FG Nexus, the digital assets division of Nasdaq-listed Fundamental Global Inc., has purchased 47,331 Ethereum (ETH) worth $200 million at $4,228.40 per token as part of an aggressive accumulation strategy. The company deployed all proceeds from a recent $200 million private placement into ETH acquisitions, formally launching the initiative on July 30 with a symbolic 6,400 ETH purchase commemorating Ethereum's 10-year genesis block anniversary.
By August 10, FG Nexus expanded its holdings to 47,331 ETH through rapid acquisitions, including a final $194 million transaction noted by blockchain tracker Lookonchain. The firm simultaneously changed its stock ticker to FGNX and established "ETH Yield" (ETH per share) as its core shareholder value metric. CEO Kyle Cerminara confirmed ambitions to secure a 10% stake in Ethereum's network, stating: "We plan to become a significant player in the Ethereum network... positioning ourselves as a gateway into Ethereum-powered finance."
The ETH holdings are custodied with Anchorage Digital—praised by CEO Nathan McCauley as a "bold, long-term bet" on Ethereum's role in future finance—while Galaxy handles asset management. FG Nexus will enhance yields through staking and restaking, targeting tokenized real-world assets (RWAs) and stablecoin opportunities. This corporate move coincides with ETH's 47% monthly surge, including an August 11 rally to $4,310 nearing record highs.