| Key Points: – ETHZilla rebrands as Forum, pivots from ETH treasury to RWA tokenization. – Focus shifts from price exposure to cash-flow generation and institutional-grade workflows. – Initial pipeline: $4.7M manufactured-home loans, aircraft engines; targeting double-digit yields. |
ETHZilla has abandoned its Ethereum treasury strategy and rebranded as Forum (Forum Markets), pivoting to tokenizing real-world assets (RWAs) such as manufactured-home loans and aircraft engines. The company frames this as a shift from price exposure to cash-flow generation and institutional-grade asset workflows.
As reported by MEXC, the company discontinued its market multiple of net asset value (mNAV) dashboard and assembled an initial pipeline that includes roughly $4.7 million of manufactured/modular home loans and aircraft engines via its aerospace unit. The plan is to tokenize these assets, targeting double-digit yields, on Ethereum Layer-2 infrastructure in coordination with platforms such as Liquidity.io.
In practice, the pivot replaces a balance-sheet thesis tied to ETH with underwriting, servicing, and compliance around income-producing assets. That may diversify risk and introduce standard credit considerations like default risk, duration, recovery, and servicing quality.
Timeline, ETH sales, and FRMM Nasdaq switch
The rebrand proceeds alongside a ticker change to FRMM, with trading on Nasdaq expected to begin at the start of March, as reported by Decrypt. The switch formalizes a move from a digital asset treasury model to an RWA origination and distribution platform.
ETHZilla’s ETH holdings have been reduced through multiple disposals, including about $40 million in October and $74.5 million in December, according to The Block. Those sales mark a step away from concentrated ether accumulation and mNAV-linked narratives.
Shares rose roughly 13% to around $3.91 on the rebrand news and RWA pivot, according to CoinCentral. The market reaction suggests investors are reassessing valuation frameworks beyond proxy net-asset metrics.
Institutional sentiment has been mixed, with Founders Fund fully exiting by the end of 2025, as reported by Blockhead. Observers view the divestiture as a signal that confidence in the ETH treasury model had eroded at the institutional level.
Some commentary frames the rebrand as an acknowledgment that the prior strategy struggled with volatility and leverage. AINvest called the move “a clean break from a dead model.” Another outlet, HTX News, described the outcome as “destruction of shareholder value.”
At the time of this writing, Ethereum trades near $2,059 with a bearish sentiment reading and very high 14.97% volatility; the 14‑day RSI is around 31. These metrics provide context for Forum’s tilt away from concentrated ETH exposure.
What to watch next for Forum Markets
FRMM trading begins on Nasdaq: March 2, 2026
Forum Markets is scheduled to begin trading under FRMM on March 2, 2026. Liquidity, spreads, and transition communications will be focal points as the company executes its new mandate.
Early RWA rollout: manufactured-home loans and aircraft engines
Initial tokenizations are expected to focus on manufactured-home loans and aircraft engines. Execution hinges on asset servicing, legal structuring, custody, and the depth of secondary-market liquidity on Ethereum Layer-2.
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