Tearsheet

Forum Markets (ETHZ)

Market Price (3/2/2026): $3.61 | Market Cap: $44.8 Mil
Sector: Health Care | Industry: Biotechnology

Forum Markets (ETHZ)

Market Price (3/2/2026): $3.61
Market Cap: $44.8 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, Blockchain Enterprise Solutions, Show more.	Weak multi-year price returns 2Y Excs Rtn is -125%, 3Y Excs Rtn is -172%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -227 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5534%
1			Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1126%
2			Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 5084%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -471%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -471%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -518%
5			High stock price volatility Vol 12M is 962%
6			Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24%
7			Key risks ETHZ key risks include [1] high financial exposure to ETH price volatility impacting its financial reporting and stock price and [2] a lack of established and consistent revenue generation following its recent pivot to an Ethereum treasury strategy.

0	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, Blockchain Enterprise Solutions, Show more.
1	Weak multi-year price returns 2Y Excs Rtn is -125%, 3Y Excs Rtn is -172%
2	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -227 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5534%
3	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1126%
4	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 5084%
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -471%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -471%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -518%
7	High stock price volatility Vol 12M is 962%
8	Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24%
9	Key risks ETHZ key risks include [1] high financial exposure to ETH price volatility impacting its financial reporting and stock price and [2] a lack of established and consistent revenue generation following its recent pivot to an Ethereum treasury strategy.

Valuation, Metrics & Events

	3/2/26	2025	2024	2023	2022	2021
Share Price CYE	$3.61	$4.90	$1.82	$4.06	$64.41	$1,482.00
Market Cap CYE ($ Mil)	44.8	60.8	0.2	0.2	0.7	12.8
Total Debt ($ Mil)	546.8	546.8	3.3	0.4	0.4	0.4
Total Cash ($ Mil)	53.3	53.3	0.2	2.7	3.6	11.7
Enterprise Value ($ Mil)	538.3	607.6	3.5	0.6	1.1	13.2
Valuation Ratios
P/S TTM	10.9	14.8	-	-	-	-
P/EBIT TTM	-0.2	-0.3	-0.1	-0.0	-0.0	-0.4
P/E TTM	-0.2	-0.3	-0.1	-0.0	-0.0	-0.4
P/FCF TTM	-2.3	-3.1	-0.1	-0.0	-0.0	-0.7
Sector Ratios
P/S TTM (Sector)	4.0	4.2	3.8	4.1	4.5	7.9
P/EBIT TTM (Sector)	-1.6	-1.5	-1.5	-1.3	-1.1	-3.3
P/E TTM (Sector)	-1.7	-1.7	-1.7	-1.4	-1.1	-3.3
P/FCF TTM (Sector)	-1.5	-1.5	-1.5	-1.4	-1.4	-3.7

	3/2/26	2025	2024
Share Price CYE	$3.61	$4.90	$1.82
Market Cap CYE ($ Mil)	44.8	60.8	0.2
Total Debt ($ Mil)	546.8	546.8	3.3
Total Cash ($ Mil)	53.3	53.3	0.2
Enterprise Value ($ Mil)	538.3	607.6	3.5
Valuation Ratios
P/S TTM	10.9	14.8	-
P/EBIT TTM	-0.2	-0.3	-0.1
P/E TTM	-0.2	-0.3	-0.1
P/FCF TTM	-2.3	-3.1	-0.1
Sector Ratios
P/S TTM (Sector)	4.0	4.2	3.8
P/EBIT TTM (Sector)	-1.6	-1.5	-1.5
P/E TTM (Sector)	-1.7	-1.7	-1.7
P/FCF TTM (Sector)	-1.5	-1.5	-1.5

