Forum Markets Sees ETHZilla Shares Surge 13 Percent in New York After Rebranding and Shifting from Crypto Treasury to Tokenization Business

It was a big Wednesday for ETHZilla. The company’s shares jumped 13% after it officially announced a sweeping rebrand.

ETHZilla is now called Forum Markets, and it will simply do business as Forum going forward.

Along with the name change comes a new ticker symbol — “FRMM” — which is expected to take effect at market open on Monday, pending approval from Nasdaq.

This isn’t just a cosmetic makeover.

According to the company, the new identity marks a deeper shift away from its crypto treasury experiment and toward something it believes is more sustainable: tokenization.

From Crypto Hoarder to Market Infrastructure Player

For anyone who has followed the company’s twists and turns, this pivot feels like the latest chapter in a dramatic reinvention story.

Not long ago, the firm was a biotech outfit called 180 Life Sciences.

In mid-2025, at the height of crypto treasury fever, it rebranded to ETHZilla and began accumulating large amounts of Ether.

The strategy was simple: buy and hold ETH as a corporate treasury asset, ride the wave, and benefit from rising prices.

When Ether surged close to $4,950 last summer, the plan looked genius.

The company’s stock rocketed to a multi-year high of $107 by August.

But what goes up fast in crypto often comes down even faster.

The Market Rout That Changed Everything

A broad digital asset selloff this year has dragged down not just cryptocurrencies but also companies closely tied to them.

ETHZilla’s shares are now down more than 20% year-to-date.

Wednesday’s 13% surge to $3.91 was a welcome relief, though after-hours trading showed the stock flattening out.

As enthusiasm for crypto treasury plays cooled on Wall Street, investor appetite shifted.

The new buzzword became “tokenization” — bringing real-world assets onto blockchain rails.

Institutional investors started looking for regulated, asset-backed on-chain products rather than companies simply stockpiling crypto.

ETHZilla read the room.

The Tokenization Bet

Back in December, CEO and Chair McAndrew Rudisill signaled the company would move toward tokenizing real-world assets.

The rebrand to Forum Markets formalizes that transition.

Rudisill framed the vision in ambitious terms, describing a future where financial markets are built around institutional-grade, on-chain products backed by tangible assets and delivered through regulated infrastructure.

In other words, less speculation, more structure.

And the company hasn’t wasted time putting that plan into motion.

Jet Engines on the Blockchain

In a move that raised eyebrows, the firm purchased two commercial jet engines leased to what it described as a “leading US air carrier.”

Instead of just holding the engines as conventional assets, Forum began offering a token linked to them earlier this month — Eurus Aero Token I.

The idea is to give investors exposure to income-generating, real-world assets through blockchain-based instruments.

Aviation leasing is typically dominated by major financial institutions and specialized funds.

By tokenizing such assets, Forum hopes to tap into a broader investor base while maintaining institutional standards.

It’s a far cry from the days of simply buying Ether and waiting for price appreciation.

Still a Major Ether Holder

Even as it pivots, the company remains deeply tied to crypto.

Forum currently holds 69,802 ETH — worth roughly $143.7 million at today’s price of about $2,060 per coin.

That makes it the seventh-largest corporate holder of Ether, according to CoinGecko.

So while it’s stepping back from the “crypto treasury company” label, it hasn’t exactly exited the digital asset space.

Instead, it appears to be repositioning itself — using blockchain technology as infrastructure rather than as a speculative balance-sheet play.

A Broader Industry Shift

Forum’s transition mirrors a larger evolution across crypto-linked public companies.

In 2025, piling crypto onto corporate balance sheets became trendy, inspired in part by the playbook popularized by firms like MicroStrategy in the Bitcoin space.

But as volatility intensified and regulatory scrutiny grew, the shine wore off.

Meanwhile, tokenization — especially of real-world assets like bonds, private credit, real estate, and even aircraft equipment — has gained traction among banks and asset managers.

Major financial institutions have begun experimenting with on-chain settlement and digital asset issuance, viewing blockchain less as a casino and more as plumbing.

Forum is betting that this is where the long-term opportunity lies.

What’s Next?

The immediate next milestone is the official ticker change to FRMM, assuming Nasdaq signs off.

Beyond that, investors will be watching for proof that Forum’s tokenization strategy can generate steady, scalable revenue.

Key questions remain:

• Will institutional investors embrace its tokenized aviation products?

• Can the company expand beyond jet engines into other real-world asset classes?

• And how will it manage its sizable ETH holdings if crypto markets remain volatile?

Execution will matter far more than branding from here on out.

Summary

ETHZilla’s 13% stock jump followed its decision to rebrand as Forum Markets and shift away from a crypto treasury model toward tokenizing real-world assets.

Once a biotech firm called 180 Life Sciences, the company rode the 2025 crypto wave by stockpiling Ether, sending its shares soaring — only to see them collapse during a market downturn.

Now operating as Forum and preparing to trade under the ticker FRMM, the company is positioning itself as a bridge between traditional capital markets and blockchain-based infrastructure.

With jet engines already tokenized and nearly 70,000 ETH still on its books, Forum is attempting a delicate balancing act — keeping one foot in crypto while building a business model that aims to outlast the hype cycle.