{"id":"forum-markets-ethzilla","title":"Forum Markets (ETHZilla)","content":"**ETHZilla**, which announced in February 2026 that it would rebrand to **Forum Markets**, is a publicly traded technology company that transitioned from the biotechnology sector to focus on the [digital asset](https://iq.wiki/wiki/digital-assets) economy. Originally known as 180 Life Sciences Corp., the company rebranded in 2025 and initially adopted a \"Digital Asset Treasury\" (DAT) strategy centered on acquiring and managing a significant corporate treasury of Ether (ETH). [\\[7\\]](#cite-id-IPtpF2a6vLOSH1Ho) \n\nIn late 2025, ETHZilla shifted its primary strategic focus to the tokenization of Real-World Assets (RWA), utilizing its ETH holdings as a source of capital for corporate finance activities. The company's business model also includes iGaming operations and legacy biotech assets. ETHZilla was notably backed by investor Peter Thiel, though his fund later exited its position in late 2025.\n\nIn February 2026, the company announced a rebrand to Forum Markets to formalize its strategic emphasis on RWA tokenization over its prior treasury-holding model. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc) [\\[2\\]](#cite-id-PINkqERNidJ7cDgV) [\\[6\\]](#cite-id-jgAkH2EHJPlrFrLE)​\n\n## History\n\n### Biotechnology Origins\n\nPrior to its entry into the digital asset space, the company operated as 180 Life Sciences Corp. (SEC CIK: 1690080), a clinical-stage biotechnology firm. Its work was primarily focused on developing therapeutics for medical conditions involving chronic pain, inflammation, and fibrosis. The company's intellectual property from this era included programs related to anti-tumor necrosis factor (TNF) and cannabidiol derivatives. [\\[3\\]](#cite-id-I7kDeHHzkOOdmnfj) [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc)​\n\n### Pivot to Digital Assets and iGaming\n\nETHZilla began a significant strategic pivot in late 2024. In September 2024, the company acquired the source code and intellectual property for an online blockchain casino platform, which marked its first major step into a new business sector. This move was followed by a comprehensive restructuring and rebranding effort in mid-2025. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc)​\n\nIn July 2025, the company announced its adoption of an \"innovative [Ethereum](https://iq.wiki/wiki/ethereum) Treasury [Strategy](https://iq.wiki/wiki/strategy)\" and a major Private Investment in Public Equity (PIPE) offering to fund it. The financing, which closed on August 4, 2025, was reported to be a 156.25 million in senior secured convertible notes to an institutional investor, which closed on August 8, 2025. On August 18, 2025, the company officially changed its name to ETHZilla Corporation and its Nasdaq ticker symbol to ETHZ. The news of Thiel's investment and the disclosure of its substantial ETH holdings caused the company's stock price to increase by over 90% in August 2025. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc) [\\[2\\]](#cite-id-PINkqERNidJ7cDgV)​\n\n### Shift to RWA Tokenization\n\nIn late 2025, amid a market environment that saw the price of [Ethereum](https://iq.wiki/wiki/ethereum) decline, ETHZilla initiated another strategic evolution. In a shareholder letter in early December 2025, the company detailed a new direction focused on the tokenization of Real-World Assets (RWA) as its primary revenue and cash flow driver. [\\[2\\]](#cite-id-PINkqERNidJ7cDgV)​\n\nThis strategic shift was formalized on December 22, 2025, when the company announced it had sold 24,291 ETH for approximately $74.5 million. The stated purpose of the sale was to redeem its outstanding senior secured convertible notes and reduce its debt load. In a public statement, the company noted, \"In the future, the company believes its value will be driven by revenue and cash flow growth from our RWA tokenization business.\" Concurrent with this pivot, ETHZilla discontinued the public Multiple of Net Asset Value (mNAV) dashboard on its website, a key metric associated with its a former treasury-focused strategy. [\\[2\\]](#cite-id-PINkqERNidJ7cDgV) [\\[4\\]](#cite-id-UzaJNBMs6Spuzir1)​\n\n### Rebrand to Forum Markets\n\nOn February 26, 2026, ETHZilla announced it would undergo a corporate rebrand to **Forum Markets**. The change, slated to be effective on March 2, 2026, would also see its Nasdaq ticker symbol change to FRMM. The move was presented as the final step in its strategic evolution away from its identity as a public proxy for [Ethereum](https://iq.wiki/wiki/ethereum). \n\nThe new focus is on developing tokenized products backed by real-world assets through regulated infrastructure, a significant departure from its former treasury-holding strategy. [\\[6\\]](#cite-id-jgAkH2EHJPlrFrLE)​\n\nThe rebrand followed a period of significant challenges for the company. Its stock price collapsed by approximately 96% from a peak of 3.91 by the time of the announcement. The shift also came after key early investors exited their positions; Peter Thiel's Founders Fund reportedly sold its entire stake in the fourth quarter of 2025. Prior to the rebrand, the company had already begun diversifying into other RWA sectors, such as jet engine leasing. [\\[6\\]](#cite-id-jgAkH2EHJPlrFrLE)​\n\nCommenting on the challenges faced by companies with similar strategies, Kronos Research CIO Vincent Liu noted that \"single-asset treasury strategies are highly dependent on strong market conditions and sustained equity premiums.