month when Peter Thiel’s Founders Fund exited its stake. The departure of a high-profile backer added scrutiny to a strategy closely tied to Ethereum’s price performance. Investors increasingly questioned the sustainability of a single-asset treasury model during prolonged market weakness.
Forum Markets now plans to focus on tokenized products backed by real-world assets. Earlier this month, the firm also signaled interest in jet engine leasing and other aviation assets. Management said such assets could provide steadier cash flow and reduce reliance on crypto price cycles.
Vincent Liu, chief investment officer at quantitative trading firm Kronos Research, said single-asset strategies depend heavily on strong market conditions and sustained equity premiums. Firms focused on treasury exposure need revenue-generating operations and diversified assets to remain viable in the long term, he told Decrypt.
Liu described such models as fragile because valuations move closely with network activity. Downturns can weaken purchasing power and compress premiums, creating what he called a “correlation trap.”
Ethereum’s structure has become more layered and complex. Activity now happens across the main network and multiple layer-2 chains. That split can make the story around Ethereum less clear and may weaken investors’ view of its long-term value.
In the absence of a fixed supply limit, some institutional investors see this as a risk when considering long-term scarcity and price support.
Forum Markets’ decision to change direction fits a wider trend. Many public companies linked to crypto are moving away from holding a single token and seeking steadier, income-based business models.
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