Nasdaq-listed Fundamental Global (FGF) is rebranding to FG Nexus and entering the digital asset space with a $200 million private placement to launch an ether-based treasury strategy, the company said in a press release Wednesday
The offering, composed of 40 million prefunded warrants priced at $5, was backed by a slate of high-profile strategic investors, including Galaxy Digital, Kraken, Hivemind Capital, Syncracy Capital, Digital Currency Group, and Kenetic, the company said.
Galaxy will serve as a strategic advisor, managing treasury and staking infrastructure, while Kraken will support staking operations.
The company plans to use the proceeds to accumulate ether (ETH) as its primary reserve asset, generating staking rewards and enabling exposure to tokenized real-world assets.
FG Nexus is among the growing list of institutional players betting on Ethereum as the settlement layer of the future. Other public companies such as SharpLink Gaming (SBET), BitMine Immersion (BMNR), and Bit Digital (BTBT) have all recently announced ether treasury strategies.
FG Nexus leadership includes Joe Moglia, former TD Ameritrade CEO and Fundamental Global co-founder, who joins as executive advisor. The digital asset strategy will be led by early blockchain pioneer Maja Vujinovic.
New ticker symbols FGNX and FGNXP are expected to go live following the closing of the offering on or around August 1.
Singapore-based mining hardware maker Canaan (CAN) also announced a new treasury strategy that designated bitcoin {BTC} as its primary long-term reserve asset, the company said on Wednesday.
While bitcoin will remain the centerpiece, Canaan’s policy allows for the occasional acquisition of other crypto assets, including ether and Genius Act–compliant U.S. dollar stablecoins.
Bitcoin accumulated through normal business activities, including self-mining and the sale of mining equipment, will be retained on a long-term basis, the Nasdaq-listed company said.
Read more: Ether Treasury Companies to Eventually Own 10% of Supply: Standard Chartered