---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-110370"
form_type: "8-K"
ticker: "FRMM"
cik: "0001690080"
company_name: "FORUM MARKETS Inc"
filed_at: "2025-11-14T23:59:59+00:00"
generated_at: "2026-05-16T19:52:43.749939+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# ETHZilla Q3 revenue $4.1M from staking; John Saunders named CFO

## Summary
- Revenue $4.1M from ETH staking and incentives; adjusted EBITDA $8.5M; net loss $208.7M from non-cash items.
- Raised ~$931M institutional capital via PIPE and convertible notes; deployed ~$257M into liquid restaking protocols.
- Appointed John Saunders as CFO effective after Q3 10-Q filing; Eric Van Lent steps down as principal accounting officer.
- Repurchased 2.1M shares for $46.3M under $250M authorization through Nov 13.
- Guidance: positive adjusted EBITDA in Q4; RWA tokenization revenue expected in coming weeks; L2 yield 3.5%-4.5%.

## SEC filing metadata
- accession: 0001213900-25-110370
- form_type: 8-K
- ticker: FRMM
- cik: 0001690080
- company_name: FORUM MARKETS Inc
- filed_at: 2025-11-14T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1690080/000121390025110370/0001213900-25-110370-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690080/000121390025110370/ea0265689-8k_ethzilla.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-110370
- JSON: https://secwatch.observer/filing/0001213900-25-110370.json
- Plain text: https://secwatch.observer/filing/0001213900-25-110370.txt

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