	ETHZ	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.0
Rev Chg Q	�	7.6%
Rev Chg LTM	�	6.6%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.2
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.2
Op Mgn LTM	-5,533.8%	18.8%
CFO/Rev LTM	-470.9%	20.8%
Net Inc Mgn	-5,476.9%	12.9%
VALUATION	VERY HIGH
P/S	10.9	3.4
P/CFO	-2.3	16.6
P/FCF	-2.3	21.5
P/E	-0.2	25.2
STABILITY	POOR
Debt/Equity	12.20	0.20
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
Total ETH & ETH Equivalents Held	102,255	9122025	Link
Total ETH & ETH Equivalents Held (USD)	approximately $460 million	9122025	Link
Total USD Cash Equivalents	approximately $228 million	9122025	Link
Total Earned Protocol Tokens	1,500,000	9122025	Link
Total Shares Repurchased in September	approximately 6.0 million	9152025	Link
Percentage of Shares Outstanding Repurchased in one week	2.3%	9152025	Link

Recent
2/25/2026	Earnings Release	Rev: - EPS: -
Upcoming
3/30/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Stock Movement Drivers

Fundamental Drivers

The -66.9% change in ETHZ stock from 11/30/2025 to 3/1/2026 was primarily driven by a -66.9% change in the company's P/S Multiple.

(LTM values as of)	11302025	3012026	Change
Stock Price ($)	10.68	3.53	-66.9%
Change Contribution By:
Total Revenues ($ Mil)	4	4	0.0%
P/S Multiple	32.3	10.7	-66.9%
Shares Outstanding (Mil)	12	12	0.0%
Cumulative Contribution			-66.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/1/2026

	Return	Correlation
ETHZ	-66.9%
Market (SPY)	0.4%	28.9%
Sector (XLV)	1.6%	-18.4%

Fundamental Drivers

The -87.4% change in ETHZ stock from 8/31/2025 to 3/1/2026 was primarily driven by a null change in the company's P/S Multiple.

(LTM values as of)	8312025	3012026	Change
Stock Price ($)	28.10	3.53	-87.4%
Change Contribution By:
Total Revenues ($ Mil)	0	4	9.2233720368547763E17%
P/S Multiple	∞	10.7
Shares Outstanding (Mil)	1	12	-95.4%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/1/2026

	Return	Correlation
ETHZ	-87.4%
Market (SPY)	6.6%	13.2%
Sector (XLV)	17.1%	9.6%

Fundamental Drivers

The -69.8% change in ETHZ stock from 2/28/2025 to 3/1/2026 was primarily driven by a null change in the company's P/S Multiple.

(LTM values as of)	2282025	3012026	Change
Stock Price ($)	11.70	3.53	-69.8%
Change Contribution By:
Total Revenues ($ Mil)	0	4	9.2233720368547763E17%
P/S Multiple	∞	10.7
Shares Outstanding (Mil)	0	12	-99.2%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/1/2026

	Return	Correlation
ETHZ	-69.8%
Market (SPY)	16.5%	8.0%
Sector (XLV)	9.0%	5.0%

Fundamental Drivers

The -99.4% change in ETHZ stock from 2/28/2023 to 3/1/2026 was primarily driven by a null change in the company's P/S Multiple.

(LTM values as of)	2282023	3012026	Change
Stock Price ($)	545.30	3.53	-99.4%
Change Contribution By:
Total Revenues ($ Mil)	0	4	9.2233720368547763E17%
P/S Multiple	∞	10.7
Shares Outstanding (Mil)	0	12	-99.9%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/1/2026

	Return	Correlation
ETHZ	-99.4%
Market (SPY)	79.6%	6.8%
Sector (XLV)	31.8%	4.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ETHZ Return	43%	-96%	-94%	-55%	-73%	-22%	-100%
Peers Return	-24%	-85%	234%	-21%	44%	-14%	-64%
S&P 500 Return	27%	-19%	24%	23%	16%	1%	84%
Monthly Win Rates [3]
ETHZ Win Rate	50%	17%	8%	33%	17%	0%
Peers Win Rate	37%	27%	54%	50%	43%	20%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
ETHZ Max Drawdown	-8%	-98%	-95%	-71%	-91%	-37%
Peers Max Drawdown	-58%	-87%	-26%	-61%	-43%	-30%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: BMNR, SBET, COIN, BTBT, GLXY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	ETHZ	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-98.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	6190.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-6.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	7.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	10 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-1.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	1.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	83 days	120 days

Compare to BMNR, SBET, COIN, BTBT, GLXY

In The Past

Forum Markets's stock fell -98.4% during the 2022 Inflation Shock from a high on 1/4/2022. A -98.4% loss requires a 6190.3% gain to breakeven.

