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

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

The BlockThe Block2026/02/25 20:42
By:The Block

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.


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