ETHZilla, the publicly traded company that bet its business model on holding Ethereum as a corporate treasury, is shuttering the strategy and rebranding as Forum Markets with a new Nasdaq ticker FRMM. The shift marks a dramatic reversal from the company's stated mission to become a public proxy for Ethereum exposure just months after its share price collapsed nearly 96% from an August 2025 peak.
The company announced plans for a $425 million Ethereum treasury in August 2025, sending shares soaring to $107. The rally proved short-lived as investors fled the position, eroding virtually all gains from the announcement. ETHZilla's pivot away from cryptocurrency holdings reflects broader challenges facing traditional finance companies attempting to integrate digital assets into their core operations.
Forum Markets will now focus on real-world asset tokenization rather than direct cryptocurrency holdings. The rebranding signals a strategic retreat from the company's original thesis that public equity markets would embrace Ethereum-backed treasuries as a capital allocation tool—a bet that failed to attract sustained institutional demand.