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Asset Allocation

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About Forum Markets (ETHZ)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

1180 Life Sciences Corp., a clinical-stage biotechnology company, develops therapeutics for unmet medical needs in chronic pain, inflammation, fibrosis, and other inflammatory diseases. Its product development platforms include fibrosis and anti-tumor necrosis factor (anti-TNF) platform, which is under Phase IIb clinical trials that focuses on fibrosis and Anti-TNF; Synthetic Cannabidiol (CBD) Analogs platform, which is under preclinical trials that are man-made derivatives of CBD; and a7nAChR platform, an immune suppressive, which is under preclinical trails that focuses on alpha 7 nicotinic acetylcholine receptor. The company was incorporated in 2016 and is headquartered in Palo Alto, California.

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I am unable to find a public company named "Forum Markets" with the stock symbol "ETHZ". It appears this company name and symbol combination does not correspond to a real, publicly traded entity. Therefore, I cannot identify its major products or services.

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I am unable to identify the major customers for "Forum Markets" (symbol: ETHZ) as this does not appear to be a recognized public company with that symbol.

The symbol "ETHZ" is commonly associated with ETH Zurich, a public research university, not a publicly traded commercial entity named "Forum Markets". Without a verifiable public company, I cannot determine its customer base or categorize its customers.

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McAndrew Rudisill, Chairman and Chief Executive Officer

Appointed CEO in September 2025, McAndrew Rudisill also serves as Chairman. Prior to his role at Forum Markets, he founded and has been the Managing Partner of Harbour Island, LLC, a private investment firm focused on digital assets, since April 2025. From 2016 to May 2024, Mr. Rudisill served as Chief Investment Officer and director of Bridger Aerospace Group Holdings, LLC, a wildfire suppression company. He was also the Chief Investment Officer of Capital Vacations LLC, a fractional resort management company, from 2016 to October 2020. Earlier in his career, from 2011 to 2015, Mr. Rudisill was the Chief Executive Officer, President, and a board member of Emerald Oil, Inc., a U.S. oil and gas producer.

John T. Saunders, Chief Financial Officer

John T. Saunders was promoted to Senior Vice President, Chief Financial Officer on November 14, 2025. Before joining ETHZilla (now Forum Markets) in August 2025, he was the Senior Vice President of Finance, Capital Markets at Bridger Aerospace. Notably, Mr. Saunders previously served as CFO of Ascent Vision Technologies, LLC, where he oversaw its expansion and integration and managed its sale to CACI International in 2020, subsequently leading its integration into CACI International. He began his career as a Certified Public Accountant in public accounting.

John Kristoff, Senior Vice President, Corporate Communications and Investor Relations

John Kristoff was appointed Senior Vice President of Corporate Communications and Investor Relations on October 16, 2025. Before joining Forum Markets (formerly ETHZilla), he served as Vice President of Investor Relations at EXL Service. Mr. Kristoff's extensive background includes senior positions at Adtalem Global Education and over 25 years at Diebold Nixdorf, where he eventually rose to Chief Marketing and Communications Officer.

Max van der Griend, VP, Corporate Finance

Max van der Griend holds the position of VP, Corporate Finance at Forum Markets.

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Forum Markets (ETHZ) Key Business Risks


Key Business Risks for Forum Markets (ETHZ)
Forum Markets (ETHZ), which recently rebranded from ETHZilla, has shifted its business model from an Ethereum treasury to focusing on tokenized real-world assets. This strategic pivot introduces several key risks to the business:


    Execution Risk of the New Business Model: The company's success is heavily dependent on its ability to successfully execute its new strategy of tokenizing real-world assets. The long-term viability and recovery from significant past stock declines (down approximately 96% from its 2025 peak) will hinge on successfully generating sustainable revenue from asset tokenization, management fees, issuance, and related activities.
    Poor Financial Health and Historical Volatility: Forum Markets has been rated as having poor financial health, primarily due to excessive debt and severe profitability issues, reflected in substantially negative operating and net margins. The stock has historically experienced high volatility, and despite the strategic shift to a more stable, income-based model, the legacy financial challenges and market's cautious sentiment remain significant concerns.
    Regulatory and Accounting Hurdles in the Crypto and Tokenized Asset Space: Operating within the decentralized finance and tokenized real-world asset sectors exposes Forum Markets to complex and evolving regulatory and accounting challenges. The company still holds a substantial amount of Ethereum, and its crypto assets may be subject to impairment charges if market prices fall below their cost basis, potentially causing significant fluctuations in the company's financial statements. The new real-world asset tokenization model will also need to navigate these evolving regulatory landscapes.

