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.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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