Forum Markets, formerly ETHZilla (EXCHANGE: ETHZ), unveiled a comprehensive rebranding on Wednesday that signals a strategic departure from a crypto-treasury play toward tokenizing real-world assets on-chain. The company said it will operate under the Forum brand and will begin trading as FRMM (EXCHANGE: FRMM) once Nasdaq approves the ticker switch for market open next week. The move reflects a broader shift in the market as investors weigh the sustainability of crypto-backed balance sheets against regulated infrastructure that can support asset tokenization, governance transparency, and scalable on-chain settlement. The leadership frames the pivot as a move toward institutional-grade, on-chain products backed by real assets, governed by transparency, and delivered through regulated infrastructure.

The stock reaction on Wednesday offered a snapshot of investor sentiment: ETHZilla shares rose about 13% to close near $3.91, a move that underscored either relief or curiosity about the pivot. After-hours trading remained flat relative to the day’s close, signaling cautious enthusiasm rather than a sustained breakout. Year-to-date, the stock has fallen more than 20%, mirroring a broader rout in assets tied to digital markets and a disconnect between crypto prices and traditional equities.

The company’s evolution traces back to a bold bet on ether and tokenized assets. The entity originally acquired Ether (CRYPTO: ETH) holdings after extending its biotech roots into the crypto space around mid-2025. The strategy later evolved toward tokenized real assets, with a notable pivot announced in December to bring real-world assets on-chain through tokenization rather than maintaining a crypto-heavy treasury alone. This pivot laid the groundwork for tangible experiments in asset-backed tokenization, including ventures into tokenized aircraft assets.

Among the notable initiatives is Eurus Aero Token I, a token tied to two commercial jet engines leased to a major U.S. carrier. The engines are among the first tangible asset classes on Forum’s radar as it builds a platform intended to connect real-world assets with on-chain representation. The approach seeks to marry investor access to physical assets with the efficiency and transparency of blockchain-based issuance and settlement. The move also includes expanding the company’s asset register, with Ether holdings forming a historical base for its capitalization strategy and governance framework.

Industry observers have noted that the crypto-treasury concept, once a darling of speculative investors, has faced headwinds amid a broader downturn in crypto markets. As a result, Forum’s rebranding appears part of a larger trend toward tokenization firms seeking regulated, asset-backed exposure rather than concentrated bets on cryptocurrency prices. The strategy also aligns with market demand for governance structures and regulatory-compliant pathways to on-chain asset ownership, which could appeal to institutional participants wary of crypto volatility while still seeking on-chain liquidity and transparency.

The story of ETHZilla’s evolution—from biotech–crypto hybrid to a tokenization-focused platform—also reflects how market perception has shifted since the height of the crypto treasury trend. The company’s investor base has included notable names such as Peter Thiel’s Founders Fund, which had taken a stake in ETHZilla but subsequently exited amid the sector-wide reevaluation of crypto treasury holdings. That exit underscores the risk-reward calculus now guiding capital toward on-chain representations of real assets rather than pure crypto holdings.

As Forum Markets advances, the road ahead will hinge on regulatory clarity, Nasdaq’s approval of the FRMM ticker, and the platform’s ability to demonstrate scalable integrations with traditional financial markets. The company’s financials, asset mix, and partnerships will be closely watched for signs that tokenization can deliver predictable income streams and governance that investors can rely on within a regulated context. The pivot is ambitious, but it sits at the nexus of what many see as the future of capital markets: on-chain, asset-backed, and governed by transparent rules.

Key takeaways

• The rebrand marks a strategic shift from a crypto-treasury approach to a tokenization-focused platform aiming to connect traditional capital markets with blockchain-backed real assets.
• Forum Markets will trade under FRMM after Nasdaq approval, reflecting the company’s transition to a regulated, asset-backed model rather than a pure crypto-positioning strategy.
• Investor reaction was positive in the short term, with ETHZilla’s shares rising about 13% on the news, though the year-to-date performance remains negative amid broader crypto market volatility.
• The pivot encompasses tangible asset ventures, including Eurus Aero Token I tied to two jet engines leased to a U.S. air carrier, illustrating the real-world use case the company envisions for on-chain tokenization.
• Past investor dynamics—such as the exit of notable backers like Founders Fund—highlight evolving risk assessments as markets shift toward regulated asset-backed on-chain structures.