\" He added that such firms \"ultimately need revenue-generating businesses and broader asset exposure to remain relevant long term,\" pointing to a \"correlation trap\" where the company's purchasing power weakens during market downturns. [\\[6\\]](#cite-id-jgAkH2EHJPlrFrLE)​\n\n## Business Model and Strategy\n\nETHZilla operates a multi-faceted business model that combines its focus on RWA tokenization with an actively managed digital asset treasury, iGaming operations, and legacy biotech assets. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc)​\n\n### Real-World Asset (RWA) Tokenization\n\nAs of late 2025, RWA tokenization is ETHZilla's primary strategic focus. The company aims to generate recurring revenue by bringing traditional, off-chain assets onto the blockchain. The target asset classes for tokenization include auto loans, manufactured home loans, aerospace equipment, and real estate. [\\[2\\]](#cite-id-PINkqERNidJ7cDgV)​\n\nAs part of this strategy, ETHZilla entered into a definitive agreement with Zippy, a company specializing in manufactured home loans. The partnership aims to tokenize these loans on-chain. As part of the agreement, ETHZilla also acquired a 15% equity stake in Zippy. The company's stated mission is to connect traditional financial systems with decentralized finance by offering services like asset tokenization, DeFi protocol integration, and asset conversion gateways. [\\[5\\]](#cite-id-MoWlrToOl2TVtQqJ)​\n\n### Ethereum Treasury Management\n\nETHZilla's initial business model was centered on a Digital Asset Treasury (DAT) strategy, with the primary objective to \"accumulate more ETH per share over time.\" While this is no longer the central focus, the company continues to manage a significant treasury of Ether, which is now used as a strategic asset to fund corporate activities, including debt reduction and stock repurchases. [\\[3\\]](#cite-id-I7kDeHHzkOOdmnfj) [\\[4\\]](#cite-id-UzaJNBMs6Spuzir1)​\n\nThe treasury's management is handled by Electric Treasury Edge, LLC, an affiliate of venture capital firm [Electric Capital](https://iq.wiki/wiki/electric-capital), under a discretionary Asset Management Agreement. Strategic advice is provided by a \"DeFi Council\" composed of capital markets experts, [Ethereum](https://iq.wiki/wiki/ethereum) engineers, and DeFi founders. The company's methodology for its treasury goes beyond simple holding and includes actively generating yield through on-chain activities such as staking on the [Ethereum](https://iq.wiki/wiki/ethereum) network and restaking to secure other protocols for additional rewards. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc) [\\[3\\]](#cite-id-I7kDeHHzkOOdmnfj)​\n\n### iGaming Operations\n\nETHZilla maintains a business vertical in the iGaming sector, built upon the blockchain casino platform intellectual property it acquired in 2024. The platform is designed to support transactions in both cryptocurrency and traditional fiat money. The company's strategy for this division has two main components:\n\n* **Business-to-Consumer (B2C):** An initial focus on launching a consumer-facing online casino.\n* **Business-to-Business (B2B):** A longer-term plan to offer its platform as a white-label solution for other gaming operators.\n\nManagement has also stated intentions to use its public listing and technology to act as a consolidation vehicle in the iGaming industry by evaluating potential acquisitions. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc)​\n\n### Legacy Biotechnology Assets\n\nThe company retains the intellectual property and assets from its time as 180 Life Sciences. These legacy programs are related to fibrosis, anti-TNF treatments, and cannabidiol derivatives. However, research and development on these programs have been \"slowed down significantly\" due to the reallocation of resources to the company's digital asset and iGaming ventures. ETHZilla is actively exploring strategic options to monetize these biotech assets. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc)​\n\n## Corporate Affairs and Finances\n\n### Corporate Governance\n\nETHZilla is incorporated in Delaware and is headquartered in Palm Beach, Florida. The company's leadership team and board underwent changes following its 2025 strategic pivot. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc)​\n\n**Key personnel include:**\n\n* **Blair Jordan:** Chief Executive Officer\n* **McAndrew Rudisill:** Executive Chairman. Rudisill is also the founder of PCAO LLC, one of the company's Strategic Advisors. His annual retainer is $350,000.\n* **John Kristoff:** SVP, Corporate Communications and Investor Relations\n* **Andrew Suckling:** Independent Director (appointed August 2025)\n* **Crystal Heter:** Independent Director (appointed August 2025)\n\nThe company's transfer agent is Continental Stock Transfer & Trust. Its fiscal year 2023 auditor was Marcum LLP, and its fiscal year 2024 auditor was M\\&K CPA's, PLLC. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc) [\\[5\\]](#cite-id-MoWlrToOl2TVtQqJ)​\n\n### Financing and Capital Structure\n\nETHZilla secured substantial funding in 2025 to finance its strategic pivot.