ETHZilla stock climbs on Forum rebrand as firm pushes further into tokenized assets
Shares of ETHZilla climbed more than 13% on Tuesday to around $3.91, their highest level in nearly a month, as the company formally changes its name to Forum in a shift away from its original ether acquisition strategy.
ETHZilla, which emerged last year from the rebranding of biotech firm 180 Life Sciences, initially positioned itself as a publicly traded Ethereum accumulation vehicle. The firm raised $565 million in 2025 to build an ETH-focused digital asset treasury, with early backing from Peter Thiel and other prominent crypto investors.
While the move comes alongside a broader crypto rebound, with Ethereum rising roughly 12% on the day to reclaim the $2,000 level, ETH has lost over 50% in value since the firm started buying last August. This has pushed ETHZilla to tweak its strategy in that time.
Changing strategies
In October, the company sold about $40 million worth of ETH as part of a $250 million stock repurchase plan. In December, it sold an additional 24,291 ETH, valued at roughly $74.5 million at the time, to redeem senior secured convertible notes, signaling a shift away from aggressive accumulation.
Earlier this month, ETHZilla expanded its real-world asset ambitions, acquiring a $4.7 million portfolio of 95 manufactured and modular home loans.
The firm plans to tokenize the loans on an Ethereum Layer 2 network, targeting an annualized yield of over 10%. It has also purchased two CFM56-7B24 aircraft engines for tokenization through Liquidity.io, an SEC-regulated alternative trading system.
Management has said future value will be driven by revenue and cash flow from its RWA tokenization platform, rather than crypto-centric metrics such as multiple of net asset value, or mNAV.
The stock remains sharply below last August’s peak above $100, when news of Thiel’s backing sent shares soaring. Thiel and affiliated Founders Fund entities have since exited their position, according to a recent SEC filing.
ETHZilla still holds 69,802 ETH according to The Block data, worth roughly $145 million, making it the sixth-largest corporate holder of Ethereum.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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