---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-085321"
form_type: "8-K"
ticker: "FRMM"
cik: "0001690080"
company_name: "FORUM MARKETS Inc"
filed_at: "2025-09-08T23:59:59+00:00"
generated_at: "2026-05-17T07:37:59.255206+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# ETHZilla secures $80M collateralized ETH loan, appoints McAndrew Rudisill CEO

## Summary
- Entered $80M OTC transaction with Cumberland DRW at 9.90% forward rate, collateralized by ~$125M ETH, settlement Dec 8, 2025.
- Proceeds to fund $250M stock repurchase program; 2.2M shares repurchased at avg $2.50 (1.3% reduction).
- Total ETH holdings: 102,246 ETH at avg acquisition price $3,948.72, valued at ~$443M; USD cash equivalents ~$213M.
- McAndrew Rudisill appointed CEO, continuing as Chairman, succeeding Blair Jordan effective Sept 4, 2025.

## SEC filing metadata
- accession: 0001213900-25-085321
- form_type: 8-K
- ticker: FRMM
- cik: 0001690080
- company_name: FORUM MARKETS Inc
- filed_at: 2025-09-08T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1690080/000121390025085321/0001213900-25-085321-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690080/000121390025085321/ea0256312-8k_ethzilla.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-085321
- JSON: https://secwatch.observer/filing/0001213900-25-085321.json
- Plain text: https://secwatch.observer/filing/0001213900-25-085321.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.