\n\n* **PIPE Offering:** In August 2025, the company raised capital through the sale of 143,934,168 shares of common stock at 2.6499 per warrant.\n* **Debt Financing:** On August 8, 2025, it secured $156.25 million in debt financing through a private placement of senior secured convertible notes, receiving 96% of the principal amount in cash.\n* **At-The-Market (ATM) Agreement:** On August 13, 2025, the company entered into an agreement with Clear Street LLC, allowing it to sell up to $500 million of its common stock over time.\n\nAs a \"well-known seasoned issuer,\" ETHZilla's S-3ASR filing with the SEC allows it to offer new securities on an expedited basis. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc) [\\[4\\]](#cite-id-UzaJNBMs6Spuzir1)​\n\n### Corporate Actions and Treasury Holdings\n\nETHZilla has actively used its ETH treasury to execute corporate finance strategies.\n\n* **October 2025 ETH Sale and Stock Repurchase:** The company announced on October 27, 2025, that it had sold approximately 250 million stock repurchase program. Between October 24 and October 27, ETHZilla repurchased approximately 600,000 shares for about 400 million. Executive Chairman McAndrew Rudisill stated, \"We are leveraging the strength of our balance sheet, including reducing our ETH holdings, to execute share repurchases. We expect these repurchases to be immediately accretive... while our common shares trade at a significant discount to NAV.\" [\\[5\\]](#cite-id-MoWlrToOl2TVtQqJ)\n* **December 2025 ETH Sale and Debt Reduction:** On December 22, 2025, reports confirmed the company sold 24,291 ETH for approximately 3,068 per ETH. Per an 8-K filing from December 19, the proceeds were designated for the early redemption of its outstanding senior secured convertible notes. This sale reduced its ETH holdings from approximately 94,091 ETH to approximately 69,800 ETH. [\\[4\\]](#cite-id-UzaJNBMs6Spuzir1) [\\[2\\]](#cite-id-PINkqERNidJ7cDgV)\n\n## Investors and Partners\n\n### Key Investors\n\nETHZilla's 2025 PIPE offering attracted a wide range of institutional and crypto-native investors.\n\n* **Peter Thiel:** A prominent early investor in the company through his venture capital funds, FF Consumer Growth, LLC and FF Consumer Growth II, LP. It was reported that Thiel's Founders Fund exited its position in the company during the fourth quarter of 2025. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc) [\\[6\\]](#cite-id-jgAkH2EHJPlrFrLE)\n* **Other Notable Investors:** Participants in the PIPE offering included [Electric Capital](https://iq.wiki/wiki/electric-capital), Diameter Capital Partners, DRW Investments, [Polychain Capital](https://iq.wiki/wiki/polychain-capital), [ParaFi Capital](https://iq.wiki/wiki/parafi-capital), Hudson Bay Master Fund, Saba Capital, Citadel (via Citadel CEMF Investments Ltd.), and Anson Funds. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc)\n\n### Strategic Partnerships\n\n* **Electric Capital:** Serves a dual role as both a key investor and, through its affiliate Electric Treasury Edge, LLC, as the discretionary asset manager for ETHZilla's digital asset treasury. [\\[1\\]](#cite-id-f81Q6kKj1zdy9lpc)\n* **Zippy:** ETHZilla has a definitive agreement with Zippy to tokenize manufactured home loans and has taken a 15% equity stake in the company as part of its RWA strategy. [\\[5\\]](#cite-id-MoWlrToOl2TVtQqJ)","summary":"Forum Markets (NASDAQ: FRMM), formerly ETHZilla, is a publicly traded company focused on Real-World Asset (RWA) tokenization. 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Originally 180 Life Sciences, it pivoted from biotechnology to a digital asset strategy.\",\"timestamp\":\"2026-02-26T13:31:02.443Z\",\"category\":\"Organizations\",\"status\":{\"icon\":\"RiGlobalLine\",\"label\":\"Wiki Updated\",\"iconClassName\":\"text-green-500\"},\"user\":{\"name\":\"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889\",\"address\":\"0x212Cb3F4aE6611054637f9f78F18fB628AD258bb\"},\"button\":{\"label\":\"View Summary\",\"icon\":\"RiFileTextLine\"},\"summarySections\":[{\"title\":\"Title\",\"subtitle\":\"The wiki title was updated to reflect the company's rebrand.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Changed title from \\\"ETHZilla\\\" to \\\"Forum Markets (ETHZilla)\\\"\"]},{\"title\":\"Summary\",\"subtitle\":\"The summary was updated to reflect the company's rebrand to Forum Markets and new ticker symbol.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Updated summary from mentioning ETHZilla (ETHZ) to Forum Markets (FRMM), reflecting the company's pivot from a digital asset strategy.\"]},{\"title\":\"Introduction\",\"subtitle\":\"The introduction was updated with information about the rebrand to Forum Markets and the exit of investor Peter Thiel.\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Added that ETHZilla announced a rebrand to Forum Markets in February 2026. 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[[6]](#cite-id-jgAkH2EHJPlrFrLE)\",\"Included context for the rebrand, such as a 96% stock price collapse and the exit of Peter Thiel's Founders Fund. [[6]](#cite-id-jgAkH2EHJPlrFrLE)\",\"Added commentary from Kronos Research CIO Vincent Liu regarding the challenges of single-asset treasury strategies for public companies. 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