FG Nexus Acquires $200 Million in Ether to Target 10% Network Stake
FG Nexus, the digital assets division of Fundamental Global Inc., has acquired 47,331 ETH for approximately $200 million, at a price of $4,228.40 per token. This purchase is part of its strategy to become one of the largest corporate holders of ether.
Key points:
- Accumulation plan started on July 30 with an initial purchase of 6,400 ETH.
- Company changed its stock ticker to FGNX from FGF.
- A single entity noted to have made substantial ETH acquisitions recently.
- All net proceeds from a recent $200 million private placement are directed towards ETH purchases.
- Core value metric for shareholders is defined as “ETH Yield.”
- ETH price rallied to $4,310, up 47% in the past month.
- Plans to enhance yield through staking and restaking, focusing on Ethereum-powered finance.
- CEO Kyle Cerminara aims for a 10% stake in ETH.
- ETH holdings secured by Anchorage Digital for custody and trading facilitation.
Anchorage Digital's CEO Nathan McCauley described the strategy as a long-term investment in ETH as a foundational element of future finance.