Key Insights:
- ETHZilla affirms the rebrand and changes to the Ether treasury’s asset tokenization model.
- The firm purchased 95 home loans and 2 jet engines for tokenization.
- Stock rose 13% but remains down over 20% this year
ETHZilla said it will rebrand as Forum Markets and adopt a new Nasdaq ticker next month, formalizing a strategic shift away from its balance-sheet Ethereum treasury model toward tokenized real-world assets. The rebranding reflects a structural change in the company’s business model. Chief Executive Officer McAndrew Rudisill stated that Forum Markets represents the firm’s focus on institutional-grade, on-chain financial products backed by real assets and delivered through regulated infrastructure.
ETHZilla Expands Into Real-World Asset Tokenization
Earlier this month, ETHZilla purchased a $4.7 million portfolio of 95 manufactured and modular home loans. The company said it plans to tokenize the loan portfolio on an Ethereum layer-2 network. According to the announcement, the portfolio is expected to yield more than 10% annually.
In a separate transaction, the firm acquired two CFM56-7B24 aircraft engines, which it intends to tokenize through Liquidity.io, a SEC-regulated alternative trading platform. The engines are leased to what the company identified as a leading U.S. air carrier. Earlier this month, the company began offering a token tied to the engines, named Eurus Aero Token I.
The firm stated that its future growth strategy centers on generating steady revenue and cash flow through its real-world asset platform. The pivot aligns with increased activity in tokenized asset offerings by exchanges such as Kraken and Binance, which have introduced tokenized products in recent months.
Following the announcement, Shares of ETHZilla, trading under the ticker ETHZ, closed Wednesday up more than 13% at $3.91 and were flat in after-hours trading. Despite the single-day gain, the stock remains down more than 20% year to date amid broader declines in crypto-related equities.
The company’s earlier crypto treasury strategy had positioned its shares as a public proxy for Ethereum. At its peak in August, the stock reached $107 per share as Ether traded near $4,950. However, as crypto markets reversed, ETHZilla’s share price declined sharply alongside other companies that had adopted similar treasury models. The firm reduced portions of its crypto holdings during the downturn.
From Biotech to Ethereum Treasury and Beyond
ETHZilla was formerly known as 180 Life Sciences, a biotech company that rebranded in July 2025 to pursue an Ethereum treasury strategy. During that period, it raised approximately $565 million to expand its Ether reserves.
The company attracted early investors, including Peter Thiel, who contributed to strong initial market interest. According to CoinGecko data, ETHZilla currently holds 69,802 ETH, valued at approximately $143.7 million at a stated Ether price of $2,060. The company ranks as the seventh-largest corporate holder of Ether. However, as cryptocurrency markets cooled and Ether’s price declined, the company’s stock fell sharply.
As Wall Street’s focus shifted from crypto treasury models to tokenization platforms, Rudisill announced in December that the company would pivot toward bringing real-world assets on-chain. The company acknowledged in prior disclosures that reliance on a single-asset treasury model introduced volatility tied directly to Ether price movements. As the digital asset market weakened, the stock declined significantly from its peak.
Transition Toward Forum Markets
The planned rebrand to Forum Markets formalizes the company’s pivot announced in December, when management stated it would focus on bringing real-world assets on-chain through tokenization. The new plan focuses on structured financial products supported by income-producing assets rather than holding Ether as a key balance-sheet asset.
The company, under the Forum Markets brand, plans to diversify its real-world asset platform, initially launching it with loan portfolios and aviation-related assets. The change marks a break from its former role as a crypto treasury vehicle.
The new Nasdaq ticker will accompany the rebrand next month, completing the transition from ETHZilla’s Ethereum-focused identity to a tokenization-focused financial model.