Tickers mentioned: $ETH, $FRMM, $ETHZ

Sentiment: Neutral

Price impact: Positive. The rebrand news drove ETHZilla shares up about 13% intraday, signaling initial investor optimism about the strategic pivot.

Market context: The move comes as crypto equities face volatility and a broader reassessment of crypto-treasury strategies, with a growing interest in tokenization of real-world assets as a potential hedge against crypto price swings and as a path to regulated, on-chain liquidity.

Why it matters

The Forum Markets transformation is significant because it signals a broader shift in how market participants view on-chain access to real assets. Tokenization promises to unlock liquidity for otherwise illiquid assets, provided there is a robust governance and regulatory framework. If Forum can demonstrate scale, transparent custody, and reliable on-chain settlement for assets like engines or other tangible collateral, it could provide a template for other asset-backed token offerings, attracting institutional capital that has remained cautious about direct crypto exposure.

The narrative around real-world asset (RWA) tokenization is gaining traction as a way to marry the efficiency and transparency of blockchain with the familiar governance structures of traditional markets. Forum’s emphasis on regulated infrastructure and on-chain governance aims to address concerns about custody, valuation, and compliance that have historically limited institutional participation in tokenized assets. While the path to broad adoption remains uncertain, the company’s approach aligns with investor interest in assets that combine on-chain accessibility with real-world collateral and governed frameworks.

On a practical level, the Jet Engine token and other RWAs under development could serve as early proofs of concept for what tokenized asset markets can look like in the near term. However, the sector’s success will depend on regulatory clarity, the demonstration of credible risk controls, and the ability to deliver consistent, scalable tokenization that adheres to traditional financial standards. Forum’s leadership has framed the pivot as a deliberate move to build institutional-grade products, which could attract larger clients if the platform proves capable of meeting stringent due diligence and reporting requirements.

What to watch next

• Nasdaq approval and the market open date for the FRMM ticker, signaling the formal transition to Forum Markets’ new branding and platform focus.
• Progress and governance milestones around Eurus Aero Token I and other RWAs, including third-party audits and asset-backed valuation disclosures.
• Updates on partnerships or client onboarding that demonstrate real-world use cases for tokenized assets within regulated ecosystems.
• Regulatory developments related to tokenized assets and on-chain infrastructure that could impact custody, settlement, and reporting requirements.
• Subsequent trading performance of FRMM and any material changes in the company’s asset mix or financing structure.

Sources & verification

• Official press release announcing ETHZilla’s rename to Forum Markets and the FRMM ticker transition.
• Details on Eurus Aero Token I and the tokenization of two commercial jet engines.
• CoinGecko data on ETH holdings and ETHZilla’s ranking as a corporate holder of Ether.
• Cointelegraph coverage of ETHZilla’s pivot, including discussions of Founders Fund’s stake adjustments.
• Public market data showing Wednesday’s stock move to about $3.91 and after-hours trading behavior.

What the story means for investors and the market

Forum Markets’ rebranding to FRMM and its pivot toward real-world asset tokenization could shape how investors assess crypto-linked equities. If the company can demonstrate credible asset backing, regulatory compliance, and scalable on-chain processes, it may attract institutional participants seeking regulated exposure to tokenized assets rather than pure crypto bets. The path requires navigating the complexities of asset valuation, custody, and governance, but the potential payoff—broader market liquidity for tangible assets via on-chain tools—could be meaningful for the trajectory of tokenization across traditional markets.

What to watch next

• Nasdaq approval and FRMM trading start date
• Progress on Eurus Aero Token I and other RWAs
• Regulatory guidance impacting on-chain asset tokenization
• Institutional partnerships and asset pipelines announced by Forum

TLDR

• 21Shares has listed the STRC ETP on Euronext Amsterdam under the ticker STRC NA.
• The product gives European investors exposure to Strategy’s preferred stock linked to its Bitcoin treasury.
• Strategy currently holds 717,722 BTC valued at about $47 billion dollars.
• The preferred stock offers a variable dividend set at an annualized rate of 11.25%.
• 21Shares designed the ETP to allow access through standard brokerage accounts.

