Forum Markets, formerly ETHZilla (EXCHANGE: ETHZ), unveiled a comprehensive rebranding on Wednesday that signals a strategic departure from a crypto-treasury play toward tokenizing real-world assets on-chain. The company said it will operate under the Forum brand and will begin trading as FRMM (EXCHANGE: FRMM) once Nasdaq approves the ticker switch for market open next week. The move reflects a broader shift in the market as investors weigh the sustainability of crypto-backed balance sheets against regulated infrastructure that can support asset tokenization, governance transparency, and scalable on-chain settlement. The leadership frames the pivot as a move toward institutional-grade, on-chain products backed by real assets, governed by transparency, and delivered through regulated infrastructure.
The stock reaction on Wednesday offered a snapshot of investor sentiment: ETHZilla shares rose about 13% to close near $3.91, a move that underscored either relief or curiosity about the pivot. After-hours trading remained flat relative to the day’s close, signaling cautious enthusiasm rather than a sustained breakout. Year-to-date, the stock has fallen more than 20%, mirroring a broader rout in assets tied to digital markets and a disconnect between crypto prices and traditional equities.
The company’s evolution traces back to a bold bet on ether and tokenized assets. The entity originally acquired Ether (CRYPTO: ETH) holdings after extending its biotech roots into the crypto space around mid-2025. The strategy later evolved toward tokenized real assets, with a notable pivot announced in December to bring real-world assets on-chain through tokenization rather than maintaining a crypto-heavy treasury alone. This pivot laid the groundwork for tangible experiments in asset-backed tokenization, including ventures into tokenized aircraft assets.
Among the notable initiatives is Eurus Aero Token I, a token tied to two commercial jet engines leased to a major U.S. carrier. The engines are among the first tangible asset classes on Forum’s radar as it builds a platform intended to connect real-world assets with on-chain representation. The approach seeks to marry investor access to physical assets with the efficiency and transparency of blockchain-based issuance and settlement. The move also includes expanding the company’s asset register, with Ether holdings forming a historical base for its capitalization strategy and governance framework.
Industry observers have noted that the crypto-treasury concept, once a darling of speculative investors, has faced headwinds amid a broader downturn in crypto markets. As a result, Forum’s rebranding appears part of a larger trend toward tokenization firms seeking regulated, asset-backed exposure rather than concentrated bets on cryptocurrency prices. The strategy also aligns with market demand for governance structures and regulatory-compliant pathways to on-chain asset ownership, which could appeal to institutional participants wary of crypto volatility while still seeking on-chain liquidity and transparency.
The story of ETHZilla’s evolution—from biotech–crypto hybrid to a tokenization-focused platform—also reflects how market perception has shifted since the height of the crypto treasury trend. The company’s investor base has included notable names such as Peter Thiel’s Founders Fund, which had taken a stake in ETHZilla but subsequently exited amid the sector-wide reevaluation of crypto treasury holdings. That exit underscores the risk-reward calculus now guiding capital toward on-chain representations of real assets rather than pure crypto holdings.
As Forum Markets advances, the road ahead will hinge on regulatory clarity, Nasdaq’s approval of the FRMM ticker, and the platform’s ability to demonstrate scalable integrations with traditional financial markets. The company’s financials, asset mix, and partnerships will be closely watched for signs that tokenization can deliver predictable income streams and governance that investors can rely on within a regulated context. The pivot is ambitious, but it sits at the nexus of what many see as the future of capital markets: on-chain, asset-backed, and governed by transparent rules.
Key takeaways
- The rebrand marks a strategic shift from a crypto-treasury approach to a tokenization-focused platform aiming to connect traditional capital markets with blockchain-backed real assets.
- Forum Markets will trade under FRMM after Nasdaq approval, reflecting the company’s transition to a regulated, asset-backed model rather than a pure crypto-positioning strategy.
- Investor reaction was positive in the short term, with ETHZilla’s shares rising about 13% on the news, though the year-to-date performance remains negative amid broader crypto market volatility.
