The company ETHZilla, which previously specialized in accumulating Ethereum and operated under the DAT model, has announced a rebranding and a change in business strategy. The company is now operating under the name Forum Markets and is focusing on the sector of tokenized real-world assets (RWA).
This is reported by Finway
Company History and Previous Transformations
ETHZilla emerged from the former biotechnology company 180 Life Sciences. In July 2025, it underwent its first rebranding, fully pivoting to the cryptocurrency market and implementing the DAT model for accumulating Ethereum. To realize its new strategy, the company conducted a private PIPE placement, raising $425 million. Among the investors was billionaire Peter Thiel with Founders Fund, temporarily boosting the stock price to $107. However, this surge was short-lived: soon after, the shares began to plummet rapidly.
As a public company, ETHZilla regularly reported to the U.S. Securities and Exchange Commission (SEC). By the end of December 2025, the company owned 69,800 ETH. However, in February 2026, it became known that Peter Thiel and Founders Fund had completely exited their investment in ETHZilla, leading to an even greater stock collapse.
Reorientation to RWA and Development Plans
The official statement from Forum Markets defines the new direction as “the next stage in the evolution of the company.” The document notes that since its relaunch in August 2025, Forum Markets has created the necessary infrastructure to integrate real assets into the blockchain space.
“During this time, the company established exclusive regulated distribution through Liquidity.io, made strategic investments in equity of AI-based lending and underwriting platforms, and gained access to asset pools in various sectors, including auto financing, modular home financing, and aerospace equipment,” the statement reads.
Forum Markets announces the development of a new platform for tokenizing real assets, including real estate, although details regarding its launch have not yet been disclosed. This platform is expected to become the company’s main source of revenue, indicating a gradual shift away from the DAT model.
The company plans to tokenize modular homes and mortgage loans. As of the end of February 2026, shares of Forum Markets (formerly ETHZilla) are valued at $3.91, representing a total decline of 99.9% from the initial value and over 96% since the transition to the DAT model.
As of March 2, 2026, the company’s securities will be listed on the exchange under the new ticker FRMM.