FG Nexus, the digital assets arm of Fundamental Global Inc., has acquired 47,331 ETH worth roughly $200 million at $4,228.40 per token as part of an aggressive strategy to become one of the worldâs largest corporate holders of ether.
The Charlotte, North Carolina-based company formally kicked off its accumulation plan on July 30 with a symbolic 6,400 ETH purchase marking the 10-year anniversary of Ethereumâs genesis block, and has since rapidly expanded its holdings through a series of acquisitions.
Alongside its buy, the company announced a stock ticker change to FGNX from FGF.
X account Lookonchain noted that one entity had been aggressively acquiring ETH over the past few days, with a final $194 million purchase made on Monday.
The company has deployed all net proceeds from its recent $200 million private placement into ETH purchases, with the core value creation metric for shareholders defined as âETH Yield,â meaning ETH generated per share.
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The move comes as ETH rallied $4,310 on Monday as it sets up to challenge its record high, it has risen by 47% over the past month.
FG Nexus plans to enhance this yield through staking and restaking, positioning itself as a gateway into Ethereum-powered finance, including tokenized real-world assets (RWAs) and stablecoin yield opportunities.
âWe plan to become a significant player in the Ethereum network with a goal of a 10% stake in ETH.â CEO and Chairman Kyle Cerminara said in a press release.
The companyâs ETH holdings are held in secure custody with Anchorage Digital, which also facilitates seamless trading.
Anchorage Digitalâs co-founder and CEO Nathan McCauley praised the move, calling the strategy a âbold, long-term betâ on ETH as the backbone of tomorrowâs financial system.
** Disclaimer:** Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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