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Forum Markets (symbol: ETHZ), soon to be known as FRMM, operates as a digital asset platform specializing in the tokenization of institutional-grade real-world assets (RWA) on the Ethereum blockchain. The company focuses on converting cash-generating assets into digital tokens to enhance liquidity, broaden investor access, and improve primary issuance and secondary market efficiency. Their main products and services include the tokenization of various asset classes, such as aviation assets and manufactured home loans.

The addressable market for Forum Markets' main products and services, which fall under the broader real-world asset (RWA) tokenization market, demonstrates substantial growth globally and in key regions:

The **global asset tokenization market** was valued at approximately USD 2.08 trillion in 2025 and is projected to reach USD 3.01 trillion in 2026. This market is expected to expand significantly to USD 18.74 trillion by 2031, exhibiting a compound annual growth rate (CAGR) of 44.25% from 2026 to 2031.
North America is a dominant region in the asset tokenization market, holding a substantial market share. Specifically, the **U.S. asset tokenization market** was valued at USD 0.57 trillion in 2024 and is anticipated to grow to USD 11.55 trillion by 2032, at a CAGR of 45.80% from 2025 to 2032.
For the specific segment of **real estate tokenization**, a key area for Forum Markets, the global market was valued at USD 3.73 billion in 2025. It is predicted to reach USD 23.99 billion by 2035, growing at a CAGR of 21.0% from 2026 to 2035. Real estate represented the largest asset class within tokenization, accounting for 30.12% of the market share in 2025. The total global real estate market, as the underlying asset pool for tokenization, was valued at approximately $379.7 trillion at the end of 2022.

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Here are 3-5 expected drivers of future revenue growth for Forum Markets (symbol: ETHZ, soon to be FRMM) over the next 2-3 years:

Expansion of Tokenized Real-World Assets (RWAs): Forum Markets is strategically shifting its focus to the tokenization of institutional-grade, income-generating real-world assets on the Ethereum blockchain. This includes an anticipated listing of additional tokenized real-world asset products in 2026 and continued expansion across various asset classes, such as real estate-related credit opportunities, building upon recently launched aviation assets (Eurus Aero Token I) and acquired manufactured and modular home loans. This expansion will directly generate origination fees and increase the base for asset management fees.
Growth in Asset Management Fees: As Forum Markets successfully tokenizes and brings more real-world assets onto its platform, the company expects to generate recurring asset management fees from investors holding these tokenized assets. The increasing volume and diversity of tokenized products will lead to a proportional rise in these recurring fees.
Origination Fees from New Product Creation and Distribution: The company's business model includes generating origination fees from the creation of new tokenized investment products. Forum Markets is actively building a repeatable pipeline to originate and distribute these products across multiple asset classes, supported by strategic partnerships and equity investments in AI-driven credit and underwriting platforms, as well as exclusive distribution channels like Liquidity.io.
Transaction-Based Revenue from Secondary Trading: Forum Markets anticipates revenue generation from potential transaction-based income through the secondary market trading of its tokenized assets. As the platform grows and liquidity for these institutional-grade tokenized assets develops, secondary market activity will contribute to revenue.

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Share Repurchases

The company launched share buybacks in an effort to address the widening gap between its stock price and net asset value.
A stock repurchase program was authorized by the board of directors.

Inbound Investments

Secured $565 million in funding throughout 2025 to establish its Ethereum treasury position.
Received initial backing from notable cryptocurrency investors, including Peter Thiel.

