ETHZilla Removes Ethereum Treasury Tag in Rebranding After Share Price Collapse

Former Ethereum treasury firm ETHZilla said it will change its name to Forum Markets and adopt a new Nasdaq symbol next month, formalizing a shift from balance sheet crypto exposure to real-world tokenized assets.

The move marks a departure from the company’s previous strategy of positioning its stock as a public representative of Ethereum, an approach that backfired when the stock fell sharply from last year’s highs and the company reduced its cryptocurrency holdings.

ETHZilla shares peaked at $107 on August 13, 2025, shortly after the company announced plans to build a $425 million Ethereum treasury following a pivot to its former biotech business.

The strategy initially attracted investor interest, but then fell apart when the stock price fell, investors pulled out, and the company began selling assets to reduce its exposure.

Shares rose 13.3% on Wednesday to $3.91 following the rebranding announcement, although the stock is still down about 96% from its August high, according to data from Google Finance.

Under the name Forum Markets, 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.

Rebranding follows Peter Thiel’s Founders Fund leaving his position in ETHZilla earlier this month. The departure of a prominent early backer came as shares fell sharply and the company’s positioning as a publicly traded proxy for ETH exposure attracted increased scrutiny.

Earlier this month, the company said that pivot in leasing jet engines and other aviation-related assets to further bolster its business model and capital performance amid a weakening Ethereum price.

“Single-asset treasury strategies are highly dependent on strong market conditions and sustained equity premiums,” said Vincent Liu, chief investment officer at quantitative trading firm Kronos Research. Decipher.

“Treasury-focused companies ultimately need revenue-generating businesses and broader asset exposure to remain relevant over the long term,” Liu said.

Such strategies, like Forum’s previous efforts, could be considered “fragile because their value is closely tied to network activity,” thus creating “a correlation trap where purchasing power weakens during ecosystem crises,” he explained.

That vulnerability is compounded by fragmentation on Ethereum’s mainnet and its layer 2 chains, which Liu says dilutes its narrative and premium. This condition, he said, is “further undermined by the absence of a strict supply limit, which leaves its long-term shortage proposal in doubt.”

Forum Markets is expected to begin trading under the symbol “FRMM” on March 2, after previously trading under the symbol “ETHZ” on the Nasdaq Capital Market.