Forum Markets, Inc (OTC: FRMM) is a digital assets company that holds Ethereum (ETH) on its balance sheet and deploys it across staking, lending, and decentralized finance (DeFi) protocols to generate yield. Revenue is generated through staking returns, DeFi yield, dividend income from marketable securities, and interest income on cash balances. The company is also building a real-world asset (RWA) tokenization business, begun in Q3 2025, through which it intends to acquire cash-flowing assets, structure them into tokenized income products issued on Ethereum Layer 2 networks, and distribute them through Liquidity.io, an SEC-registered alternative trading system operated by a regulated broker-dealer whose parent company FRMM holds a 15% fully-diluted stake. As of December 31, 2025, the company held approximately 69,800 ETH or ETH equivalent in liquid staking protocols. The company employed four individuals and engaged four dedicated contractors as of December 31, 2025.

Revenue model

Yield from ETH staking and DeFi protocols; dividend income from marketable securities ($1.2 million for the year ended December 31, 2025); interest income on cash balances ($4.5 million for the year ended December 31, 2025); planned future revenue from RWA tokenization via net yield on held assets, origination/issuance fees, and ongoing asset management fees.

Products and services

ETH treasury holdings deployed via staking, lending, and DeFi protocols; planned tokenized income products structured from real-world cash-flowing assets for issuance on Ethereum Layer 2 networks; 15% fully-diluted stake in the parent of Liquidity.io, an SEC-registered alternative trading system; manufactured home chattel loan acquisition through EMM with servicing by Zippy Loans under a Master Loan Servicing Agreement.

Customers and end markets

Investors in tokenized income products (intended end market for RWA strategy); participants in DeFi and digital asset markets; no specific external customer concentration disclosed in the filing excerpts.

Value-chain role

Digital asset treasury operator and yield generator; planned originator and issuer of tokenized real-world asset income products; minority investor in a regulated alternative trading system (Liquidity.io parent).

Source: SEC 10-K, filed 2026-04-01

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