FRMM
Forum Markets, IncorporatedTechnology·Software - Application
$4.43
$64M market cap
Revenue
$5.3M
Free Cash Flow
$-44.9M
Rev Growth
+0.0%
FCF Margin
-847.8%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
ETHZilla Corp. is a technology company in the decentralized finance (DeFi) industry, which intends to connect financial institutions, businesses, and organizations worldwide by enabling secure, accessible blockchain transactions through Ethereum Network protocol implementations. It continues to maintain the deployment and development of its biotech and gaming operations. The company was founded by Marc Feldmann, Lawrence J. Steinman, and Jonathan B. Rothbard on September 7, 2016 and is headquart
2-Year Price History
$4.54+31.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 2.9 | -76.1 | -8.5 | -76.3 | -20.5 | -37.3 | -16.8 | 65.9 | 27.1 | 21.3 | -104.4% | -76.1x | -- |
| Act | 2025-Q4 | 2.4 | -228.8 | -15.9 | -229.7 | -7.6 | -7.6 | -0.0 | 8.0 | 26.2 | 19.1 | -61.3% | -83.6x | -- |
Valuation & Metrics
Market Stats
Price$4.43
Market Cap$64M
Enterprise Value$26M
P/S Ratio12.2x
P/FCF--
EV/FCF--
FCF Margin (TTM)-847.8%
FCF Yield-69.7%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$5.3M
Net Income$-305.9M
Free Cash Flow$-44.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin-5756.4%
Net Margin-5777.1%
FCF Margin-847.8%
CapEx % of Revenue317.5%
SBC % of Revenue87.4%
ROIC-82.9%
WC Change % Rev-244.3%
Interest Coverage-81.6x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares3.7M
Days to Cover1.0
Change (vs Prior)+17.5%
Need at least 2 settlement dates for chart
Employees
Headcount3
Revenue / Employee$1,765,277
Gross Profit / Employee$1,765,277
Cash Runway
17.6months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
27.1%(+27.0% YoY)
36 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
3.5%(+3.5% YoY)
7 filers
Vanguard, iShares, SPDR
Market makers
1.8%(+1.8% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Electric Capital Partners, LLC | $4.0M | $2.89 | +$0 | +$4.0M | — | $107M |
| Hunting Hill Global Capital, LLC | $2.5M | $2.89 | +$2.5M | +$2.5M | — | $83.8M |
| Stokes Family Office, LLC | $2.2M | $2.89 | +$2.2M | +$2.2M | — | $969M |
| Woodline Partners LP | $1.6M | $2.89 | −$129K | +$1.6M | — | $26.43B |
| WOLVERINE ASSET MANAGEMENT LLC | $1.5M | $2.89 | +$374K | +$1.5M | — | $2.32B |
| Saba Capital Management, L.P. | $1.4M | $2.89 | +$58K | +$1.4M | — | $3.09B |
| CITADEL ADVISORS LLC | $998K | $2.89 | −$2K | +$998K | — | $138.22B |
| UBS Group AG | $947K | $2.89 | +$455K | +$947K | — | $562.11B |
| DRW Securities, LLCMM | $782K | $2.89 | +$0 | +$782K | — | $1.84B |
| BlackRock, Inc.Passive | $730K | $2.89 | +$0 | +$730K | — | $5.69T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $589K | $2.89 | +$91K | +$589K | — | $1.61T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $533K | $2.89 | +$533K | +$533K | — | $4.04T |
| GOLDMAN SACHS GROUP INC | $467K | $2.89 | +$225K | +$467K | — | $760.93B |
| MORGAN STANLEY | $438K | $2.89 | +$30K | +$438K | — | $1.65T |
| JANE STREET GROUP, LLCMM | $323K | $2.89 | +$218K | +$323K | — | $92.10B |
| BARCLAYS PLC | $278K | $2.89 | +$0 | +$278K | — | $279.69B |
| ExodusPoint Capital Management, LP | $276K | $2.89 | +$166K | +$276K | — | $10.04B |
| BANK OF AMERICA CORP /DE/ | $273K | $2.89 | −$0 | +$273K | — | $1.36T |
| Almitas Capital LLC | $232K | $2.89 | +$0 | +$232K | — | $442M |
| VANGUARD FIDUCIARY TRUST COPassive | $231K | $2.89 | +$231K | +$231K | — | $395.83B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-4.87%
avg per quarter
Holders (ex-self)
—
excl. this stock
Buyers (this Q)
-0.77%
14 buyers · $0.01B in
Sellers (this Q)
-0.16%
8 sellers · $0.00B out
alpha coverage: 96% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-3.6%
how holders react when this stock falls
On quiet Qs
-7.8%
−10% to +10% baseline
On rallies (+10%+)
-12.4%
how they react when this stock rises
Holders' portfolio flow this Q
+2.5%
inflows — adds are organic
Sellers' portfolio flow this Q
+4.2%
Sellers grew AUM elsewhere — opinionated cut of this stock.
Biggest decreases this quarter
STEADFAST CAPITAL MANAGEMENT LPexited−$1.4MCAPITAL FUND MANAGEMENT S.A.exited−$509KClear Harbor Asset Management, LLCexited−$196KSOROS FUND MANAGEMENT LLCexited−$174KMILLENNIUM MANAGEMENT LLC−$173KEngineers Gate Manager LPexited−$158KBNP PARIBAS FINANCIAL MARKETSexited−$144KOMERS ADMINISTRATION Corpexited−$141KWoodline Partners LP−$129KAristides Capital LLCexited−$128K
New buyers this quarter
Top-5 holders · 52.9%
Electric Capital Partners, LLC--
Hunting Hill Global Capital, LLC--
Stokes Family Office, LLC--
Woodline Partners LP--
WOLVERINE ASSET MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Electric Capital Partners, LLC1.4MWoodline Partners LP538KHunting Hill Global Capital, LLC852KSaba Capital Management, L.P.481KStokes Family Office, LLC768KWOLVERINE ASSET MANAGEMENT LLC519KCITADEL ADVISORS LLC345KSTEADFAST CAPITAL MANAGEMENT LP—UBS Group AG328KSchonfeld Strategic Advisors LLC56K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$11.0014830.0%
Last Year (1 analysts)$11.0014830.0%
Current Price$4.43
Analyst Ratings
1
Buy: 1Consensus: Buy
Corporate
Order Flow (FINRA, ~3w lag)
53.0%retail
6.3%dark
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.