Outbound Investments

Made strategic equity investments in AI-driven credit and underwriting platforms.
Acquired a portfolio of 95 manufactured and modular home loans valued at $4.7 million.
Acquired two CFM56-7B24 aircraft engines.

Interactive Breakdown

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Better Bets vs. Forum Markets (ETHZ)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	ETHZilla Earnings Notes	12/16/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ETHZ.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K	02282026	QDEL	QuidelOrtho	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
CHE_2272026_Dip_Buyer_FCFYield	02272026	CHE	Chemed	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.0%	0.0%	0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper	02272026	LLY	Eli Lilly	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.0%	0.0%	0.0%
HAE_2202026_Dip_Buyer_FCFYield	02202026	HAE	Haemonetics	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.5%	3.5%	0.0%
COIN_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02202026	COIN	Coinbase Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	2.6%	2.6%	-6.5%

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Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
EOSE	Eos Energy Enterprises	1.5	-65.9%	-50.3%
FIGR	Figure Technology Solutions	2.6	-62.8%	-38.1%
MPT	Medical Properties Trust	3.5	-54.8%	-54.8%
U	Unity Software	7.7	-54.6%	-58.7%
FLNC	Fluence Energy	2.0	-49.9%	-21.4%
HIMS	Hims & Hers Health	3.3	-49.4%	-55.3%
KD	Kyndryl	2.8	-48.0%	-53.6%
GRAL	GRAIL	1.9	-47.3%	-37.8%
PGY	Pagaya Technologies	0.9	-46.9%	-46.5%
NSP	Insperity	0.8	-45.5%	-42.6%

Peer Comparisons

Peers to compare with:

Financials

	ETHZ	BMNR	SBET	COIN	BTBT	GLXY	Median
Name	Forum Ma.	BitMine .	Sharplink	Coinbase.	Bit Digi.	Galaxy D.
Mkt Price	3.53	18.98	6.82	175.85	1.67	20.59	12.90
Mkt Cap	0.0	6.2	1.0	47.2	0.5	3.6	2.3
Rev LTM	4	7	13	7,181	163	18,845	88
Op Inc LTM	-227	-5,816	-22	1,456	-2	697	-12
FCF LTM	-19	-234	-10	2,426	-448	-	-19
FCF 3Y Avg	-11	-78	-10	2,047	-180	-	-11
CFO LTM	-19	-232	-10	2,426	-198	-	-19
CFO 3Y Avg	-11	-78	-10	2,068	-72	-	-11

Growth & Margins

	ETHZ	BMNR	SBET	COIN	BTBT	GLXY	Median
Name	Forum Ma.	BitMine .	Sharplink	Coinbase.	Bit Digi.	Galaxy D.
Rev Chg LTM	-	79.7%	239.0%	9.4%	65.5%	112.2%	79.7%
Rev Chg 3Y Avg	-	152.7%	-	39.3%	75.1%	-	75.1%
Rev Chg Q	-	90.9%	1,129.9%	-21.6%	33.4%	219.7%	90.9%
QoQ Delta Rev Chg LTM	-	17.9%	316.8%	-6.4%	4.9%	2,896.8%	17.9%
Op Mgn LTM	-5,533.8%	-80,920.1%	-169.9%	20.3%	-1.4%	3.7%	-85.6%
Op Mgn 3Y Avg	-	-27,076.8%	-191.3%	17.5%	-37.9%	-	-114.6%
QoQ Delta Op Mgn LTM	-	-74,972.0%	507.6%	-8.0%	-6.2%	-	-7.1%
CFO/Rev LTM	-470.9%	-3,233.7%	-73.8%	33.8%	-121.4%	-	-121.4%
CFO/Rev 3Y Avg	-	-1,086.2%	-181.1%	34.2%	-59.7%	-	-120.4%
FCF/Rev LTM	-470.9%	-3,253.5%	-73.9%	33.8%	-275.6%	-	-275.6%
FCF/Rev 3Y Avg	-	-1,113.2%	-184.7%	33.6%	-140.9%	-	-162.8%

