---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-101418"
form_type: "8-K"
ticker: "FRMM"
cik: "0001690080"
company_name: "FORUM MARKETS Inc"
filed_at: "2025-10-23T23:59:59+00:00"
generated_at: "2026-05-17T02:31:38.416051+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# ETHZilla acquires 15% stake in Satschel for $15M in cash and stock

## Summary
- ETHZilla invested $5 million cash and $10 million in restricted common stock for 15% of Satschel, owner of Liquidity.io ATS.
- The deal grants ETHZilla exclusive rights to list Ethereum L2 tokens on Liquidity.io's regulated platform.
- ETHZilla receives a board seat at Satschel and a right of first refusal on future equity offerings for five years.
- Transaction closed on October 22, 2025; Satschel shares are subject to a six-month lock-up.

## SEC filing metadata
- accession: 0001213900-25-101418
- form_type: 8-K
- ticker: FRMM
- cik: 0001690080
- company_name: FORUM MARKETS Inc
- filed_at: 2025-10-23T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1690080/000121390025101418/0001213900-25-101418-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690080/000121390025101418/ea0262209-8k_ethzilla.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-101418
- JSON: https://secwatch.observer/filing/0001213900-25-101418.json
- Plain text: https://secwatch.observer/filing/0001213900-25-101418.txt

## Key facts
- M&A Transactions
  FORUM MARKETS Inc completed an acquisition involving Satschel, Inc. for $5 million in cash and 556,174 shares of common stock with an agreed value of $10 million (closed 2025-10-22).
  - Action: acquisition
  - Counterparty: Satschel, Inc.
  - Consideration: $5 million in cash and 556,174 shares of common stock with an agreed value of $10 million
  - Closing: 2025-10-22
  source text: Agreement, Satschel sold us shares of its Class A Common Stock representing 15% of its fully-diluted capitalization (the “ Satschel Securities ”), in consideration for (a) $5 million in cash; and (b) 556,174 shares of our common stock with an agreed value of $10 million, which are subject to a six month lock-up (the “ Satschel Shares ”). The Purchase
  evidence_url: https://www.sec.gov/Archives/edgar/data/1690080/000121390025101418/0001213900-25-101418-index.htm

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