Forum Markets, Incorporated

What they do

The company funds and structures yield-producing assets such as consumer credit, equipment finance, and contractual cash-flow streams, with the intent to represent ownership in those assets via digital tokens issued on Ethereum and Layer-2 networks. It also operates legacy and adjacent revenue lines including aircraft engine leasing and digital-asset staking. The company was formerly ETHZilla Corporation, itself formerly 180 Life Sciences Corp., and changed its name to Forum Markets in early 2026. It states it works with Satschel, Karus, and Zippy to convert tokenized assets into compliant, tradable instruments.

Revenue drivers

• Staking revenue — Staking generated $1.8 million of Q1 2026 revenue of $2.9 million, making it the largest contributor in the quarter.
• Aircraft engine lease revenue — Aircraft engine leasing contributed $1.1 million of Q1 2026 revenue of $2.9 million.
• AI infrastructure bridge financing — Short-term bridge loans supporting acquisition and deployment of NVIDIA GPUs for AI data centers, described as targeting mid-teens annualized returns.
• Tokenized and pre-tokenization credit portfolios — Origination and structuring of yield-generating credit assets; management targets $100-$175 million in AUM exiting 2026 across tokenized and pre-tokenization credit portfolios.

Recent performance

Q1 2026 revenue was $2.9 million, all reported as gross profit, driven by $1.8 million of staking revenue and $1.1 million of aircraft engine lease revenue. The company reported a Q1 2026 net loss from continuing operations of $77.5 million, primarily attributable to realized losses on disposition of digital assets, and an Adjusted EBITDA loss of $76 million. Annual 2025 net loss was $450.5 million against 2025 revenue of $6.5 million, and operating cash flow was negative $26.1 million in 2025. At June 30, 2026 the company reported $4.1 million of cash and equivalents, $14.3 million of long-term debt, and $127.8 million of shareholder equity.

Strategy

Since the third quarter of 2025 the company has prioritized acquiring, structuring, and tokenizing real-world assets, deploying ETH in DeFi protocols for yield, and holding cash-flowing assets on its balance sheet. It funded this pivot with a $300 million private placement of common stock and pre-funded warrants that closed August 4, 2025, and it has stopped pursuing its legacy blockchain-enabled iGaming platform and divested its legacy pharmaceutical research business. It entered AI infrastructure bridge financing through NVIDIA GPU-backed transactions and reported progress toward distribution and co-investment partnerships with banks and large institutional investment companies. It repurchased and retired 5.8 million shares for approximately $25 million, equal to 28% of shares outstanding, and formed a special committee of independent directors to evaluate strategic alternatives.

Risks

• Limited operating history in tokenization — The company states its tokenization strategy has a limited operating history, has limited experience developing and commercializing tokenized products, and may not launch, scale, or generate material tokenization revenue on time or at all.
• Capital availability — The filing states execution of the RWA tokenization plan depends in significant part on the ability to raise capital on acceptable terms.
• Token liquidity and price volatility — The company states its tokenized securities may experience significant price volatility and limited liquidity because secondary-market infrastructure for tokenized securities has limited operating history.
• Losses and cash consumption — The company reported a 2025 net loss of $450.5 million, negative 2025 operating cash flow of $26.1 million, a Q1 2026 net loss of $77.5 million, and held only $4.1 million of cash at June 30, 2026.

Outlook

Management lowered 2026 AUM guidance to $100-$175 million, from $125-$200 million, and 2026 revenue guidance to $18-$22 million, from $18-$26 million, attributing the reductions to capital deployed into the share repurchase rather than revenue-generating assets. It guides to year-end 2027 AUM of $250-$300 million, which it says would produce 50% to 100% year-over-year revenue growth in 2027. The company says the 2027 revenue outlook is unchanged and that AUM is expected to grow asymmetrically in the back half of 2026 as new origination pipelines come online.