21Shares has launched a new exchange-traded product that gives European investors exposure to Strategy’s preferred stock. The product trades under the ticker STRC NA on Euronext Amsterdam. The listing expands access to Strategy’s Bitcoin-backed yield structure through a regulated exchange vehicle.

The company will list the 21Shares Strategy Yield ETP on Thursday. It will offer both institutional and retail investors access through standard brokerage accounts.

21Shares structured the product to track Strategy’s Variable Rate Series A Perpetual “Stretch” Preferred Stock. The firm designed the wrapper to simplify access to the underlying preferred shares.

Strategy holds 717,722 BTC in its corporate treasury. The holdings carry a market value of about $47 billion.

The preferred stock offers a variable dividend set at an annualized rate of 11.25%. The dividend links to Strategy’s Bitcoin treasury operations.

21Shares said the ETP acts as a cash-flow bridge between traditional finance and digital assets. The firm aims to combine equity exposure with crypto-linked yield.

Strategy, STRC ETP Expands Bitcoin-Linked Equity Access

21Shares confirmed that the STRC ETP provides exposure to Strategy’s preferred equity rather than direct Bitcoin ownership. The product references the same income stream tied to Strategy’s Bitcoin reserves. However, investors access it through an exchange-traded structure. The listing takes place on Euronext Amsterdam under the ticker STRC NA.

The company stated that the structure removes the need to purchase the preferred shares directly. As a result, investors can trade the instrument through conventional brokerage platforms. The firm said the wrapper increases operational ease for European market participants. It also aligns the product with existing exchange standards.

21Shares President Duncan Moir addressed the launch in a company statement. He said, “By combining high income potential with a familiar exchange-traded structure, STRC offers both institutional and retail investors an efficient and accessible way to add yield to their portfolios.”

Moir added that the product marks the company’s first equity-linked instrument. He said it extends the firm’s digital asset expertise into equity exposure tied to the Bitcoin ecosystem.

21Shares Broadens Product Suite Across Europe and the US

21Shares has operated since 2018 and manages about $5.3 billion in assets. The firm oversees 60 ETPs listed across 13 exchanges as of Monday.

The company continues to expand its global footprint through new listings. It launched the 21Shares Spot SUI ETF under the ticker TSUI on Nasdaq this week.

The new US listing follows a series of recent exchange-traded launches. The firm has focused on regulated crypto-linked products for institutional and retail investors.

21Shares described the Strategy yield product as part of its broader access strategy. The company said it seeks to provide straightforward exposure to digital asset markets.

Moir stated, “Since our inception, we have focused on providing straightforward access to digital assets.” He added that the new product extends that approach into equity-linked exposure tied to Strategy’s Bitcoin treasury.

TLDR:

• Bitcoin faces continued structural pressure amid inactive stablecoin liquidity.
• Stablecoin Supply Ratio shows negative readings across short, medium, and long-term oscillators.
• Price rebounds struggle as capital remains in stablecoins instead of spot exposure.
• Market shift depends on renewed stablecoin demand, not short-term price momentum.

Bitcoin continues to trade under structural pressure, with the Stablecoin Supply Ratio (SSR) remaining negative across 90-day, 200-day, and 365-day oscillators.

Following a peak above $120,000 mid-year, Bitcoin’s price shifted from expansion to contraction, producing successive lower highs into late Q4 and early Q1.

The break below the zero line signaled a structural change in liquidity, reflecting deeper market conditions rather than temporary fluctuations.

Stablecoin Supply Remains Dormant Despite Available Capital

A compressed SSR indicates that stablecoin supply is large compared to Bitcoin’s market capitalization. During expansion phases, rising oscillator readings signal capital moving from stablecoins into Bitcoin, supporting upward momentum.

Currently, stablecoin liquidity exists but remains largely inactive, failing to convert into spot exposure.

The negative SSR across all timeframes suggests that defensive positioning dominates the market. Investors appear hesitant, even as substantial capital remains ready to deploy.

Source: Cryptoquant

This creates a divergence where available liquidity does not translate into buying pressure or price support.

