FG Nexus Buys $200M in Ether in Bid for 10% Network Stake

FG Nexus, the integer assets limb of Fundamental Global Inc., has acquired 47,331 ETH worthy astir $200 cardinal astatine $4,228.40 per token arsenic portion of an assertive strategy to go 1 of the world’s largest firm holders of ether.

The Charlotte, North Carolina-based institution formally kicked disconnected its accumulation program connected July 30 with a symbolic 6,400 ETH acquisition marking the 10-year day of Ethereum’s genesis block, and has since rapidly expanded its holdings done a bid of acquisitions.

Alongside its buy, the company announced a banal ticker alteration to FGNX from FGF.

X relationship Lookonchain noted that 1 entity had been aggressively acquiring ETH implicit the past fewer days, with a last $194 cardinal acquisition made connected Monday.

The institution has deployed each nett proceeds from its caller $200 cardinal backstage placement into ETH purchases, with the halfway worth instauration metric for shareholders defined arsenic “ETH Yield,” meaning ETH generated per share.

The determination comes arsenic ETH rallied $4,310 connected Monday arsenic it sets up to situation its grounds high, it has risen by 47% implicit the past month.

FG Nexus plans to heighten this output done staking and restaking, positioning itself arsenic a gateway into Ethereum-powered finance, including tokenized real-world assets (RWAs) and stablecoin output opportunities.

“We program to go a important subordinate successful the Ethereum web with a extremity of a 10% involvement successful ETH.” CEO and Chairman Kyle Cerminara said successful a property release.

The company’s ETH holdings are held successful unafraid custody with Anchorage Digital, which besides facilitates seamless trading.

Anchorage Digital’s co-founder and CEO Nathan McCauley praised the move, calling the strategy a “bold, semipermanent bet” connected ETH arsenic the backbone of tomorrow’s fiscal system.

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