CEO Kyle Cerminara targets a 10% stake in the Ethereum network, with holdings secured by Anchorage Digital, whose CEO hailed the move as a long-term bet on ETH’s future.
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 world’s 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 Ethereum’s 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 “ETH Yield,” meaning ETH generated per share.
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.
“We plan to become a significant player in the Ethereum network with a goal of a 10% stake in ETH.” CEO and Chairman Kyle Cerminara said in a press release.
The company’s ETH holdings are held in secure custody with Anchorage Digital, which also facilitates seamless trading.
Anchorage Digital’s co-founder and CEO Nathan McCauley praised the move, calling the strategy a “bold, long-term bet” on ETH as the backbone of tomorrow’s financial system.
