Fundamental Global Files $5 Billion to Acquire 10% of Ethereum Supply
Ethereum (ETH) surpassed $4,330 on August 10, marking its first retest of this level since late 2021. This increase aligns with a growing corporate treasury trend, notably led by companies like SharpLink Gaming.
- Fundamental Global, soon to be FG Nexus, filed a $5 billion shelf registration with the US SEC for its Ethereum treasury strategy.
- The company aims to acquire 10% of total ETH supply, potentially becoming the largest corporate holder of ETH.
- This accumulation strategy positions FG Nexus alongside BitMine and SharpLink Gaming, which hold $3.5 billion and $2.2 billion in ETH, respectively.
- The shelf registration allows up to $4 billion in common stock sales, enabling incremental capital raising during favorable market conditions.
- ETH perpetual futures funding rates increased 320% in three days, indicating bullish sentiment among traders.
- Technical indicators show strong momentum, with support near $3,765 and a target breakout at $4,600.