Earlier in the year, positive oscillator readings correlated with strong price structure and controlled volatility. Sustained upside movement occurred as stablecoin demand actively entered Bitcoin, reinforcing momentum. The current absence of such behavior demonstrates passive liquidity conditions.

Downside Volatility Persists Amid Limited Demand

Following the rollover of SSR readings across short, medium, and long-term oscillators, downside volatility has increased.

Price rebounds have lacked follow-through, reflecting insufficient absorption of supply during corrective phases. This trend shows that market participants are not actively deploying stablecoin capital to stabilize Bitcoin.

Historical on-chain data shows extended negative SSR regimes often precede larger inflection points. However, confirmation requires changes in investor behavior and renewed stablecoin deployment.

Without this, the market may continue under structural pressure, as liquidity remains passive despite readiness.

Market observers note that the next meaningful shift in Bitcoin will likely coincide with renewed stablecoin demand rather than purely price-driven momentum.

The system’s current configuration emphasizes the need for capital rotation to support price recovery. Recent market commentary also reflects the cautious stance of investors waiting for clearer signals.

The International Monetary Fund said Wednesday that US inflation will not return to the Federal Reserve’s 2% target until early 2027.

The assessment, part of the IMF’s first Article IV review of the Trump administration, signals that meaningful rate relief remains distant despite the president’s optimism.

IMF Flags Fiscal Risks

IMF Managing Director Kristalina Georgieva told reporters the US current account deficit is “too big.” The Fund estimates it at 3.5% to 4% of GDP in the near term.

But the IMF’s prescription clashes with the administration’s approach. Nigel Chalk, the Fund’s Western Hemisphere Director, said fiscal consolidation — not tariffs — is the best path to narrowing the deficit. The recommendation comes after the Supreme Court struck down Trump’s broad emergency tariffs as illegal, forcing the administration to invoke Section 122 of the Trade Act of 1974 for replacement levies.

The fiscal picture is stark. The IMF projects US federal deficits will remain between 7% and 8% of GDP in the coming years. That is more than double the levels targeted by Treasury Secretary Scott Bessent. Consolidated government debt is on track to reach 140% of GDP by 2031.

“The upward path for the public debt-GDP ratio and increasing levels of short-term debt-GDP represent a growing stability risk to the US and global economy,” the Fund warned.

Trump’s Rate Optimism vs. Structural Reality

The IMF review landed one day after Trump’s State of the Union address, where the president painted a rosy picture on borrowing costs. He claimed mortgage rates had hit four-year lows and that annual mortgage costs had dropped nearly $5,000 since he took office. He framed lower rates as the solution to what he called the “Biden-created housing problem.”

Yet the IMF’s numbers tell a different story. With inflation not reaching the Fed’s target until 2027 and fiscal deficits running at twice the administration’s own goals, the structural case for higher-for-longer rates is strengthening. The Fund pegged 2026 US growth at a resilient 2.4%, leaving the Fed little urgency to ease.

What It Means for Crypto

The implications for risk assets are clear. Sticky inflation and an expanding fiscal deficit reduce the probability of aggressive rate cuts this year. For crypto markets, which rallied on rate-cut expectations through late 2025, the IMF’s assessment reinforces caution.

The deeper irony is that the administration’s own fiscal expansion — including what the IMF notes are historically large tax cuts — is the primary driver of the deficit that keeps rates elevated. Trump wants lower rates but is pursuing policies that structurally prevent them.

The IMF stopped short of predicting a crisis, noting that “the risk of sovereign stress in the US is low.” But the trajectory it describes — rising debt, persistent deficits, delayed disinflation — points to an environment where rate relief comes slowly, if at all.

TLDR

• t54 Labs raised 5 million dollars in a seed funding round co-led by Franklin Templeton and Ripple.
• The company builds identity and risk tools for autonomous agents that conduct financial transactions.
• Anagram and PL Capital joined the round along with several crypto-focused investors.
• t54 operates on networks including XRP Ledger, Solana, and Base.
• The startup plans to hire engineers and a developer relations lead to expand its platform.

t54 Labs has secured $5 million in seed funding to build a trust layer for agentic finance. Anagram, PL Capital, and Franklin Templeton co-led the round with support from Ripple and others. Founder Chandler Fang confirmed the raise and outlined plans to expand infrastructure and hiring.

