---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-119871"
form_type: "8-K"
ticker: "FRMM"
cik: "0001690080"
company_name: "FORUM MARKETS Inc"
filed_at: "2025-12-10T23:59:59+00:00"
generated_at: "2026-05-16T13:39:02.062296+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# ETHZilla agrees to redeem $516M in convertible notes at 117% of principal by Dec 30, 2025

## Summary
- Redemption price is 117% of ~$516M aggregate principal plus accrued interest and other amounts.
- Cash collateral of ~$509M and 11,375 ETH ($37.8M as of Dec 9, 2025) back the notes.
- Partial payment due Dec 24, 2025; full payoff by Dec 30, 2025; notes cancelled upon payment.
- CEO says redemption strengthens balance sheet and supports tokenization strategy (Karus, Zippy).
- Company may use ETH liquidation or balance sheet assets to fund the remaining payment.

## SEC filing metadata
- accession: 0001213900-25-119871
- form_type: 8-K
- ticker: FRMM
- cik: 0001690080
- company_name: FORUM MARKETS Inc
- filed_at: 2025-12-10T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1690080/000121390025119871/0001213900-25-119871-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690080/000121390025119871/ea0269044-8k_ethzilla.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-119871
- JSON: https://secwatch.observer/filing/0001213900-25-119871.json
- Plain text: https://secwatch.observer/filing/0001213900-25-119871.txt

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