Valuation

	ETHZ	BMNR	SBET	COIN	BTBT	GLXY	Median
Name	Forum Ma.	BitMine .	Sharplink	Coinbase.	Bit Digi.	Galaxy D.
Mkt Cap	0.0	6.2	1.0	47.2	0.5	3.6	2.3
P/S	10.7	860.0	77.6	6.6	3.3	0.2	8.6
P/EBIT	-0.2	-1.3	-3,611.6	29.4	-240.1	10.5	-0.7
P/E	-0.2	-1.3	-986.9	37.4	3.9	12.3	1.8
P/CFO	-2.3	-26.6	-105.0	19.4	-2.7	-	-2.7
Total Yield	-513.5%	-78.5%	-0.1%	2.7%	25.9%	8.7%	1.3%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%	0.0%
FCF Yield 3Y Avg	-2,811.0%	-2.0%	9.2%	3.5%	-32.3%	-	-2.0%
D/E	12.5	0.0	0.0	0.2	0.1	1.3	0.1
Net D/E	11.3	-0.1	-0.0	-0.1	-0.3	0.6	-0.1

Returns

	ETHZ	BMNR	SBET	COIN	BTBT	GLXY	Median
Name	Forum Ma.	BitMine .	Sharplink	Coinbase.	Bit Digi.	Galaxy D.
1M Rtn	-17.7%	-24.4%	-23.2%	-9.7%	-17.7%	-27.1%	-20.5%
3M Rtn	-66.9%	-42.7%	-35.8%	-35.5%	-29.8%	-22.6%	-35.7%
6M Rtn	-87.4%	-56.5%	-61.7%	-42.3%	-35.0%	-12.3%	-49.4%
12M Rtn	-69.8%	237.3%	53.6%	-18.4%	-32.1%	-9.7%	-14.1%
3Y Rtn	-99.3%	-5.1%	-86.5%	176.1%	32.5%	-9.7%	-7.4%
1M Excs Rtn	-25.5%	-34.5%	-30.2%	-14.6%	-21.3%	-34.0%	-27.8%
3M Excs Rtn	-66.9%	-36.0%	-33.0%	-32.5%	-27.8%	-20.9%	-32.7%
6M Excs Rtn	-94.3%	-64.9%	-70.7%	-49.2%	-45.2%	-21.8%	-57.1%
12M Excs Rtn	-85.6%	249.6%	30.2%	-32.9%	-47.3%	-25.2%	-29.1%
3Y Excs Rtn	-171.7%	-66.9%	-159.7%	115.1%	-50.5%	-82.1%	-74.5%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/14/2025	3/31/2025	3/25/2024	3/31/2023	3/31/2022	7/9/2021	7/9/2021
Key Financials
Total Revenue	4	0	0	0	0	0	0
EBITDA	-217	-6	-22	-40	-20	-10	-25
Operating Income	-227	-6	-13	-18	-16	-6	-21
Net Income	-225	-6	-20	-39	-20	-11	-25
EPS	-159.67	-154.90	-525.90	-3871.80	-2462.40	-2508.00	-8740.00
Growth Rates
Total Revenue Growth	-	-	-	-	-	-	-
EBITDA Growth	-7935.8%	71.3%	44.0%	-97.1%	-106.9%	61.5%	-
Operating Income Growth	-3698.5%	53.1%	24.7%	-14.4%	-176.9%	73.0%	-
Net Income Growth	-7111.0%	69.1%	48.5%	-90.5%	-86.7%	57.1%	-
Margins
EBITDA Margin	-5285.1%	-	-	-	-	-	-
Operating Income Margin	-5533.8%	-	-	-	-	-	-
Net Income Margin	-5476.9%	-	-	-	-	-	-
Cash & Debt
Total Cash	53	5	2	7	8	2	0
Total Debt	547	0	1	1	2	4	4
Net Debt / (Cash)	493	-4	-1	-6	-6	2	3
Cash Flows
Net Cash from Operations	-19	-1	-11	-12	-19	-4	-3
