ETHZilla's stock increased over 13% to around $3.91 after rebranding as Forum and shifting its focus from ETH accumulation to tokenized real-world assets, such as home loans and aircraft engines, targeting over 10% yields. The company has reduced its ETH holdings through sales to fund buybacks and debt repayment, while still holding approximately 69,802 ETH worth about $145 million. The rebranding reflects a strategic move toward generating revenue from its RWA tokenization platform, moving away from its initial crypto-centric investment approach.

ETHZilla stock climbs on Forum rebrand as firm pushes further into tokenized assets

Quick Take

ETHZilla’s ETH holdings have shrunk after multiple sales, including $40 million in October and $74.5 million in December, as the company used crypto proceeds to fund buybacks and retire debt.
The firm is repositioning around cash-flow-generating assets, targeting double-digit yields from tokenized home loans and expanding into other real-world collateral such as aircraft engines.

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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 Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

ETHZilla stock climbs on Forum rebrand as firm pushes further into tokenized assets | The Block

ETHZilla stock climbs on Forum rebrand as firm pushes further into tokenized assets

Quick Take

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Changing strategies

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