---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-087425"
form_type: "8-K"
ticker: "FRMM"
cik: "0001690080"
company_name: "FORUM MARKETS Inc"
filed_at: "2025-09-15T23:59:59+00:00"
generated_at: "2026-05-17T06:38:44.920679+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# ETHZilla updates on $250M buyback, draws $50M from ETH-backed facility, holds 102K ETH

## Summary
- Board authorized $250M stock repurchase program on Aug 22, 2025; repurchased ~6.0M shares in Sep at avg $2.50/share.
- Entered OTC facility with Cumberland DRW for up to $80M collateralized by ETH; drew $50M on Sep 8 to fund buybacks.
- Total ETH & ETH equivalents: 102,255 units valued at ~$460M (avg acquisition price $3,948.72).
- Holds ~$228M in USD cash equivalents; total treasury value ~$690M as of Sep 12, 2025.
- Deploying ETH into L2 staking protocols; minted first EtherFi ETH, targeting compounded yield for NAV growth.

## SEC filing metadata
- accession: 0001213900-25-087425
- form_type: 8-K
- ticker: FRMM
- cik: 0001690080
- company_name: FORUM MARKETS Inc
- filed_at: 2025-09-15T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1690080/000121390025087425/0001213900-25-087425-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690080/000121390025087425/ea0257334-8k_ethzilla.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-087425
- JSON: https://secwatch.observer/filing/0001213900-25-087425.json
- Plain text: https://secwatch.observer/filing/0001213900-25-087425.txt

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