Forum Markets, Incorporated · NASDAQ:FRMM
Forum Markets — ETHZilla — Investor Presentation (September 2025)
17 slides from Forum Markets's investor presentation, Sep 30, 2025
Slide 1: Market Update September 30, 2025
MARKET UPDATE SEPTEMBER 30, 2025
Slide 2: Disclaimer
# 2 DISCLAIMER This presentation has been prepared by ETHZilla Corporation (“ ETHZilla ” or the “Company”) solely for information purposes . This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire securities of the Company in any jurisdiction or an in
Slide 3: Born from Ethereum. Built for Everyone.
BORN FROM ETHEREUM . BUILT FOR EVERYONE .
Slide 4: The World Is Moving On-Chain: Ethereum Leads
# 4 THE WORLD IS MOVING ON - CHAIN: ETHEREUM LEADS The New Digital Reserve Asset – ETH is scarce, predictable, and productive through staking — combining the qualities of gold, Treasuries, and fixed income into one asset. Collateral & Infrastructure at Scale – ETH secures ~$80B+ 1 through DeFi proto
Slide 5: Ethereum: The Settlement Layer for Digital Finance
# 5 ETHEREUM THE SETTLEMENT LAYER FOR DIGITAL FINANCE ETH is the productive asset that powers and secures the world’s leading decentralized financial system; ETH is Digital Oil # ETH is the native asset of Ethereum, serving as both the network’s reserve currency and productive collateral. It secures
Slide 6: Stablecoins Are Driving On-Chain Activity
# 6 STABLECOINS ARE DRIVING ON - CHAIN ACTIVITY (1) Source: Artemis as of 9/25/2025 (2) Source: DeFiLlama With $200B+ outstanding and trillions settled annually, the growth of stablecoins reinforces ETH as core financial infrastructure, creating sustained demand and greater liquidity for holders. #
Slide 7: Ethereum Scales Through Layer 2s
# 7 ETHEREUM SCALES THROUGH LAYER 2’S Source: Artemis As activity grows on L2 networks like Arbitrum , Optimism, and Base, Ethereum’s role as the settlement layer is reinforced, driving demand, deeper liquidity, and greater institutional legitimacy. Stablecoin Transfer Volume ($millions) 0 1,000,000
Slide 8: Ethereum's Growth Over the Last Decade
# 8 ETHEREUM’S GROWTH OVER THE LAST DECADE Source: Artemis ETHZ is positioned to capitalize on Ethereum’s growth, providing investors exposure alongside enhanced yield opportunities to drive overall returns. 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2015 2017 2019 2021 2023 2025 Pr
Slide 9: ETHZ Is a Bridge Connecting DeFi and TradFi
# 9 ETHZ IS A BRIDGE CONNECTING DEFI AND TRADFI ETHZ packages Ethereum yield and tokenization into a vehicle that meets institutional standards for governance, reporting, and management. Through Electric Capital with scale - driven access, ETHZ actively stakes and allocates treasury assets across le
Slide 10: Our Vision Is to Build the Leading Digital Asset Technology Company
# 10 OUR VISION IS TO BUILD THE LEADING DIGITAL ASSET TECHNOLOGY COMPANY ENABLED BY ETH ETHZilla is the next generation Ethereum based technology company: a digital platform powered by ETH, designed to generate differentiated cash flow and bring real - world assets on - chain. # Enhanced Yield – Sta
Slide 11: ETHZ Bridges TradFi and DeFi
# 11 ETHZ bridges TradFi and DeFi, enabling yield, diversification, and growth. Institutional Capital, Tokenizable RWAs ETHZ IS A BRIDGE CONNECTING DEFI AND TRADFI Structured exposure Yield, Tokenized RWAs, Growth Deployment, Integration, Tokenization Structured Exposure Yield, Tokenized RWAs, Growt
Slide 12: ETHZ's Yield Allocation Strategy
# 12 ETHZ’S YIELD ALLOCATION STRATEGY Notes: ETH was purchased at an average price of $3,949 as of 9/26/25.. (1) Earning rewards by validating and securing one or mor e blockchain protocols. Past performance is not indicative of future performance. Staking and Liquid Staking yield is subject to fluc
Slide 13: ETHZ Key Metrics
# 13 ETHZ KEY METRICS m NAV 1 Notes: All values in USD and in millions, as of 9/26/2025, unless otherwise noted. (1) See Appendix for a description of thes e m etrics. (2) Consists of Convertible Debt and OTC Swap. (3) ETH NAV is valued at the CME CF Ether reference rate of $3,945 as of 9/26/25. $ 4
Slide 14: Sum of the Parts Valuation Steps for ETHZ
# 14 SUM OF THE PARTS VALUATION STEPS FOR ETHZ # 1 Begin with Cash Flow Multiple applied to ETH Yield Business # 2 ADD Multiple Based Value of USD Based Recurring Cash Flow Business # 3 ADD Multiple Based Value of Real - World Asset Yield Business # 4 ADD USD ASSETS Plus ETH ASSETS SUBTRACT Debt # 5
Slide 15: Thank You
THANK YOU
Slide 16: Appendix
APPENDIX
Slide 17: Appendix: ETH NAV and mNAV Definitions
# 17 APPENDIX The Company uses ETH NAV and mNAV , to help assess the performance of its strategy of acquiring and deploying ETH and ETH Equivalents in a manner the Company believes is accretive to shareholders . The Company believes that ETH NAV and mNAV can assist investors in understanding how the