- The pivot encompasses tangible asset ventures, including Eurus Aero Token I tied to two jet engines leased to a U.S. air carrier, illustrating the real-world use case the company envisions for on-chain tokenization.
- Past investor dynamics—such as the exit of notable backers like Founders Fund—highlight evolving risk assessments as markets shift toward regulated asset-backed on-chain structures.
Tickers mentioned: $ETH, $FRMM, $ETHZ
Sentiment: Neutral
Price impact: Positive. The rebrand news drove ETHZilla shares up about 13% intraday, signaling initial investor optimism about the strategic pivot.
Market context: The move comes as crypto equities face volatility and a broader reassessment of crypto-treasury strategies, with a growing interest in tokenization of real-world assets as a potential hedge against crypto price swings and as a path to regulated, on-chain liquidity.
Why it matters
The Forum Markets transformation is significant because it signals a broader shift in how market participants view on-chain access to real assets. Tokenization promises to unlock liquidity for otherwise illiquid assets, provided there is a robust governance and regulatory framework. If Forum can demonstrate scale, transparent custody, and reliable on-chain settlement for assets like engines or other tangible collateral, it could provide a template for other asset-backed token offerings, attracting institutional capital that has remained cautious about direct crypto exposure.
The narrative around real-world asset (RWA) tokenization is gaining traction as a way to marry the efficiency and transparency of blockchain with the familiar governance structures of traditional markets. Forum’s emphasis on regulated infrastructure and on-chain governance aims to address concerns about custody, valuation, and compliance that have historically limited institutional participation in tokenized assets. While the path to broad adoption remains uncertain, the company’s approach aligns with investor interest in assets that combine on-chain accessibility with real-world collateral and governed frameworks.
On a practical level, the Jet Engine token and other RWAs under development could serve as early proofs of concept for what tokenized asset markets can look like in the near term. However, the sector’s success will depend on regulatory clarity, the demonstration of credible risk controls, and the ability to deliver consistent, scalable tokenization that adheres to traditional financial standards. Forum’s leadership has framed the pivot as a deliberate move to build institutional-grade products, which could attract larger clients if the platform proves capable of meeting stringent due diligence and reporting requirements.
What to watch next
- Nasdaq approval and the market open date for the FRMM ticker, signaling the formal transition to Forum Markets’ new branding and platform focus.
- Progress and governance milestones around Eurus Aero Token I and other RWAs, including third-party audits and asset-backed valuation disclosures.
- Updates on partnerships or client onboarding that demonstrate real-world use cases for tokenized assets within regulated ecosystems.
- Regulatory developments related to tokenized assets and on-chain infrastructure that could impact custody, settlement, and reporting requirements.
- Subsequent trading performance of FRMM and any material changes in the company’s asset mix or financing structure.
Sources & verification
- Official press release announcing ETHZilla’s rename to Forum Markets and the FRMM ticker transition.
- Details on Eurus Aero Token I and the tokenization of two commercial jet engines.
- CoinGecko data on ETH holdings and ETHZilla’s ranking as a corporate holder of Ether.
- Cointelegraph coverage of ETHZilla’s pivot, including discussions of Founders Fund’s stake adjustments.
- Public market data showing Wednesday’s stock move to about $3.91 and after-hours trading behavior.
What the story means for investors and the market
Forum Markets’ rebranding to FRMM and its pivot toward real-world asset tokenization could shape how investors assess crypto-linked equities. If the company can demonstrate credible asset backing, regulatory compliance, and scalable on-chain processes, it may attract institutional participants seeking regulated exposure to tokenized assets rather than pure crypto bets. The path requires navigating the complexities of asset valuation, custody, and governance, but the potential payoff—broader market liquidity for tangible assets via on-chain tools—could be meaningful for the trajectory of tokenization across traditional markets.
What to watch next
- Nasdaq approval and FRMM trading start date
- Progress on Eurus Aero Token I and other RWAs
- Regulatory guidance impacting on-chain asset tokenization
- Institutional partnerships and asset pipelines announced by Forum