Publicly Listed Firm Holding Large Ethereum Reserves Changes Name, Abandons ETH-Centric Strategy

▲ Ethereum (ETH)

ETHZilla (ETHZ), once a publicly traded company that drew market attention for holding a large amount of Ethereum on its balance sheet, has decided to change its corporate name and completely overhaul its business model after suffering a stock price collapse and investor exodus. The company will fully withdraw from its Ethereum-centered asset strategy.

According to a February 25 (local time) report, the Nasdaq-listed firm will change its name to Forum Markets starting next month and adopt the new ticker symbol FRMM. The move reflects a strategic shift to reduce the proportion of Ethereum (ETH) on its balance sheet and transition into a real-world asset tokenization business. The company had previously attracted significant attention when it pivoted from a biotech firm to an Ethereum treasury-focused enterprise.

In August 2025, ETHZilla announced plans to build a $425 million Ethereum treasury, sending its stock soaring to $107. However, as Ethereum’s price declined, the stock began to plunge and is now trading in the $3 range, down about 96% from its peak. The crisis deepened as major investors exited. Earlier this month, Peter Thiel’s Founders Fund liquidated its entire stake, signaling that early backers had turned away.

Recognizing the limitations of a single-asset strategy dependent on Ethereum’s price, the company has recently shifted its focus to revenue-generating real-world asset sectors, such as the tokenization of aircraft engine leasing assets. Experts say the case highlights the vulnerability of single-asset treasury strategies that are highly sensitive to market conditions. Vincent Liu, Chief Investment Officer at quantitative trading firm Kronos Research, noted that for treasury-focused firms to survive long term, a business model that generates revenue—beyond simply holding assets—is essential.

Liu also added that fragmentation within the Ethereum network and the absence of a hard supply cap have weakened the narrative for Ethereum-centric publicly listed companies. ETHZilla’s exit underscores the strategic challenges faced by public firms amid crypto market volatility. Attention is now focused on whether Forum Markets, under its new name, can shed its image as a proxy Ethereum investment and successfully establish itself in the real-world asset tokenization market.

The risks arising when a company’s financial strategy becomes overly synchronized with the price of a specific asset are factors investors must carefully consider. The market is watching closely to see whether the transformation into Forum Markets can create a new breakthrough in the real-world asset sector. Rather than reacting to short-term price fluctuations, investors need to closely examine substantive changes in a company’s underlying revenue structure.

Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.