Free Cash from Operations	-19	-1	-11	-12	-19	-4	-3
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	1	-0	9	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/14/2025	7/23/2025	5/15/2025	3/31/2025	11/14/2024	8/12/2024	5/15/2024	3/25/2024	11/9/2023	8/15/2023	5/15/2023	3/31/2023
Key Financials Quarterly
Total Revenue	4	0	0	0	0	0	0	0	0	0	0	0
Ebitda	-208	-2	-2	-5	-1	0	-1	-1	-13	-4	-5	-23
Operating Income	-220	-2	-2	-3	-1	-2	-2	-1	-4	-4	-5	-6
Net Income	-217	-2	-2	-4	-1	0	-1	-1	-10	-4	-5	-22
EPS	-17.45	-3.00	-6.70	-132.52	-8.53	0.10	-16.80	-22.95	-245.30	-133.70	-241.50	-2068.70
Key Financials TTM
Total Revenue TTM	4	0	0	0	0	0	0	0	0	0	0	0
Ebitda TTM	-217	-9	-8	-6	-3	-15	-18	-22	-44	-52	-46	-40
Operating Income TTM	-227	-8	-8	-7	-6	-9	-11	-13	-18	-18	-19	-18
Net Income TTM	-225	-9	-7	-6	-3	-13	-16	-20	-40	-52	-45	-39
Growth Rates Quarterly
Total Revenue Growth	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA Growth	-39826.5%	-3758.4%	-129.8%	-299.0%	95.8%	101.3%	78.2%	94.7%	41.5%	-221.9%	-396.0%	-2236.6%
Operating Income Growth	-36885.0%	6.3%	-13.4%	-96.4%	83.2%	49.9%	56.4%	74.2%	12.7%	18.6%	-30.5%	-26.4%
Net Income Growth	-25803.8%	-14755.8%	-121.5%	-248.3%	91.8%	100.3%	77.5%	94.4%	52.2%	-225.2%	-404.5%	-2198.2%
Margins Quarterly
EBITDA Margin	-5069.2%	-	-	-	-	-	-	-	-	-	-	-
Operating Income Margin	-5364.6%	-	-	-	-	-	-	-	-	-	-	-
Net Income Margin	-5273.3%	-	-	-	-	-	-	-	-	-	-	-
Cash & Debt
Total Cash	53	2	4	5	0	1	1	2	3	2	3	7
Total Debt	547	1	0	0	3	0	1	1	0	1	1	1
Net Debt / (Cash)	493	-1	-4	-4	3	-1	0	-1	-2	-1	-2	-6
Cash Flows Quarterly
FCF from Operations	-16	-1	-1	-1	-0	1	-1	-2	-2	-3	-4	-3
Cash Flows TTM
FCF from Operations TTM	-19	-3	-1	-1	-3	-4	-8	-11	-12	-14	-14	-12
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	0
Return on Invested Capital (ROIC) Quarterly
ROIC	-68.6%	-4.6%	-6.4%	-7.3%	-1.8%	-5.8%	-6.6%	-4.6%	-9.3%	-12.2%	-16.3%	-19.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-17.7%	-4.9%	-5.0%	-4.8%	-4.4%	-5.9%	-7.4%	-9.5%	-13.2%	-14.7%	-15.9%	-15.4%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021
Single Segment	5	20	63	56
Total	5	20	63	56