The San Francisco-based startup launched in January 2025 and focuses on identity and compliance tools for autonomous agents. Fang said no investor received board or advisory seats in the round. He declined to share the valuation or timeline details.

Franklin Templeton and Ripple Back t54’s Seed Financing

Anagram and PL Capital co-led the seed round alongside Franklin Templeton. Ripple, Virtuals Ventures, Blockchain Coinvestors, and ABCDE also participated in the financing. Fang described the raise as the company’s first external funding round.

Fang said t54 employs 12 staff members and plans new hires. The company will add two full-time engineers and one developer relations or business development lead. These hires will support product development and institutional partnerships.

Tony Pecore from Franklin Templeton addressed the investment in a statement. He said, “t54 is building the trust and verification framework that institutional finance will require.” He added that institutions need infrastructure as autonomous agents enter financial markets.

Fang stated that no investor secured governance rights in the company. He confirmed that the round structure remains undisclosed. He also declined to comment on valuation metrics.

Platform Targets Identity, Risk, and Credit for Autonomous Agents

t54 builds tools that verify and monitor AI agents conducting financial transactions. Fang said agents lack standardized identity checks and risk controls. He explained that businesses need accountability when autonomous systems move funds.

The platform includes four core components that address these gaps. It offers identity verification under a system called “know your agent.” It also runs a real-time risk engine that flags suspicious activity before settlement.

The company plans to extend credit lines to verified agents. Credit decisions will rely on identity records, risk scores, and transaction history. The system also combines identity, risk controls, and settlement in one interface.

Fang said, “We’re building the full trust stack that lets businesses hand financial operations to autonomous agents.”

He added that blockchain serves as a settlement and accountability layer. The infrastructure operates across multiple payment rails.

t54 currently runs on the XRP Ledger, Solana, and Base networks. The company also created x402-secure for the Coinbase-incubated x402 agent payment protocol. Last month, Evernorth announced plans to integrate t54’s tools into its XRP Ledger treasury operations.

Evernorth aims to raise over $1 billion for institutional XRP holdings. Under the partnership, Evernorth will use t54 infrastructure for autonomous treasury management. Fang said the collaboration expands institutional deployment of the platform.

A former contender for governor of California has been banned from Kalshi after betting on his own candidacy last year in violation of insider trading rules, the prediction market platform said on Wednesday.

According to a statement from Kalshi’s head of enforcement, Robert DeNault, the politician bet about $200 on his candidacy for governor of California and posted about it on X, leading to a five-year suspension on the prediction market platform and a $2,000 penalty.

Kalshi did not name the politician, but said he is no longer running for governor and is now running for Congress.

The description appears to fit Kyle Langford, a former Republican turned Democrat who is now running for election to the US House to represent California’s 26th Congressional District.

In an X post published on May 25, 2025, Langford shared a video of himself placing a $98.76 bet on Kalshi, wagering that he would win.

Kalshi said the account did not withdraw any profits and that the case was reported to the CFTC.

Cointelegraph reached out to Langford for further comment but didn’t receive an immediate response.

Meanwhile, Kalshi said it also handed out penalties to a YouTube editor who traded about $4,000 on YouTube stream markets between August and September 2025 — also violating Kalshi’s insider trading rules, resulting in a two-year penalty and a roughly $20,000 fine.

“Our surveillance systems flagged his near-perfect trading success on markets with low odds, which were statistically anomalous,” said Kalshi, which, with the help of other traders on the platform, identified where he worked and concluded that he likely had access to material non-public information.

While Kalshi didn’t name the YouTube editor, mainstream media have widely reported that the editor is Artem Kaptur, an employee of the popular YouTuber MrBeast.

Kalshi, a Commodity Futures Trading Commission-regulated platform, said it has investigated 200 cases and frozen several flagged accounts. It has more than a dozen active cases.

Earlier this month, Kalshi strengthened its surveillance efforts by establishing a surveillance audit committee and partnering with crypto trading surveillance platform Solidus Labs to “detect, investigate, and address market abuse.”

Those efforts come in response to an uptick in regulatory scrutiny of prediction markets as they enter the mainstream.