Price Behavior

Price Behavior

Market Price	$3.53
Market Cap ($ Bil)	0.0
First Trading Date	06/27/2017
Distance from 52W High	-96.7%
	50 Days	200 Days
DMA Price	$4.63	$16.20
DMA Trend	down	down
Distance from DMA	-23.8%	-78.2%
	3M	1YR
Volatility	102.8%	968.1%
Downside Capture	613.33	405.51
Upside Capture	-107.10	225.82
Correlation (SPY)	28.9%	8.1%

ETHZ Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	4.21	3.44	2.95	15.24	3.98	2.71
Up Beta	7.22	4.38	4.06	39.89	2.37	1.86
Down Beta	-0.81	2.27	2.86	3.02	0.96	0.38
Up Capture	317%	224%	-92%	2%	474%	126%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	9	18	25	47	98	293
Down Capture	553%	426%	434%	329%	171%	113%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	12	23	36	76	146	430

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ETHZ
ETHZ	-70.2%	962.3%	0.96	-
Sector ETF (XLV)	9.9%	17.4%	0.38	4.9%
Equity (SPY)	16.5%	19.4%	0.66	8.0%
Gold (GLD)	81.3%	25.7%	2.29	11.3%
Commodities (DBC)	13.4%	16.9%	0.58	5.5%
Real Estate (VNQ)	7.3%	16.6%	0.25	7.4%
Bitcoin (BTCUSD)	-22.0%	44.9%	-0.42	13.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ETHZ
ETHZ	-81.9%	471.8%	0.31	-
Sector ETF (XLV)	8.7%	14.5%	0.41	4.5%
Equity (SPY)	13.6%	17.0%	0.63	7.0%
Gold (GLD)	23.5%	17.1%	1.12	8.6%
Commodities (DBC)	10.6%	19.0%	0.44	2.1%
Real Estate (VNQ)	5.1%	18.8%	0.18	6.0%
Bitcoin (BTCUSD)	4.0%	57.0%	0.29	6.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ETHZ
ETHZ	-60.4%	360.7%	0.23	-
Sector ETF (XLV)	11.1%	16.5%	0.56	2.9%
Equity (SPY)	15.4%	17.9%	0.74	4.9%
Gold (GLD)	15.3%	15.6%	0.82	7.3%
Commodities (DBC)	8.7%	17.6%	0.41	1.8%
Real Estate (VNQ)	6.6%	20.7%	0.28	4.0%
Bitcoin (BTCUSD)	65.8%	66.8%	1.05	4.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	2132026
Short Interest: Shares Quantity	3.0 Mil
Short Interest: % Change Since 1312026	3.5%
Average Daily Volume	0.7 Mil
Days-to-Cover Short Interest	4.0 days
Basic Shares Quantity	12.4 Mil
Short % of Basic Shares	23.8%

Returns Analyses

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Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/14/2025	-8.2%	-35.9%	-57.7%
SUMMARY STATS
# Positive	0	0	0
# Negative	1	1	1
Median Positive
Median Negative	-8.2%	-35.9%	-57.7%
Max Positive
Max Negative	-8.2%	-35.9%	-57.7%

	Forward Returns
11/14/2025	-8.2%	-35.9%	-57.7%
SUMMARY STATS
# Positive	0	0	0
# Negative	1	1	1
Median Positive
Median Negative	-8.2%	-35.9%	-57.7%
Max Positive
Max Negative	-8.2%	-35.9%	-57.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2025	11/14/2025	10-Q
06/30/2025	07/23/2025	10-Q
03/31/2025	05/15/2025	10-Q
12/31/2024	03/31/2025	10-K
09/30/2024	11/14/2024	10-Q
06/30/2024	08/12/2024	10-Q
03/31/2024	05/15/2024	10-Q
12/31/2023	03/25/2024	10-K
09/30/2023	11/09/2023	10-Q
06/30/2023	08/15/2023	10-Q
03/31/2023	05/15/2023	10-Q
12/31/2022	03/31/2023	10-K
09/30/2022	11/10/2022	10-Q
06/30/2022	08/09/2022	10-Q
03/31/2022	05/16/2022	10-Q
12/31/2021	03/31/2022	10-K

Insider Activity

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ETHZ Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing ETHZ?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What ETHZ Makes & Who Pays

TTM figures based on

ETHZ Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Forum Markets (ETHZ)

Market Price (3/2/2026): $3.61 | Market Cap: $44.8 MilSector: Health Care | Industry: Biotechnology

Forum Markets (ETHZ)

Market Price (3/2/2026): $3.61Market Cap: $44.8 MilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Forum Markets (ETHZ)

Key Business Risks for Forum Markets (ETHZ)

Share Repurchases

Inbound Investments

Outbound Investments

Interactive Breakdown

Better Bets vs. Forum Markets (ETHZ)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

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Top Gainers

Top Losers

Top Gainers

Top Losers

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Research & Analysis

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Peer Comparisons

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Growth & Margins

Valuation

Returns

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FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

ETHZ Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Market Price (3/2/2026): $3.61 | Market Cap: $44.8 Mil
Sector: Health Care | Industry: Biotechnology

Market Price (3/2/2026): $3.61
Market Cap: $44.8 Mil
Sector: Health Care
Industry: Biotechnology